United Kingdom Automotive EPS Market Report and Forecast 2024-2032

United Kingdom Automotive EPS Market and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the United Kingdom automotive EPS market size reached approximately USD 1.49 billion in 2023. Aided by the increasing demand for advanced steering systems and the growing applications of EPS in various vehicle segments, the market is projected to grow at a CAGR of 6.10% between 2024 and 2032, reaching a value of around USD 2.53 billion by 2032.

Electric power steering (EPS) systems replace the traditional hydraulic power steering systems with an electric motor to assist the driver in steering the vehicle. These systems offer numerous advantages, including improved fuel efficiency, enhanced steering precision, and reduced maintenance requirements. EPS systems are becoming increasingly popular in the automotive sector due to their superior performance and environmental benefits.

The growing automotive sector in the United Kingdom is a primary driver of the United Kingdom automotive EPS market expansion. The UK is home to numerous automotive manufacturers and a robust automotive supply chain. The increasing production of vehicles, coupled with the rising demand for advanced steering systems, is driving the demand for EPS in the automotive sector.

Additionally, the increasing consumer preference for vehicles equipped with advanced safety and comfort features is propelling the market. EPS systems offer better control and stability, enhancing the overall driving experience. The integration of EPS with other advanced driver assistance systems (ADAS) such as lane-keeping assist and autonomous driving technologies is further boosting the United Kingdom automotive EPS market growth.

The expanding applications of EPS in various vehicle segments also play a significant role in propelling the market. EPS systems are used in passenger cars, commercial vehicles, and electric vehicles (EVs). The high efficiency and performance benefits of EPS make it an ideal choice for modern vehicles.

Technological advancements and the integration of innovative solutions in EPS systems are contributing to the United Kingdom automotive EPS market development. The use of advanced sensors, control algorithms, and software in EPS systems enhances their performance and reliability. These innovations are driving the demand for high-performance and reliable EPS systems in the UK automotive market.

The passenger car segment holds a significant portion of the United Kingdom automotive EPS market share, driven by the increasing production of passenger vehicles and the rising demand for advanced steering systems. EPS systems are essential for enhancing the safety and comfort of passenger cars.

The commercial vehicle segment, including trucks, buses, and vans, is expected to witness substantial growth during the forecast period. EPS systems provide better handling and manoeuvrability for commercial vehicles, reducing driver fatigue and improving safety.

The electric vehicle segment is anticipated to grow steadily, supported by the increasing adoption of EVs and the emphasis on advanced steering systems. EPS systems are crucial for enhancing the performance and efficiency of electric vehicles.

The OEM segment holds a significant share of the United Kingdom automotive EPS market, driven by the high demand for EPS systems from automotive manufacturers. OEMs require high-quality and reliable EPS systems to ensure the performance and safety of their vehicles. The aftermarket segment is also anticipated to grow significantly, supported by the increasing demand for replacement and upgraded EPS systems. The availability of a wide range of products and the growing awareness about the benefits of EPS are driving the demand through this channel.

As per the United Kingdom automotive EPS market analysis, the increasing demand for advanced steering systems in emerging markets presents significant growth opportunities for the market. The expanding automotive sector and the growing focus on safety and comfort in these markets are driving the demand for EPS systems. The development of advanced sensors and control algorithms with superior properties is providing growth opportunities for the market. These innovations offer improved performance and reliability, enhancing the capabilities of EPS systems.

Market Segmentation

The United Kingdom automotive EPS market can be divided based on product type, component type, vehicle type, and sales channel.

Market Breakup by Product Type

• Rack Assist Type (REPS)
• Column Assist Type (CEPS)
• Pinion Assist Type (PEPS)

Market Breakup by Component Type

• Steering Rack/Column
• Sensor
• Steering Motor
• Others

Market Breakup by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market Breakup by Sales Channel

• Original Equipment Manufacturer (OEM)
• Aftermarket

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United Kingdom automotive EPS market. Some of the major players explored in the report by Expert Market Research are as follows:

• Robert Bosch GmbH
• Hitachi Limited
• Infineon Technologies AG
• Mitsubishi Electric Corporation
• ZF Friedrichshafen AG
• BMW AG
• GKN Automotive Limited
• JTEKT Corporation
• NSK Ltd.
• Hyundai Motor Company
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.