Electric Power Steering Market Size, Share, Growth, and Industry Analysis, By Type (C-EPS, P-EPS, R-EPS), By Application (Passenger Vehicle, Commercial Vehicle), and Regional Forecast to 2032

Updated On: 11 November 2024

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ELECTRIC POWER STEERING (EPS) MARKET OVERVIEW

The Global Electric Power Steering Market size was USD 2.50 Bn in 2023 and is projected to touch USD 5.95 Bn by 2032, exhibiting a CAGR of 9.07% during the forecast period.

The Electric Power Steering (EPS) machine market has won vast traction due to the growing demand for gas-efficient automobiles and advancements in automotive era. EPS systems update conventional hydraulic guidance with an electric powered motor, providing reduced gasoline intake and advanced vehicle control. As worldwide emission requirements tighten, automakers are specializing in lightweight and strength-efficient solutions, propelling the growth of EPS systems in both passenger and industrial cars.

In addition to gasoline performance, EPS structures enhance driving force safety by way of integrating with superior motive force-assistance systems (ADAS) together with lane-maintaining assistance and parking aids. The shift closer to electric and hybrid cars similarly fuels call for EPS systems, as they align properly with the overall electric powered structure. Key gamers in the marketplace are making an investment in R&D to innovate EPS technologies, aiming for smarter, greater responsive steerage structures that enhance the driving experience.

GLOBAL CRISES IMPACTING ELECTRIC POWER STEERING MARKET - COVID-19 IMPACT

"Buckwheat Flour Industry Had a Negative Effect Due to supply chain disruption during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic negatively impacted the Electric Power Steering (EPS) market due to deliver chain disruptions and manufacturing halts in the automotive enterprise. Lockdowns and restrictions brought about reduced car call for, causing delays in new car launches and a slowdown in EPS machine adoption. Automotive production flora experienced shutdowns or operated at restricted capability, affecting the global deliver of critical additives. Additionally, economic uncertainty and declining purchaser purchasing strength in course of the pandemic further slowed marketplace increase, as clients postponed non-critical vehicle purchases, hampering EPS market growth.

LATEST TREND

"Combination of ADAS and Autonomous Driving Technology to Drive Market Growth"

A trend in the Electric Power Steering (EPS) market is the combination of advanced driver assistance systems (ADAS) and autonomous driving technology. EPS structures are more and more being designed to paintings with functions like lane-retaining assist, automated parking, and adaptive cruise manage, enhancing vehicle safety and automation. The shift towards electric powered and hybrid automobiles is likewise using EPS adoption, as these structures align properly with electric powertrains. Additionally, advancements in steer-by means of-twine technology, which gets rid of the mechanical connection among the steerage wheel and wheels, are gaining interest for their capacity to enhance precision, protection, and vehicle design flexibility.

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ELECTRIC POWER STEERING MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into C-EPS, P-EPS, R-EPS

• C-EPS: This type mounts the electrical motor on the steering column. It is generally utilized in small and compact automobiles because of its value-effectiveness and area-saving layout.

• P-EPS: The motor is established at the guidance pinion, presenting greater precise manipulate and is normally observed in mid-sized automobiles. It gives better overall performance as compared to C-EPS.

• R-EPS: In this type, the motor is set up on the steering rack, imparting greater steering response and manipulate. It is typically utilized in large vehicles like SUVs and vehicles, wherein excessive torque and steerage precision are required.

BY APPLICATION

Based on application, the global market can be categorized into passenger vehicle, commercial vehicle.

• Passenger Vehicle: EPS structures are extensively used in passenger cars to improve gas efficiency, enhance riding consolation, and integrate advanced safety capabilities which includes lane-retaining help and automated parking. The developing demand for electric powered and hybrid passenger automobiles has pushed the adoption of EPS in this phase.

• Commercial Vehicle: EPS structures in business motors, which include trucks and buses, offer advantages like decreased renovation, lower gas consumption, and advanced manage. The upward thrust in logistics and e-trade, along-side a focus on reducing emissions, is riding the adoption of EPS in business fleets.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Rising Demand for Fuel Efficiency to Boost the Market"

Electric Power Steering (EPS) structures assist reduce the vehicle’s ordinary weight and strength consumption with the aid of removing the want for hydraulic components is factor in the electric power steering market growth. As global emission regulations grow to be stricter, automakers are increasingly more adopting EPS structures to improve gas efficiency and meet environmental requirements. The absence of a hydraulic pump also lowers engine load, contributing to fuel savings. This power towards extra efficient, green cars is a primary growth issue inside the EPS marketplace.

"Growing Integration of EPS to Expand the Market"

The growing integration of EPS with ADAS technology, such as lane-retaining assist, adaptive cruise control, and automated parking, is another key increase component. EPS structures permit extra specific and responsive steering, vital for the functionality of those safety and automation functions. As the automotive industry actions in the direction of semi-self-reliant and autonomous using, EPS systems have become essential for providing the essential manage, protection, and adaptability, boosting their call for in present day vehicles.

