Electric Power Steering

Electric Power Steering

Global Electric Power Steering Market to Reach US$34.3 Billion by 2030

The global market for Electric Power Steering estimated at US$24.3 Billion in the year 2023, is expected to reach US$34.3 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2023-2030. C-EPS, one of the segments analyzed in the report, is expected to record a 5.0% CAGR and reach US$14.9 Billion by the end of the analysis period. Growth in the P-EPS segment is estimated at 4.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.5 Billion While China is Forecast to Grow at 7.6% CAGR

The Electric Power Steering market in the U.S. is estimated at US$6.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.6 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 2.6% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR.

Global Electric Power Steering Market - Key Trends and Drivers Summarized

Why Is Electric Power Steering Revolutionizing the Automotive Industry?

Electric Power Steering (EPS) has dramatically reshaped the automotive landscape by enhancing vehicle handling, increasing fuel efficiency, and improving driver comfort and safety. Unlike traditional hydraulic steering systems that rely on pumps and fluids, EPS uses electric motors to assist the steering effort. This shift results in more precise and adaptive steering control, allowing for a more responsive driving experience. The system`s ability to adjust steering assistance based on vehicle speed and conditions means that at higher speeds, the steering becomes firmer, providing better highway stability, while at lower speeds, it lightens, making maneuvers like parking significantly easier. Furthermore, the elimination of the hydraulic pump reduces the engine load, which in turn improves fuel economy and reduces emissions. This efficiency gain is crucial as the automotive industry moves towards more environmentally friendly practices and compliance with stringent global emissions standards.

How Are Innovations in EPS Shaping Future Vehicles?

The field of Electric Power Steering is ripe with innovations that promise to integrate seamlessly with future automotive technologies, including autonomous driving systems and vehicle-to-vehicle communication. Advanced EPS systems are being developed with capabilities such as haptic feedback, which can provide warnings through the steering wheel to alert drivers of potential hazards or to assist in keeping the vehicle within its lane. These systems are becoming increasingly sophisticated with the incorporation of artificial intelligence and machine learning, allowing the steering response to adapt to individual driving patterns for enhanced safety and comfort. Moreover, as the automotive industry leans more towards electric and hybrid vehicles, the demand for compatible and efficient steering systems intensifies. EPS is ideal for these applications because it can be powered directly by the vehicle’s battery without relying on the engine, thereby contributing to overall energy conservation and system integration.

What Role Does EPS Play in Automotive Safety and Regulatory Compliance?

Electric Power Steering enhances vehicle safety significantly, a feature that aligns closely with global regulatory demands for safer roads. EPS contributes to automotive safety by offering superior control and stability, which is especially beneficial under adverse driving conditions. The precision of electric steering reduces the risk of oversteering or understeering, common issues in critical driving scenarios, thereby preventing accidents. Furthermore, regulatory bodies in various regions are increasingly mandating the inclusion of advanced safety features in new vehicles, such as electronic stability control and lane-keeping assist, both of which are supported by modern EPS technologies. The integration of EPS with these systems allows for smoother operation and reliability, meeting or exceeding the stringent safety standards imposed by automotive safety agencies worldwide.

What Drives Growth in the Electric Power Steering Market?

The growth in the electric power steering market is driven by several factors, including increasing demand for fuel-efficient vehicles, stringent automotive emission norms, and the rising adoption of advanced driver-assistance systems (ADAS). As global environmental regulations become stricter, automotive manufacturers are pushed to develop more eco-friendly vehicles. EPS systems play a critical role in this by reducing overall vehicle weight and improving fuel efficiency compared to their hydraulic counterparts. Additionally, the push towards autonomous vehicles has made EPS practically indispensable. Autonomous vehicles rely heavily on precise steering mechanisms to operate safely, making the sophisticated control offered by EPS systems a necessity. Furthermore, the consumer demand for vehicles with better handling, comfort, and safety features continues to rise, significantly contributing to the expansion of the EPS market. Lastly, the burgeoning electric vehicle market, which inherently relies on electric systems, has further bolstered the demand for efficient and integrated EPS solutions, marking a sustained growth trajectory in this segment of the automotive industry.

Select Competitors (Total 44 Featured) -

• Delphi Automotive LLP
• GKN Aerospace
• JTEKT Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive Group Ltd.
• NSK Ltd.
• Robert Bosch GmbH
• Showa Corporation
• ThyssenKrupp AG
• ZF Friedrichshafen AG

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