Automotive Electric Power Steering Market Size and Trends 2029

Summary

Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 22.75 Billion
CAGR (2024-2029)	6.21%
Fastest Growing Segment	Passenger Cars
Largest Market	Asia-Pacific
Market Size (2029)	USD 32.54 Billion

Market Overview

Global Automotive Electric Power Steering Market valued at USD 22.75 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.21% through 2029. The Global Automotive Electric Power Steering (EPS) Market is witnessing significant growth due to several key factors driving its adoption across the automotive industry. EPS systems have become increasingly popular due to their numerous advantages over traditional hydraulic power steering systems. One of the primary drivers of the market is the demand for improved fuel efficiency and reduced emissions in vehicles. EPS systems are more energy-efficient compared to hydraulic systems, as they only consume power when steering assistance is required, leading to fuel savings and lower carbon emissions. Additionally, EPS systems offer smoother and more responsive steering, enhancing overall driving comfort and vehicle handling.

Another factor of the Global Automotive EPS Market is the increasing integration of advanced driver assistance systems (ADAS) and autonomous driving technologies in modern vehicles. EPS systems play a crucial role in enabling features such as lane-keeping assist, automated parking, and adaptive cruise control by providing precise and adaptable steering assistance. As automakers continue to invest in the development of semi-autonomous and autonomous vehicles, the demand for EPS systems equipped with advanced functionalities is expected to grow significantly. This trend is further supported by the growing consumer preference for vehicles equipped with advanced safety and convenience features.

Regulatory initiatives aimed at enhancing vehicle safety and reducing the environmental impact of automobiles are driving the adoption of EPS systems worldwide. Governments and regulatory bodies are imposing stringent standards for vehicle safety and emissions, incentivizing automakers to incorporate EPS technology into their vehicle fleets. Additionally, EPS systems contribute to vehicle weight reduction efforts, as they eliminate the need for bulky hydraulic components, leading to improved fuel efficiency and reduced greenhouse gas emissions.

Key Market Drivers

Fuel Efficiency and Performance Enhancement

The quest for improved fuel efficiency and enhanced vehicle performance stands out as a fundamental driver for the adoption of Automotive Electric Power Steering. EPS systems offer significant advantages over traditional hydraulic power steering systems in terms of energy efficiency. By eliminating the constant power draw of hydraulic pumps, EPS contributes to fuel savings and overall vehicle efficiency.

The electrically assisted steering mechanisms allow for dynamic adjustment of steering assistance based on driving conditions. At higher speeds, the system can reduce assistance, providing a more direct and responsive steering feel. Conversely, at lower speeds, increased assistance ensures smoother and more effortless maneuvering, enhancing the overall driving experience. As automakers prioritize fuel economy and performance, the integration of EPS becomes instrumental in achieving these objectives.

Integration with Advanced Driver Assistance Systems (ADAS)

The proliferation of Advanced Driver Assistance Systems (ADAS) has become a significant driver for the Automotive EPS Market. ADAS technologies, such as lane-keeping assist, automated parking, and adaptive cruise control, rely on precise and responsive steering control. EPS systems, with their electronic control and feedback capabilities, seamlessly integrate with ADAS to enhance vehicle safety and automation.

Electric Power Steering enables functionalities like lane-keeping, where the system can provide steering input to keep the vehicle within its lane. Moreover, EPS facilitates the implementation of semi-autonomous and autonomous driving features by allowing for electronic control of steering inputs. The drive toward increased vehicle automation and safety standards positions EPS as a critical component in the realization of these advancements.

Weight Reduction and Space Efficiency

Automotive manufacturers are under constant pressure to improve fuel efficiency and reduce vehicle weight to meet stringent emission standards. EPS systems contribute to this objective by replacing the heavier and bulkier hydraulic components associated with traditional power steering systems. The use of lightweight electronic components and the absence of hydraulic fluids result in a significant reduction in overall vehicle weight.

Additionally, the compact design of EPS systems enhances space efficiency within the vehicle. The elimination of bulky hydraulic components creates more flexibility in vehicle design and layout, allowing for improved packaging and utilization of interior space. As automakers strive for lightweighting and design optimization, the weight reduction and space efficiency offered by EPS systems become compelling factors in their adoption.