RESTRAINING FACTOR

"High Cost of Advanced EPS Structures to Potentially Impede Market Growth"

A restraining element within the Electric Power Steering (EPS) marketplace is the high fee of advanced EPS structures. Compared to traditional hydraulic energy guidance, EPS structures contain complicated electronic additives, sensors, and software program integration, making them extra expensive to broaden and enforce. This fee factor can deter adoption, particularly in value-sensitive markets and amongst decrease-tier car manufacturers. Additionally, the reliance on digital components makes EPS structures prone to deliver chain disruptions, similarly proscribing big adoption in certain regions.

OPPORTUNITY

"Growing Demand for Electric Cars to Create Opportunity for the Product in the Market"

An opportunity in the Electric Power Steering (EPS) marketplace lies within the growing demand for electric and self-sustaining cars. As the car enterprise shifts toward electrification, EPS systems align nicely with electric car architectures by means of enhancing efficiency and reducing energy consumption. Moreover, the development of independent driving technology calls for superior, tremendously responsive steerage structures, which EPS can offer. This creates a strong possibility for EPS manufacturers to innovate and expand their services, capitalizing on the growing electric and independent car markets.

CHALLENGE

"Reduced Steerage Remarks Could Be a Potential Challenge for Consumers"

A challenge for consumers within the Electric Power Steering (EPS) marketplace is the reduced steerage remarks as compared to traditional hydraulic systems. While EPS structures offer higher gas efficiency and integration with advanced technologies, they from time to time lack the tactile street experience that drivers are acquainted with, specifically in performance or off-avenue motors. This can affect the experience for folks that prioritize steerage responsiveness and control, main to hesitation among some purchasers in adopting EPS-ready automobiles, specially inside the high-overall performance section.

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ELECTRIC POWER STEERING MARKET REGIONAL INSIGHTS

• NORTH AMERICA

The Electric Power Steering (EPS) market in North America, such as the USA, is driven by way of an excessive call for advanced car technology and stringent emission guidelines. The United States electric power steering (EPS) market is strong, driven by means of high adoption charges of superior automobile technology and stringent emission regulations. It is predicted to preserve growing, supported by using the increasing call for gasoline-efficient and electric automobiles.

• EUROPE

In Europe, the EPS marketplace benefits from stringent environmental rules and a robust emphasis on decreasing carbon emissions. European automakers are an increasing number of adopting EPS structures to meet these rules and decorate vehicle overall performance. The region's commitment to electric and hybrid automobiles additionally propels EPS demand, with a focal point on integrating superior driving force-help systems (ADAS) and enhancing typical driving revel in.

• ASIA

Asia, especially China and Japan, is a prime increase driver for the EPS marketplace due to fast car enterprise expansion and growing patron demand for superior car features. The vicinity's robust attention on electric motors and technological improvements supports EPS adoption. Additionally, nearby automobile manufacturers are making an investment in EPS technology to enhance car performance and follow rising emission standards, fueling market growth throughout Asia.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Key enterprise players are shaping the Electric Power Steering (EPS) marketplace through innovation and market enlargement through developing advanced steering technologies inclusive of steer-by-wire structures and integrating EPS with cutting-edge driving force-assistance capabilities. They are that specialize in enhancing device performance, lowering weight, and improving automobile control. Expansion into emerging markets and funding in electric and hybrid vehicle technologies are also using boom. These strategies help address evolving customer demands and regulatory necessities, putting new requirements in EPS generation.

LIST OF TOP ELECTRIC POWER STEERING (EPS) COMPANIES

• Mobis (South Korea)
• Mando Corporation (South Korea)
• Bosch (Germany)
• ZF Friedrichshafen AG (Germany)
• Showa Corporation (Japan)
• Nexteer Automotive (U.S.)
• JTEKT Corporation (Japan)
• NSK Limited (Japan)
• Thyssenkrupp AG (Germany)

KEY INDUSTRY DEVELOPMENT

October 2023: One industrial development within the Electric Power Steering (EPS) marketplace is Bosch's creation of the ""Steer-through-Wire"" technology. This machine eliminates the mechanical hyperlink between the steering wheel and the wheels, allowing for more bendy car design and better riding precision. By integrating advanced sensors and electronic controls, Bosch's Steer-by way of-Wire technology gives improved steering responsiveness and protection, aligning with the evolving tendencies toward self-sufficient and electric powered automobiles.

REPORT COVERAGE

The Electric Power Steering (EPS) market is experiencing dynamic increase driven by using advancements in automobile technology and growing call for fuel performance. The transition towards electric powered and hybrid motors, mixed with the integration of superior driving force-assistance structures, is fueling EPS adoption throughout diverse car segments. Innovations like steer-by way of-cord generation are pushing the bounds of steering precision and car layout, putting new enterprise standards.

However, challenges such as better fees and decreased guidance comments in comparison to traditional structures continue to effect consumer adoption. Despite those demanding situations, the EPS marketplace is poised for endured growth as producers and tech developers’ consciousness on improving machine abilities and increasing into rising markets. The ongoing advancements in EPS technology will play an important position in shaping the future of car steering systems.