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Electric Power Steering System Market
Electric Power Steering System Market
Electric Power Steering System Market - By Type, By Component, By Electric Motor Type, By Mechanism, By Vehicle Type, and By Region- global Opportunity Analysis and Industrial Forecast- 2021-2028.
Electric Power Steering System Market Industry Overview:
Electric power steering system is advanced system used for automated driving. It has an electric motor which controls the steering of the vehicle. Electric steering enables highly-automated driving with maximum security. Electric power steering also enables parking assist, lane keeping, traffic jam assist and active return to center among others. The global electric power steering system market was valued at around USD 24.8 billion in 2020 and is expected to register a CAGR of 5.1% during the review period to reach to around USD 36.7 billion by end of 2028.
Electric Power Steering System Market Segmentation:
By type, the global electric power steering system market has been segmented into C-EPS, R-EPS, and P-EPS. The C-EPS segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The C-EPS steering type has power assist unit, controller and torque sensor all connected to the steering column. It is being widely used for small & compact vehicles with small engine compartment. The R-EPS segment is expected to register substantial growth during the review period.
Based on component, the global electric power steering system market has been segmented into sensor, steering column, steering motor, and other. The sensor segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The sensors in steering measure two driver inputs which includes torque and steering wheel speed & position. The electric powered steering column is being primarily used in passenger vehicles.
By electronic motor type, the global electric power steering system market has been segmented into brushless DC motors and brushed DC motors. The brushed DC motors segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to its widespread use in automotive industry due to simple design and low cost.
The growth of the global electric power steering system market is primarily driven by rapidly expanding automotive industry across the geographies. Rising demand for passenger vehicles particularly in the developing countries is likely to add to the global electric power steering system market growth. In addition to this, surging demand for fuel efficient and light weight vehicles on account of increasing regulations pertaining to carbon emissions is expected to bolster the global electric power steering system market growth during the review period.
Increasing use of electric power steering system in the commercial vehicles due to easy controllability, good steering and low fuel consumption among others is projected to create lucrative opportunities for the players operating in the global electric power steering system market during the review period.
However, high cost of electric power steering system is likely to affect the market growth.
By mechanism, the global electric power steering system market has been segmented into collapsible EPS and rigid EPS. The collapsible EPS segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period.
By vehicle type, the global electric power steering system market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment accounted for the largest market share in 2020. The segment growth can be attributed to increasing consumer spending on passenger vehicles coupled with changing living standard and rising per capita disposable income. The heavy commercial vehicles segment is projected to witness healthy growth during the review period on account of rising product adoption rate worldwide.
Electric Power Steering System Market Dynamics and Factors:
The growth of the global electric power steering system market is primarily driven by rapidly expanding automotive industry across the geographies. Rising demand for passenger vehicles particularly in the developing countries is likely to add to the global electric power steering system market growth. In addition to this, surging demand for fuel efficient and light weight vehicles on account of increasing regulations pertaining to carbon emissions is expected to bolster the global electric power steering system market growth during the review period.
Increasing use of electric power steering system in the commercial vehicles due to easy controllability, good steering and low fuel consumption among others is projected to create lucrative opportunities for the players operating in the global electric power steering system market during the review period.
However, high cost of electric power steering system is likely to affect the market growth.
Electric Power Steering System Market Geographical Analysis:
By geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. China held the largest share in the regional market in 2020. The regional market growth can be attributed to expanding automobile production particularly in the developing countries such as China and India.
The market growth in North America is driven by the established presence of the automotive industry particularly in US. Growing emphasis on development of fuel-efficient vehicles in the region is likely to propel the market growth at a significant rate during the review period.
The European market is expected to grow at a considerable CAGR on account of increasing demand for advanced electric power steering system in the vehicles. Germany, UK and France were the countries holding majority market share in the region. Increasing production of light weight and autonomous vehicles on account of rising environmental regulations is likely to boost the global electric power steering system product demand significantly.
The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the automotive industry with rising demand for passenger vehicles in the developing countries coupled with rising per capita disposable income.