Enhanced Driving Comfort and Customization

Electric Power Steering contributes to an enhanced driving experience by offering superior comfort and customization options. The electronic control of steering assistance allows for the adjustment of steering feel and responsiveness based on driver preferences and driving conditions. Drivers can benefit from lighter steering at low speeds for ease of parking and maneuvering, while the system can provide increased resistance at higher speeds for stability and control.

Moreover, EPS systems enable the integration of features such as variable steering ratios, allowing for a more direct response during spirited driving and a more relaxed feel during highway cruising. The ability to tailor steering characteristics to individual preferences enhances overall driver satisfaction and contributes to the appeal of vehicles equipped with EPS.

Regulatory Requirements and Environmental Sustainability

Stringent regulatory requirements related to vehicle emissions and fuel efficiency drive the adoption of technologies that contribute to environmental sustainability. Automotive EPS aligns with these regulatory imperatives by promoting fuel efficiency and reducing the environmental impact of vehicle operation. As governments worldwide implement stricter emission standards, automakers prioritize technologies that enable compliance while maintaining or enhancing vehicle performance.

The environmental benefits of EPS extend beyond fuel efficiency. The elimination of hydraulic fluids and the associated leaks common in traditional power steering systems reduces the risk of environmental contamination. Additionally, the energy-efficient operation of EPS systems aligns with broader sustainability goals. As regulatory frameworks evolve, Automotive EPS emerges as a key enabler for automakers to meet environmental standards and reduce the carbon footprint of their vehicle fleets.

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Key Market Challenges

Cybersecurity Concerns and Electronic Vulnerabilities

As vehicles become more electronically sophisticated, the Automotive EPS Market encounters challenges related to cybersecurity. Electronic control units (ECUs) and sensors integral to EPS systems are potential targets for cyber threats. Unauthorized access to these components can compromise the safety and reliability of steering functions, posing serious risks to vehicle occupants.

The increasing connectivity of modern vehicles, often referred to as the "connected car," opens avenues for cyberattacks. As EPS systems become more integrated with in-vehicle networks and external communication interfaces, the industry must prioritize robust cybersecurity measures. Ensuring the integrity and security of electronic components is paramount, requiring continuous investment in advanced encryption technologies, secure communication protocols, and vigilant monitoring to detect and mitigate potential cyber threats.

Complexity and Cost of Repair and Maintenance

While EPS systems offer numerous benefits, their complexity poses challenges in terms of repair and maintenance. Traditional hydraulic power steering systems are often simpler to repair, with well-established procedures and a broad network of skilled technicians. In contrast, EPS systems involve intricate electronic components, sensors, and control modules that require specialized knowledge and tools for diagnosis and repair.

The cost of repairing or replacing EPS components can be higher than that of traditional systems. Repairing electronic components often involves the replacement of entire modules rather than individual parts. This complexity can result in increased repair costs and longer downtime for vehicle owners. Addressing these challenges requires ongoing efforts to develop standardized repair procedures, training programs for technicians, and the availability of affordable replacement components.

Reliability and Durability in Harsh Conditions

Automotive components, including EPS systems, operate in diverse and often challenging environments. Factors such as extreme temperatures, exposure to moisture, road salt, and vibration can impact the reliability and durability of EPS components. Ensuring that EPS systems can withstand these harsh conditions is crucial for maintaining vehicle performance and safety.

One specific concern is the potential for water ingress, which can compromise the functionality of electronic components. Sealing and protecting EPS components against moisture intrusion is a critical aspect of design and manufacturing. Additionally, durability testing under varied environmental conditions is essential to identify and address potential weaknesses in EPS systems. Achieving high levels of reliability in real-world driving scenarios contributes to consumer confidence and the overall success of Automotive EPS technology.

Consumer Perception and Trust

The successful adoption of Automotive Electric Power Steering hinges on consumer acceptance and trust in the technology. Consumer perception plays a significant role, and misconceptions or negative experiences with EPS systems can impact market penetration. Some drivers may associate electronic systems with increased complexity and potential reliability issues, contributing to skepticism about the long-term durability of EPS-equipped vehicles.

