Automotive Electric Power Steering Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Column Type, Pinion Type, and Dual Pinion Type), By Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Region, Competition 2019-2029

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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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 Overview

Global Automotive Electric Power Steering Market was 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 market is currently witnessing substantial growth. This growth can be attributed to the continuous advancements in automotive technology, particularly in the field of electric power steering (EPS). EPS systems not only contribute to higher fuel efficiency but also provide a smoother driving experience, enhancing overall vehicle performance. As a result, automotive manufacturers and consumers are increasingly favoring EPS technology, leading to its widespread adoption in the automotive industry. The rising consumer demand for energy-efficient vehicles further fuels the expansion of the automotive electric power steering market, as more and more individuals recognize the environmental and economic benefits of this innovative technology.

In terms of geographical distribution, the Asia-Pacific region holds a significant dominance in the global market. This can be attributed to the presence of a massive automotive industry in countries like China, Japan, and South Korea, where the demand for EPS systems is rapidly growing. The increasing adoption of electric vehicles in these countries is further fueling the demand for advanced and efficient EPS systems, which are crucial for enhancing the overall driving experience and ensuring better control and maneuverability. As a result, the Asia-Pacific region continues to play a vital role in shaping the future of the automotive industry and driving innovation in the field of EPS technology.

The European market, renowned for its premium automotive manufacturers, closely follows the global trends in the adoption of energy-efficient technologies. This is due to the combination of a strong presence of these manufacturers and the implementation of stringent environmental regulations that propel the demand for sustainable solutions. As a result, the European automotive industry continues to thrive by embracing innovative technologies that meet both performance and eco-friendly standards.

In North America, there is a notable surge in the demand for EPS (Electric Power Steering) systems. This escalating demand is primarily driven by the rising production of electric and hybrid vehicles, as automakers strive to meet the growing consumer preference for eco-friendly transportation options. With advancements in technology and a shift towards sustainable mobility, EPS systems have become an integral component in enhancing vehicle performance, efficiency, and overall driving experience.

In terms of market players, the global EPS market is highly competitive with key players such as JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Robert Bosch GmbH, and NSK Ltd. These companies are constantly innovating their offerings to maintain a competitive edge and meet the evolving needs of the automotive industry.

The global EPS (Electric Power Steering) market is poised for significant growth, fueled by the rising adoption of electric and hybrid vehicles on a global scale. This shift towards greener transportation solutions, coupled with the increasing demand for fuel efficiency and reduced emissions, is driving the need for advanced EPS systems.

Furthermore, the rapid advancements in autonomous driving technology are expected to create new opportunities for EPS systems in the future. As self-driving vehicles become more prevalent, the integration of EPS technology will play a crucial role in ensuring precise and responsive steering control, enhancing the overall safety and performance of these vehicles.

With the increasing focus on sustainable mobility and the continuous advancements in automotive technology, the EPS market is expected to witness a steady expansion in the coming years. This presents a promising outlook for industry players and underscores the importance of EPS systems in shaping the future of the automotive industry.

However, the market also faces some challenges. One of the main challenges is the high cost associated with EPS (Electronic Power Steering) systems. The initial investment required to implement these systems can be significant, which may deter some potential buyers. Additionally, concerns about the reliability and maintenance of EPS systems have been raised. As with any technology, there is always a risk of malfunctions or breakdowns, and the cost of repairs and maintenance can add up over time. These factors, if not addressed, could potentially hamper the growth of the EPS market.In conclusion, the global automotive electric power steering market is growing steadily, driven by advancements in automotive technology and increasing demand for energy-efficient vehicles. While some challenges remain, the future of the market looks promising, with new opportunities on the horizon.

Nonetheless, it's important to note that technology is constantly evolving and improving. As advancements are made, the cost of EPS systems is expected to decrease, making them more accessible to a wider range of customers. Moreover, manufacturers are investing in research and development to enhance the reliability and durability of these systems, addressing the concerns raised by potential buyers. With continued advancements and improvements, these challenges are likely to become less significant over time, opening up opportunities for further market growth.

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 Automotive Electric Power Steering (EPS) Market is segmented into various types, chiefly Column Type, Pinion Type, and Dual Pinion Type. Column Type EPS is integrated into the steering column itself, making it compact and suitable for smaller vehicles where space saving is crucial. The Pinion Type EPS, on the other hand, is mounted on the steering rack and is known for providing better steering feedback, making it a popular choice for larger vehicles that demand more precise control. The Dual Pinion Type EPS is a variation of Pinion Type EPS. It incorporates an additional pinion gear, delivering an enhanced steering feel and accuracy. This type of EPS system is often found in performance vehicles where driver experience is paramount. Each type has distinct advantages, and the choice of EPS system is typically a balance between cost, vehicle size, and the desired level of steering feedback.


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Regional Insights

The global Automotive Electric Power Steering Market is witnessing a significant expansion, driven by various regional trends. In North America, the demand for electric power steering systems is surging, fueled by the growing adoption of electric vehicles. In the European region, stringent emission norms and a strong push for sustainable transportation solutions are propelling the market forward. Meanwhile, in the Asia Pacific region, rapid urbanization and increased automotive production, especially in emerging economies like China and India, are major contributing factors to the market's growth. Lastly, Latin America and the Middle East and Africa are also witnessing steady growth in the Automotive Electric Power Steering Market, owing to increased consumer demand for fuel-efficient vehicles.

Recent Developments

  • In August 2022, NSK Ltd. announced its plan to revamp the steering operations. The company received an order for electric power steering (EPS) from the Volkswagen (VW) Group and announced its plans to start volume production during the spring of 2023.
  • In June 2022, Robert Bosch announced its plans to strengthen production and development capabilities in the field of mobility in Japan. Under this plan, the company will transfer its assembly line for electric power steering (EPS) systems for Japanese automakers from Robert Bosch Group's plant outside Japan to its Musashi Plant located in Namegawa Town.

Key Market Players

  • Hubei Henglong Auto System Group
  • Denso Corporation
  • GKN PLC
  • Hitachi Automotive Systems Ltd
  • Hyundai Mobis Co. Ltd
  • JTEKT Corporation
  • Mitsubishi Electric Corporation
  • Nexteer Automotive
  • 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. Robert Bosch GmbH

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. Hubei Henglong Auto System Group

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. Denso Corporation

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. GKN PLC

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. Hitachi Automotive Systems Ltd

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. Hyundai Mobis Co. Ltd

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. JTEKT 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. Mitsubishi Electric Corporation

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. Nexteer Automotive

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

14.1.10.              NSK Ltd

14.1.10.1.  Company Details

14.1.10.2.  Key Product Offered

14.1.10.3.  Financials (As Per Availability)

14.1.10.4.  Recent Developments

14.1.10.5.  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

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

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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.

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The Asia-Pacific region is currently the dominant player in the Global Automotive Electric Power Steering Market. This dominance 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.

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The Global Automotive Electric Power Steering Market is primarily driven by 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 experience.

Related Reports

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Srishti Verma

Business Consultant
Press Release

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

Feb, 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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