Electric Power Steering System Market Report Scope
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Segmentation of the Core Banking Solution Market, 2022 – 2030 |
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By Type |
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By Component |
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By Electric Motor Type |
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By Mechanism |
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By Vehicle Type |
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By Region |
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Key Market Segmentation
Electric Power Steering System Market - By Type
o C-EPS
o R-EPS
o P-EPS
Electric Power Steering System Market - By Component
o Sensor
o Steering Column
o Steering Motor
o Other
Electric Power Steering System Market - By Electric Motor Type
o Brushless DC Motors
o Brushed DC Motors
Electric Power Steering System Market - By Mechanism
o Collapsible EPS
o Rigid EPS
Electric Power Steering System Market - By Vehicle Type
o Passenger Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
Electric Power Steering System Market - By Region
North America
o US
o Canada
o Mexico
Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Benelux
o Nordics
o Rest of Europe
Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
Middle East and Africa
South America
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Architecture
2.3 Scope of the Study
2.4 Related Stakeholders
3 Research Methodology
3.1 Introduction
3.2 Primary Research
3.2.1 Key Insights
3.2.2 Breakdown of Primary Interviews
3.3 Secondary Research
3.3.1 Important Sources
3.4 Market Size Estimation Approaches
3.4.1 Top-Down Approach
3.4.2 Bottom-Up Approach
3.4.3 Data Triangulation
3.5 List of Assumptions
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Rapidly expanding automotive industry across the geographies
4.2.2 Rising demand for passenger vehicles particularly in the developing countries
4.3 Restraints
4.3.1 High cost of electric power steering system
4.4 Opportunities
4.4.1 Increasing use of electric power steering system in the commercial vehicles
4.5 Porter's Five Forces Model Analysis
4.6 Value Chain Analysis
4.7 Impact of COVID-19 on Global Electric Power Steering System Market
5 Global Electric Power Steering System Market, By Type
5.1 Introduction
5.2 C-EPS
5.3 R-EPS
5.4 P-EPS
6 Global Electric Power Steering System Market, By Component
6.1 Introduction
6.2 Sensor
6.3 Steering Column
6.4 Steering Motor
6.5 Other
7 Global Electric Power Steering System Market, By Electric Motor Type
7.1 Introduction
7.2 Brushless DC Motors
7.3 Brushed DC Motors
8 Global Electric Power Steering System Market, By Mechanism
8.1 Introduction
8.2 Collapsible EPS
8.3 Rigid EPS
9 Global Electric Power Steering System Market, By Vehicle Type
9.1 Introduction
9.2 Passenger Vehicles
9.3 Light Commercial Vehicles
9.4 Heavy Commercial Vehicles
10 Global Electric Power Steering System Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia-Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Rest of Asia-Pacific
10.5 Middle East and Africa
10.6 South America
11 Competitive Landscape
11.1 Introduction
11.2 Vendor Evaluation Criteria
11.3 Vendor Share Analysis, 2020
11.4 Recent Developments, 2018-2021
11.4.1 New Product Launches
11.4.2 Partnerships
11.4.3 Mergers or Acquisitions
11.4.4 Business Expansions
12 Company Profiles
(This section covers the Business Overview, Financial Overview, Product and Product Offerings, Recent Developments, SWOT Analysis, and Key Strategies of the top market vendors. The given sequence does not represent their rankings in the market.
12.1 Showa Corporation
12.2 JTEKT Corporation
12.3 Nexteer Automotive
12.4 Hyundai Mobis
12.5 Thyssenkrupp AG
12.6 ZF Friedrichshafen AG
12.7 Robert Bosch GmbH
12.8 BORGWARNER
12.9 Mitsubishi Electric Corporation
12.10 Tenneco
12.11 The Mando Corporation
12.12 HYCET Technology Co., Ltd.
13 Appendix
13.1 Discussion Guide
13.2 Customization Options
13.3 Related Reports
Key Market Segmentation
Electric Power Steering System Market - By Type
o C-EPS
o R-EPS
o P-EPS
Electric Power Steering System Market - By Component
o Sensor
o Steering Column
o Steering Motor
o Other
Electric Power Steering System Market - By Electric Motor Type
o Brushless DC Motors
o Brushed DC Motors
Electric Power Steering System Market - By Mechanism
o Collapsible EPS
o Rigid EPS
Electric Power Steering System Market - By Vehicle Type
o Passenger Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
Electric Power Steering System Market - By Region
North America
o US
o Canada
o Mexico
Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Benelux
o Nordics
o Rest of Europe
Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
Middle East and Africa
South America
Report ID: VBI79
----------------- Feb-2023
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Format: PDF/Excel
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