Addressing consumer perception challenges requires transparent communication about the benefits of EPS technology, including improved fuel efficiency, enhanced driving experience, and integration with advanced safety features. Providing clear information about maintenance procedures, repair costs, and the reliability of EPS systems can help build trust among consumers. Automakers and industry stakeholders must prioritize consumer education to foster a positive perception of EPS technology.

Integration with Autonomous Driving Technologies

The development and integration of autonomous driving technologies pose challenges for the Automotive EPS Market. As vehicles transition to higher levels of automation, the role of the steering system becomes more complex. While EPS systems are well-suited for integrating with advanced driver assistance systems (ADAS), achieving seamless integration with fully autonomous driving capabilities requires additional considerations.

Autonomous vehicles may not require traditional steering mechanisms, leading to a shift in the design and functionality of EPS systems. The industry must adapt EPS technology to meet the unique requirements of autonomous driving, including redundant systems for safety, fail-safe mechanisms, and integration with sophisticated sensor arrays. Balancing the demands of autonomous driving with the existing infrastructure of EPS systems presents both technical and regulatory challenges that need careful consideration.

Key Market Trends

Shift Towards Steer-by-Wire Technology

One of the prominent trends in the Automotive EPS Market is the increasing adoption of steer-by-wire technology. Steer-by-wire represents a paradigm shift from traditional mechanical steering systems, eliminating the physical connection between the steering wheel and the wheels. Instead, steer-by-wire systems rely on electronic control units (ECUs) and sensors to interpret steering inputs and communicate with the vehicle's steering components.

Steer-by-wire technology offers several advantages, including greater design flexibility, enhanced safety features, and the potential for more advanced driver assistance systems (ADAS). By decoupling the steering wheel from the mechanical linkage, steer-by-wire enables innovative interior design options, such as the possibility of a retractable steering wheel or the creation of spacious and configurable cabin layouts. Additionally, the technology lays the foundation for the integration of autonomous driving functionalities, as steering inputs become entirely electronic.

Integration with Driver Monitoring Systems

The integration of Electric Power Steering (EPS) with driver monitoring systems is gaining traction as automakers focus on enhancing vehicle safety and driver well-being. Driver monitoring systems employ advanced sensors and cameras to track driver behavior, monitor attentiveness, and detect signs of fatigue or distraction. By integrating EPS with these systems, vehicles can provide adaptive steering assistance based on the driver's state and the driving environment.

For instance, if a driver shows signs of drowsiness or reduced attentiveness, the EPS system can adjust steering sensitivity or provide haptic feedback to encourage the driver to remain engaged. This integration contributes to both safety and comfort, creating a dynamic driving environment that responds to the driver's condition in real time. As the automotive industry progresses toward semi-autonomous and autonomous driving, the role of EPS in enhancing driver monitoring capabilities becomes increasingly pivotal.

Development of Energy-Efficient EPS Systems

Energy efficiency is a critical focus in the Automotive EPS Market, driven by the industry's commitment to sustainability and the optimization of electric vehicle (EV) performance. Manufacturers are investing in the development of energy-efficient EPS systems to minimize power consumption and contribute to the overall efficiency of electric and hybrid vehicles. Energy-efficient EPS not only aligns with environmental goals but also extends the range of electric vehicles by conserving electrical energy.

The energy efficiency trend encompasses advancements in EPS motor design, control algorithms, and power management systems. Efforts are directed toward minimizing energy losses during steering operation and maximizing regenerative capabilities to recover and store energy during braking or deceleration. As the automotive industry continues its transition toward electrification, the development of energy-efficient EPS systems is poised to play a crucial role in optimizing the overall efficiency and sustainability of electric and hybrid vehicles.

