Automotive Electronic Power Steering

Automotive Electronic Power Steering

Global Automotive Electronic Power Steering Market to Reach US$35.3 Billion by 2030

The global market for Automotive Electronic Power Steering estimated at US$25.0 Billion in the year 2023, is expected to reach US$35.3 Billion by 2030, growing at a CAGR of 5.1% over the analysis period 2023-2030. Hydraulic EPS, one of the segments analyzed in the report, is expected to record a 4.6% CAGR and reach US$11.3 Billion by the end of the analysis period. Growth in the Rack Assist EPS segment is estimated at 4.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.6 Billion While China is Forecast to Grow at 7.6% CAGR

The Automotive Electronic Power Steering market in the U.S. is estimated at US$6.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.7 Billion by the year 2030 trailing a CAGR of 7.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.7% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.0% CAGR.

Global Automotive Electronic Power Steering Market - Key Trends and Drivers Summarized

What’s Fueling the Shift to Automotive Electronic Power Steering?

The automotive industry is experiencing a significant transformation, and one of the key innovations at the center of this change is the widespread adoption of Electronic Power Steering (EPS) systems. Unlike traditional hydraulic power steering systems, EPS systems are powered by electric motors, offering several advantages, including better fuel efficiency, reduced emissions, and enhanced driving comfort. The shift towards EPS has been accelerated by the growing consumer demand for vehicles that offer not only performance but also energy efficiency. As the push for more sustainable automotive solutions continues, manufacturers are increasingly turning to EPS as a way to reduce the overall weight of vehicles, thereby improving fuel economy and meeting stringent emissions regulations. This transition from hydraulic to electronic systems is particularly evident in electric vehicles (EVs), where the absence of a traditional internal combustion engine makes the adoption of EPS a natural fit.

How Is Technology Reshaping the Future of Automotive Steering Systems?

The evolution of vehicle technology, particularly in the realm of advanced driver assistance systems (ADAS) and autonomous driving, is reshaping the landscape of automotive steering systems. EPS systems are now at the forefront of this transformation, as they can seamlessly integrate with ADAS technologies, providing the precision and responsiveness required for features like lane-keeping assistance, automatic parking, and collision avoidance. The development of steer-by-wire technology, which eliminates the physical connection between the steering wheel and the wheels, is another groundbreaking innovation that holds the potential to revolutionize the market. This technology offers greater flexibility in vehicle design and opens up new possibilities for autonomous driving applications, where traditional steering systems might fall short. Moreover, the growing reliance on AI and machine learning to predict and adapt to driving conditions further underscores the importance of EPS systems in future vehicle designs.

What Role Do Consumer Preferences Play in EPS Adoption?

Consumer preferences are increasingly driving the adoption of EPS systems in vehicles. Today’s consumers prioritize safety, convenience, and an overall enhanced driving experience, all of which are supported by the capabilities of EPS. The growing trend towards urbanization has led to increased traffic congestion, which in turn has heightened the demand for vehicles that offer easy maneuverability and responsive steering. EPS systems are perfectly suited to meet these needs, providing drivers with precise control and reduced effort in steering, especially at low speeds. Furthermore, as consumers become more environmentally conscious, there is a noticeable shift towards electric and hybrid vehicles, both of which benefit greatly from the integration of EPS. The demand for premium vehicles, equipped with the latest technological advancements, is also contributing to the growth of the EPS market, as manufacturers strive to meet consumer expectations for performance and luxury.

What’s Driving the Growth of the Automotive Electronic Power Steering Market?

The growth in the automotive electronic power steering market is driven by several factors, most notably the increasing electrification of vehicles. As the automotive industry shifts towards electric and hybrid powertrains, the demand for EPS systems continues to rise due to their compatibility with these technologies. Regulatory pressures aimed at reducing vehicle emissions are also playing a crucial role, as EPS systems contribute to lower fuel consumption and reduced environmental impact compared to traditional hydraulic systems. The advancements in ADAS and the pursuit of autonomous driving capabilities are further propelling the adoption of EPS, given the system’s ability to enhance vehicle control and safety. Moreover, the ongoing trend towards vehicle lightweighting is encouraging manufacturers to replace heavier hydraulic components with lighter, more efficient electronic systems. The rising consumer expectations for safety, comfort, and advanced features in vehicles are also significant drivers of market growth, as they push OEMs to invest in and prioritize the integration of EPS systems in their vehicle offerings.

Select Competitors (Total 42 Featured) -

• Bosch Mobility Solutions
• Hitachi Automotive Systems Ltd.
• JTEKT Corporation
• KSR International Co.
• Mando Corporation
• Nexteer Automotive Group Ltd.
• NSK Ltd.
• Showa Corporation
• Sona Koyo Steering Systems Ltd.
• thyssenkrupp Presta AG

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