Electric Power Steering Market to Surpass USD 36.98 Billion by 2031 Owing to Growing Demand for Comfort and Convenience

The Electric Power Steering Market, valued at USD 24.1 billion in 2023, is anticipated to reach USD 36.98 billion by 2031. This translates to a compound annual growth rate (CAGR) of 5.5% throughout the forecast period from 2024 to 2031.

Drivers of the Electric Power Steering Market

Electric Power Steering (EPS) systems are increasingly favored by Original Equipment Manufacturers (OEMs) due to their lighter weight and simpler design compared to hydraulic systems.

Presently, hydraulic power steering dominates the commercial vehicle segment. However, EPS offers significant advantages like adjustable power steering, superior fuel economy, and lower emissions. This makes EPS a promising alternative for commercial vehicles in the near future.

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Electric Power Steering: Steering Towards Efficiency and Safety

Electric Power Steering (EPS) systems are gaining traction in the automotive industry, offering a compelling alternative to traditional hydraulic and electro-hydraulic systems.

EPS systems ditch constantly running hydraulic pumps, leading to significant fuel savings. Imagine – up to 0.4 liters less fuel burned per 100 kilometers, along with a reduction in harmful CO2 emissions. The rise of autonomous vehicles is another boon for EPS. These systems seamlessly integrate with advanced driver-assistance features, paving the way for a future of self-driving cars.

Road accidents are a major concern, and stricter safety regulations are pushing for advanced safety features. EPS comes to the rescue again, by incorporating advanced sensors that enhance driver safety and vehicle maneuverability. While EPS systems carry a slightly higher price tag compared to conventional systems, the long-term benefits outweigh the initial cost.  Fuel savings and a focus on safety make EPS a worthwhile investment.

The Asia Pacific region, boasting the world’s largest automotive market, is expected to remain the leader in the EPS market. This dominance is fueled by a robust automotive supply chain network across countries like China and India.

Stringent fuel efficiency and emission regulations are pushing automakers to embrace technologies like EPS. This is further amplified by collaborations between key players. For instance, Thyssenkrupp and NSK Ltd.’s partnership highlights the industry’s focus on developing advanced steering systems.

Top Key Companies of Electric Power Steering Market

• Robert Bosch GmbH
• Hyundai Mobis Co. Ltd.
• Electric Steering JTEKT Corporation
• ZF TRW Automotive Holdings Corp.
• NSK Ltd.
• Nexteer Automotive Group Limited
• Mando Corporation
• ThyssenKrupp Ag
• Showa Corporation
• China Automotive System

Market Segmentation

By Type:

• Rack assist type (REPS)
• Colum assist type (CEPS)
• Pinion assist type (PEPS)

By Component:

• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing

By Vehicle Type:

• Passenger cars
• Commercial vehicles

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Rack EPS (R-EPS) Segment

The Rack EPS (R-EPS) segment is projected to be the fastest-growing segment within the electric power steering market. This growth is attributed to the increasing installation rate of EPS systems in commercial vehicles, where R-EPS is predominantly used in heavy commercial vehicles.

Collapsible Electric Power Steering System Segment

The collapsible electric power steering system segment is poised for the most significant growth during the forecast period. These systems find application in both electric and conventional vehicles, and their adoption is rapidly increasing with the rise of advanced automotive technologies.

Asia Pacific: The Powerhouse of Electric Power Steering

The Asia Pacific region is poised to dominate the electric power steering (EPS) market with the highest Compound Annual Growth Rate (CAGR) throughout the forecast period.

The region boasts a strong presence of leading EPS manufacturers like JTEKT (Japan), Mitsubishi Electric (Japan), and NSK (Japan).  These giants contribute significantly to the widespread adoption of EPS systems. The booming automotive sector in countries like China, India, and South Korea fuels the demand for EPS. As vehicle production in these countries rises, so too does the installation of EPS systems.

While China currently leads the pack in terms of EPS penetration, other countries in the region are rapidly catching up. This widespread adoption is expected to continue and solidify Asia Pacific’s position as the EPS leader. Governments in the region are increasingly mandating the use of EPS systems across all vehicle segments by 2025. This regulatory push further accelerates the growth of the EPS market in Asia Pacific.

Key Takeaways

• Rising demand for fuel-efficient vehicles and stringent government regulations are driving the growth of the electric power steering market.
• The Asia Pacific region is expected to witness the fastest growth due to the presence of leading manufacturers and a booming automotive industry.
• Rack EPS (R-EPS) and collapsible electric power steering systems are poised for the most significant growth within their respective segments.
• The Russia-Ukraine war and potential economic slowdown pose challenges in the form of supply chain disruptions, rising component costs, and decreased consumer spending.
• Technological advancements and collaborations between key players are fostering the development of advanced EPS systems, further propelling market growth.

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