Enhanced Haptic Feedback and Steering Feel

The quest for an enhanced driving experience has led to a trend focusing on improving haptic feedback and steering feel in EPS-equipped vehicles. Haptic feedback refers to the tactile sensations transmitted to the driver through the steering wheel, providing a sense of connection with the road and vehicle dynamics. Automotive manufacturers are investing in advanced EPS systems that can simulate realistic and nuanced haptic feedback to enhance the driver's engagement and perception of the driving environment.

Innovations in EPS technology enable the customization of steering feel based on driving modes, vehicle settings, or driver preferences. Drivers can experience varying levels of resistance, responsiveness, and feedback, contributing to a more immersive and enjoyable driving experience. This trend aligns with the broader industry push toward creating vehicles that not only meet performance and efficiency criteria but also deliver a satisfying and personalized driving experience.

Application of Artificial Intelligence (AI) in EPS Systems

The application of Artificial Intelligence (AI) in EPS systems represents a transformative trend that enhances the adaptability and intelligence of steering technologies. AI algorithms are increasingly employed to analyze data from various sensors, cameras, and vehicle dynamics systems, allowing EPS systems to make real-time adjustments based on driving conditions, road surfaces, and the driver's behavior. This trend contributes to the development of "smart" EPS systems that continuously learn and optimize steering responses.

AI-driven EPS can adapt to individual driving styles, providing personalized steering characteristics for different drivers. Furthermore, these systems can anticipate and respond to changes in road conditions, enhancing vehicle stability and safety. The integration of AI also supports the industry's broader goals related to autonomous driving, as intelligent steering systems become integral components of the overall autonomous vehicle architecture.

Segmental Insights

Type Analysis

The global automotive electric power steering market is experiencing significant growth, driven by advancements in automotive technology and increasing demand for fuel-efficient vehicles. Electric power steering systems have gained popularity due to their superior performance, efficiency, and enhanced driving experience compared to traditional hydraulic systems. The market is segmented based on the type of electric power steering systems, including column type, pinion type, and dual pinion type.

Column type electric power steering systems are commonly used in compact and mid-size vehicles. This type of system integrates the electric motor directly into the steering column, providing seamless assistance to the driver in steering control. Column type electric power steering offers advantages such as compact design, easy integration into existing vehicle architectures, and cost-effectiveness. These systems are preferred for their simplicity and reliability in various driving conditions.

Pinion type electric power steering systems feature an electric motor mounted on the steering gear mechanism, offering precise control and responsiveness. This type of system is commonly found in larger vehicles and provides superior steering feel and feedback to the driver. Pinion type electric power steering offers advantages such as improved energy efficiency, reduced weight, and enhanced vehicle dynamics. These systems are designed to deliver optimal performance and safety across different vehicle platforms.

Dual pinion type electric power steering systems utilize two electric motors to assist the driver in steering control, offering enhanced stability and responsiveness. This advanced steering system is designed to improve handling and maneuverability, especially in high-speed driving conditions and challenging road surfaces. Dual pinion type electric power steering provides benefits such as reduced steering effort, enhanced safety, and improved vehicle stability control. These systems are increasingly adopted in premium and luxury vehicle segments for their superior performance and driving experience.

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Regional Insights

In North America, the automotive electric power steering market has been witnessing steady growth due to the presence of established automotive manufacturers and the increasing demand for passenger vehicles in the region. Moreover, stringent regulations regarding vehicle emissions and fuel efficiency standards have further propelled the adoption of electric power steering systems in the region.

Similarly, in Europe & CIS, the automotive electric power steering market has been expanding rapidly, driven by the growing automotive industry and the rising demand for electric vehicles. Government initiatives aimed at promoting sustainable transportation and reducing carbon emissions have also played a significant role in fueling market growth in this region.

The Asia Pacific region has emerged as a lucrative and largest market for automotive electric power steering, owing to the rapid industrialization, urbanization, and increasing disposable income levels in countries such as China, India, and Japan. Moreover, the presence of key automotive manufacturers and the growing adoption of electric vehicles have contributed to the market's growth in the region.

In South America, the automotive electric power steering market is witnessing steady growth, supported by the growing automotive industry and the increasing demand for passenger vehicles. Economic development and infrastructure investments in countries like Brazil and Argentina have further boosted market growth in the region.

