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Automotive Electric Power Steering Market Size, Share & Industry Analysis, By Product Type (Column Type, Pinion Type), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Car, Commercial Vehicle) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105808 | Status : Ongoing

 

KEY MARKET INSIGHTS

Electric power steering (EPS) is a crucial technology for highly automated driving. Electronic sensors calculate the amount of steering force being applied by the driver, and, with the help of an electric motor, the force is amplified to make steering easier. The EPS meets the requirements for small, mid-range, sports cars as well as light commercial vehicles. The EPS has an electric motor that controls the vehicle's steering. The EPS controls and assists vehicle steering with an electric motor and provides an optimal and enjoyable steering feel. Additionally, the new generation of control units provides srity in case of an error.


Extensive ownership of personal vehicles and growing technological advancements, reduction in overall weight & improvement in fuel efficiency of vehicles due to equipment of EPS are the factors are anticipated to propel the market growth during the forecast period. However, Steer-by-wire technology is one such innovation that will replace the entire steering system in an autonomous vehicle. This type of steering system will remove the steering linkage of a traditional electric power steering system. Hence this technology could hamper the market growth during the forecast period.

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Key Market Driver -

Extensive ownership of personal vehicles and growing technological advancements, Reduces overall weight of the vehicle which further increases fuel efficiency will drive the growth of the market

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Key Market Restraint -

Steer-by-wire technology is one such innovation that will replace the entire steering system in an autonomous vehicle, may restrain the growth of the market


Market Segmentation:


The Automotive Electric Power Steering market is segmented By Product Type (Column Type and Pinion Type), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger Car and Commercial Vehicle) and by Geography.

The Automotive electric power steering  market is classified as column type and pinion type by product type. Pinion Type provides additional design flexibility to locate the motor, controller, and assist mechanism opposite the driver side of the vehicle underhood. Dual Pinion EPS allows for the primary pinion to be optimized for vehicle dynamics and performance and a secondary pinion to be optimized for assist. Column EPS provides steering assistance with an electro-mechanical power unit mounted on the upper column. This system is specially designed for the existing installation space in the cockpit area. Currently, column EPS holds the largest market share as it is more affordable than pinion type. However, owing to technological developments making the pinion type EPS more affordable, the pinion type is expected to register the highest CAGR in the Automotive Electric Power Steering  market throughout the forecast period.

By Sales Channels, the market is segmented into OEM and Aftermarket. OEM is a company whose goods are used as components in another company's products, selling the finished item to users. The aftermarket channel refers to the buying and selling of parts or equipment for a product after the initial product was manufactured and sold. Currently, OEM’s hold a more prominent position than the aftermarket sales channel, as the automobile companies are the ones to manufacture and fit the glow plug in the vehicle. However, with more private players engaging in this industry, players will provide glow plugs. Hence the aftermarket is anticipated to exhibit steady growth.

By Vehicle Type, the market is segmented into passenger cars and commercial vehicles. Demand for Automotive Electric Power Steering  is highest in passenger vehicles. The segment is likely to grow at the highest CAGR throughout the forecast period. However, the commercial segment is anticipated to grow steadily, with EPS being used in new commercial fleets.

Key Players:


Major players operating in the global Automotive Electric Power Steering  market are JTEKT, Nexteer Automotive, Robert Bosch, ZF TRW, Sono Koyo Steering, and NSK.

Key Insights



  • New Advancements in Automotive Electric Power Steering  Market

  • Number of Products, Key Countries, 2021

  • New Product Launches, Key Players


Regional Analysis:


Geographically, the Automotive Electric Power Steering  market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Asia Pacific is expected to exhibit a higher CAGR during the forecast period due to the increased production of vehicles in the region and demand for higher automotive components. China and India are the key markets in the Asia Pacific as all significant automakers have their production sites located in the country and are prominent exporters of vehicles across the globe. Owing to the rapid growth in the adoption of lightweight vehicles, the Asia Pacific is projected to attain a leading position on the market.

Europe holds the second-largest position in the market, of which Germany ranks first in this regional market as major auto manufacturers are situated. Europe is an important market for Automotive EPS due to the high penetration among vehicles. Additionally, the production of cars in the region is consistently rising, driving the demand for Automotive EPS.

North America region is anticipated to be the third-largest position in the Global Automotive Electric Power Steering  Market due to the increasing demand for a fuel-efficient commercial fleet. Also, the growing popularity of EVs is likely to boost the development of the market in the region during the forecast period.

The rest of the world consists of Latin America, the Middle Eastern, and the African region. The Latin American region is expected to contribute significantly to its growth due to its transportation and logistics industry requiring light commercial vehicles.

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Segmentation


























  ATTRIBUTE

  DETAILS

By Product Type



  • Column Type

  • Pinion Type



By Sales Channel



  • OEM

  • Aftermarket



By Vehicle Type



  • Passenger Car

  • Commercial Vehicle



By Geography



  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World






  • Ongoing
  • 2023
  • 2019-2022

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