In the Middle East & Africa, the automotive electric power steering market is experiencing gradual growth, driven by the expanding automotive sector and the rising demand for commercial vehicles. However, challenges such as economic instability and political uncertainties may hinder market growth to some extent in this region.

Recent Developments

In February 2024, HL Mando initiated a joint venture focused on power steering. This new partnership unfolded in China alongside Tianrun Industrial Technology. HL Mando, known for its automotive component manufacturing in South Korea, aimed to manufacture components for commercial vehicles through this collaboration.
In September 2023, Titan unveiled a fresh electric steer-by-wire system. The UK-headquartered firm, specializing in electric vehicle steering systems, introduced this new technology. This addition expands Titan's range, suitable for various low-volume vehicles, spanning from light commercial trucks to supercars, alongside their existing assortment of power steering systems.

Key Market Players

Denso Corporation
GKN Automotive Limited
Hitachi Astemo, Ltd.
Hyundai Mobis Co., Ltd.
JTEKT Corporation
Mitsubishi Electric Corporation
Nexteer Automotive Corporation
NSK Ltd.
Robert Bosch GmbH

By Type	By Component Type	By Vehicle Type	By Region
Column Type Pinion Type Dual Pinion Type	Steering Rack/Column Sensor Steering Motor Other	Passenger Cars Commercial Vehicles	North America Europe & CIS Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Automotive Electric Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Automotive Electric Power Steering Market, By Type:

o Column Type

o Pinion Type

o Dual Pinion Type

Automotive Electric Power Steering Market, By Component Type:

o Steering Rack/Column

o Sensor

o Steering Motor

o Other

Automotive Electric Power Steering Market, By Vehicle Type:

o Passenger Cars

o Commercial Vehicles

Automotive Electric Power Steering Market, By Region:

o Asia-Pacific

§ China

§ India

§ Japan

§ Indonesia

§ Thailand

§ South Korea

§ Australia

o Europe & CIS

§ Germany

§ Spain

§ France

§ Russia

§ Italy

§ United Kingdom

§ Belgium

o North America

§ United States

§ Canada

§ Mexico

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Turkey

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Automotive Electric Power Steering Market.

Available Customizations:

Global Automotive Electric Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Automotive Electric Power Steering Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Automotive Electric Power Steering Market

5. Global Automotive Electric Power Steering Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type Market Share Analysis (Column Type, Pinion Type, and Dual Pinion Type)

5.2.2. By Component Type Market Share Analysis (Steering Rack/Column, Sensor, Steering Motor, and Other)

5.2.3. By Vehicle Type Market Share Analysis (Passenger Cars and Commercial Vehicles)

5.2.4. By Regional Market Share Analysis

5.2.4.1. Asia-Pacific Market Share Analysis

5.2.4.2. Europe & CIS Market Share Analysis

5.2.4.3. North America Market Share Analysis

5.2.4.4. South America Market Share Analysis

5.2.4.5. Middle East & Africa Market Share Analysis

5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

5.3. Global Automotive Electric Power Steering Market Mapping & Opportunity Assessment

5.3.1. By Type Market Mapping & Opportunity Assessment

5.3.2. By Component Type Market Mapping & Opportunity Assessment

5.3.3. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. Asia-Pacific Automotive Electric Power Steering Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type Market Share Analysis

6.2.2. By Component Type Market Share Analysis

6.2.3. By Vehicle Type Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. China Market Share Analysis

6.2.4.2. India Market Share Analysis

6.2.4.3. Japan Market Share Analysis

6.2.4.4. Indonesia Market Share Analysis

6.2.4.5. Thailand Market Share Analysis

6.2.4.6. South Korea Market Share Analysis

6.2.4.7. Australia Market Share Analysis

6.2.4.8. Rest of Asia-Pacific Market Share Analysis

6.3. Asia-Pacific: Country Analysis

6.3.1. China Automotive Electric Power Steering Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type Market Share Analysis

6.3.1.2.2. By Component Type Market Share Analysis

6.3.1.2.3. By Vehicle Type Market Share Analysis

6.3.2. India Automotive Electric Power Steering Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type Market Share Analysis

6.3.2.2.2. By Component Type Market Share Analysis

6.3.2.2.3. By Vehicle Type Market Share Analysis

6.3.3. Japan Automotive Electric Power Steering Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type Market Share Analysis

6.3.3.2.2. By Component Type Market Share Analysis

6.3.3.2.3. By Vehicle Type Market Share Analysis

6.3.4. Indonesia Automotive Electric Power Steering Market Outlook

6.3.4.1. Market Size & Forecast

6.3.4.1.1. By Value

6.3.4.2. Market Share & Forecast

6.3.4.2.1. By Type Market Share Analysis

6.3.4.2.2. By Component Type Market Share Analysis

6.3.4.2.3. By Vehicle Type Market Share Analysis

6.3.5. Thailand Automotive Electric Power Steering Market Outlook

6.3.5.1. Market Size & Forecast

6.3.5.1.1. By Value

6.3.5.2. Market Share & Forecast

6.3.5.2.1. By Type Market Share Analysis

6.3.5.2.2. By Component Type Market Share Analysis

6.3.5.2.3. By Vehicle Type Market Share Analysis

6.3.6. South Korea Automotive Electric Power Steering Market Outlook

6.3.6.1. Market Size & Forecast

6.3.6.1.1. By Value

6.3.6.2. Market Share & Forecast

6.3.6.2.1. By Type Market Share Analysis

6.3.6.2.2. By Component Type Market Share Analysis

6.3.6.2.3. By Vehicle Type Market Share Analysis

6.3.7. Australia Automotive Electric Power Steering Market Outlook

6.3.7.1. Market Size & Forecast

6.3.7.1.1. By Value

6.3.7.2. Market Share & Forecast

6.3.7.2.1. By Type Market Share Analysis

6.3.7.2.2. By Component Type Market Share Analysis

6.3.7.2.3. By Vehicle Type Market Share Analysis

7. Europe & CIS Automotive Electric Power Steering Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type Market Share Analysis

7.2.2. By Component Type Market Share Analysis

7.2.3. By Vehicle Type Market Share Analysis

7.2.4. By Country Market Share Analysis

7.2.4.1. Germany Market Share Analysis

7.2.4.2. Spain Market Share Analysis

7.2.4.3. France Market Share Analysis

7.2.4.4. Russia Market Share Analysis

7.2.4.5. Italy Market Share Analysis

7.2.4.6. United Kingdom Market Share Analysis

7.2.4.7. Belgium Market Share Analysis

7.2.4.8. Rest of Europe & CIS Market Share Analysis

7.3. Europe & CIS: Country Analysis

7.3.1. Germany Automotive Electric Power Steering Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type Market Share Analysis

7.3.1.2.2. By Component Type Market Share Analysis

7.3.1.2.3. By Vehicle Type Market Share Analysis

7.3.2. Spain Automotive Electric Power Steering Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type Market Share Analysis

7.3.2.2.2. By Component Type Market Share Analysis

7.3.2.2.3. By Vehicle Type Market Share Analysis

7.3.3. France Automotive Electric Power Steering Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type Market Share Analysis

7.3.3.2.2. By Component Type Market Share Analysis

7.3.3.2.3. By Vehicle Type Market Share Analysis

7.3.4. Russia Automotive Electric Power Steering Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type Market Share Analysis

7.3.4.2.2. By Component Type Market Share Analysis

7.3.4.2.3. By Vehicle Type Market Share Analysis

7.3.5. Italy Automotive Electric Power Steering Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type Market Share Analysis

7.3.5.2.2. By Component Type Market Share Analysis

7.3.5.2.3. By Vehicle Type Market Share Analysis

7.3.6. United Kingdom Automotive Electric Power Steering Market Outlook

7.3.6.1. Market Size & Forecast

7.3.6.1.1. By Value

7.3.6.2. Market Share & Forecast

7.3.6.2.1. By Type Market Share Analysis

7.3.6.2.2. By Component Type Market Share Analysis

7.3.6.2.3. By Vehicle Type Market Share Analysis

7.3.7. Belgium Automotive Electric Power Steering Market Outlook

7.3.7.1. Market Size & Forecast

7.3.7.1.1. By Value

7.3.7.2. Market Share & Forecast

7.3.7.2.1. By Type Market Share Analysis

7.3.7.2.2. By Component Type Market Share Analysis

7.3.7.2.3. By Vehicle Type Market Share Analysis

8. North America Automotive Electric Power Steering Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type Market Share Analysis

8.2.2. By Component Type Market Share Analysis

8.2.3. By Vehicle Type Market Share Analysis

8.2.4. By Country Market Share Analysis

8.2.4.1. United States Market Share Analysis

8.2.4.2. Mexico Market Share Analysis

8.2.4.3. Canada Market Share Analysis

8.3. North America: Country Analysis

8.3.1. United States Automotive Electric Power Steering Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type Market Share Analysis

8.3.1.2.2. By Component Type Market Share Analysis

8.3.1.2.3. By Vehicle Type Market Share Analysis

8.3.2. Mexico Automotive Electric Power Steering Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type Market Share Analysis

8.3.2.2.2. By Component Type Market Share Analysis

8.3.2.2.3. By Vehicle Type Market Share Analysis

8.3.3. Canada Automotive Electric Power Steering Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type Market Share Analysis

8.3.3.2.2. By Component Type Market Share Analysis

8.3.3.2.3. By Vehicle Type Market Share Analysis

9. South America Automotive Electric Power Steering Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type Market Share Analysis

9.2.2. By Component Type Market Share Analysis

9.2.3. By Vehicle Type Market Share Analysis

9.2.4. By Country Market Share Analysis

9.2.4.1. Brazil Market Share Analysis

9.2.4.2. Argentina Market Share Analysis

9.2.4.3. Colombia Market Share Analysis

9.2.4.4. Rest of South America Market Share Analysis

9.3. South America: Country Analysis

9.3.1. Brazil Automotive Electric Power Steering Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type Market Share Analysis

9.3.1.2.2. By Component Type Market Share Analysis

9.3.1.2.3. By Vehicle Type Market Share Analysis

9.3.2. Colombia Automotive Electric Power Steering Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type Market Share Analysis

9.3.2.2.2. By Component Type Market Share Analysis

9.3.2.2.3. By Vehicle Type Market Share Analysis

9.3.3. Argentina Automotive Electric Power Steering Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type Market Share Analysis

9.3.3.2.2. By Component Type Market Share Analysis

9.3.3.2.3. By Vehicle Type Market Share Analysis

10. Middle East & Africa Automotive Electric Power Steering Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type Market Share Analysis

10.2.2. By Component Type Market Share Analysis

10.2.3. By Vehicle Type Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1. South Africa Market Share Analysis

10.2.4.2. Turkey Market Share Analysis

10.2.4.3. Saudi Arabia Market Share Analysis

10.2.4.4. UAE Market Share Analysis

10.2.4.5. Rest of Middle East & Africa Market Share Analysis

10.3. Middle East & Africa: Country Analysis

10.3.1. South Africa Automotive Electric Power Steering Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type Market Share Analysis

10.3.1.2.2. By Component Type Market Share Analysis

10.3.1.2.3. By Vehicle Type Market Share Analysis

10.3.2. Turkey Automotive Electric Power Steering Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type Market Share Analysis

10.3.2.2.2. By Component Type Market Share Analysis

10.3.2.2.3. By Vehicle Type Market Share Analysis

10.3.3. Saudi Arabia Automotive Electric Power Steering Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type Market Share Analysis

10.3.3.2.2. By Component Type Market Share Analysis

10.3.3.2.3. By Vehicle Type Market Share Analysis

10.3.4. UAE Automotive Electric Power Steering Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type Market Share Analysis

10.3.4.2.2. By Component Type Market Share Analysis

10.3.4.2.3. By Vehicle Type Market Share Analysis

11. SWOT Analysis

11.1. Strength

11.2. Weakness

11.3. Opportunities

11.4. Threats

12. Market Dynamics

12.1. Market Drivers

12.2. Market Challenges

13. Market Trends and Developments

14. Competitive Landscape

14.1. Company Profiles (Up to 10 Major Companies)

14.1.1. Denso Corporation

14.1.1.1. Company Details

14.1.1.2. Key Product Offered

14.1.1.3. Financials (As Per Availability)

14.1.1.4. Recent Developments

14.1.1.5. Key Management Personnel

14.1.2. GKN Automotive Limited

14.1.2.1. Company Details

14.1.2.2. Key Product Offered

14.1.2.3. Financials (As Per Availability)

14.1.2.4. Recent Developments

14.1.2.5. Key Management Personnel

14.1.3. Hitachi Astemo, Ltd.

14.1.3.1. Company Details

14.1.3.2. Key Product Offered

14.1.3.3. Financials (As Per Availability)

14.1.3.4. Recent Developments

14.1.3.5. Key Management Personnel

14.1.4. Hyundai Mobis Co., Ltd.

14.1.4.1. Company Details

14.1.4.2. Key Product Offered

14.1.4.3. Financials (As Per Availability)

14.1.4.4. Recent Developments

14.1.4.5. Key Management Personnel

14.1.5. JTEKT Corporation

14.1.5.1. Company Details

14.1.5.2. Key Product Offered

14.1.5.3. Financials (As Per Availability)

14.1.5.4. Recent Developments

14.1.5.5. Key Management Personnel

14.1.6. Mitsubishi Electric Corporation

14.1.6.1. Company Details

14.1.6.2. Key Product Offered

14.1.6.3. Financials (As Per Availability)

14.1.6.4. Recent Developments

14.1.6.5. Key Management Personnel

14.1.7. Nexteer Automotive Corporation

14.1.7.1. Company Details

14.1.7.2. Key Product Offered

14.1.7.3. Financials (As Per Availability)

14.1.7.4. Recent Developments

14.1.7.5. Key Management Personnel

14.1.8. NSK Ltd.

14.1.8.1. Company Details

14.1.8.2. Key Product Offered

14.1.8.3. Financials (As Per Availability)

14.1.8.4. Recent Developments

14.1.8.5. Key Management Personnel

14.1.9. Robert Bosch GmbH

14.1.9.1. Company Details

14.1.9.2. Key Product Offered

14.1.9.3. Financials (As Per Availability)

14.1.9.4. Recent Developments

14.1.9.5. Key Management Personnel

15. Strategic Recommendations

15.1. Key Focus Areas

15.1.1. Target Regions

15.1.2. Target Type

15.1.3. Target Component Type

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Automotive Electric Power Steering Market in 2023?

The market size of the Global Automotive Electric Power Steering Market was estimated to be USD 22.75 Billion in 2023.

Which was the Fastest Growing Segment By Vehicle Type in the Global Automotive Electric Power Steering Market in 2023?

In 2023, the Fastest Growing Segment by vehicle type in the Global Automotive Electric Power Steering Market was Passenger Cars. This segment held a substantial market share due to a surge in demand for passenger cars equipped with advanced safety features and the increasing preference for fuel-efficient vehicles among consumers worldwide.

Which is the largest market by region in the Global Automotive Electric Power Steering Market?

The Asia-Pacific region is currently the largest market in the Global Automotive Electric Power Steering Market. This is primarily due to the high vehicular production in countries such as China, India, and Japan, paired with increasing consumer demand for fuel-efficient vehicles and stringent governmental regulations promoting the use of electric power steering systems.

What are the major drivers for the Global Automotive Electric Power Steering Market?

The major drivers for the Global Automotive Electric Power Steering Market include increasing demand for fuel-efficient vehicles, stringent government regulations on vehicle emissions, advancements in steering technology for enhanced safety and performance, growing consumer preference for advanced driver assistance systems (ADAS), and the rising production of electric and hybrid vehicles.

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Srishti Verma

Business Consultant

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Press Release

Automotive Electric Power Steering Market to Grow with a CAGR of 6.21% Globally Through to 2029

May, 2024

The increasing demand for fuel-efficient vehicles and the growing trend toward advanced driver assistance systems (ADAS), including electronic steering solutions, enhancing vehicle safety and driving

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