Automotive Electric Power Steering Market Is Projected To Achieve A 5.47% CAGR between 2024 and 2032.

The global automotive electric power steering market size was evaluated at $26.36 Billion in 2023 and is slated to hit $42.57 Billion by the end of 2032, with a CAGR of nearly 5.47% between 2024 and 2032.

The Automotive Electric Power Steering (EPS) market is an essential segment of the automotive industry, focusing on the development and implementation of electric power steering systems in vehicles. The automotive EPS technology replaces traditional hydraulic steering systems with electric motors providing precise steering assistance and enhancing vehicle control and fuel efficiency. These systems reduce weight, improve vehicle responsiveness, and integrate seamlessly with ADAS features.

Browse the full “Automotive Electric Power Steering Market By Type (Pinion Assist Type, Rack Assist Type and Column Assist Type), By Component (Bearing, Rack And Pinion, Electric Motor, Steering Wheel, Steering Gear and Steering Column), By Mechanism (Collapsible and Rigid), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV): Global Industry Perspective, Comprehensive Analysis and Forecast 2024-2032” Report at https://www.zionmarketresearch.com/report/automotive-electric-power-steering-market

As the automotive industry shifts towards electrification and automation, the demand for automotive EPS continues to grow, driven by the need for enhanced performance and safety features.

Market Growth Factors

Several key factors are propelling the growth of the automotive electric power steering market:

• Rising Vehicle Production: An increase in global vehicle production creates a higher demand for automotive electric power steering.
• Technological Advancements: Continuous innovations in automotive EPS technology improve steering precision and reduce energy consumption.
• Expanding Ride-Sharing Networks: The growth of ride-sharing services increases fleet vehicle utilization, accelerating the need for reliable and durable EPS systems.

Restraints

• High Initial Costs: The cost of implementing automotive electric power steering technology can be higher than traditional systems, which may deter some manufacturers.
• Competition from Hydraulic Systems: Traditional hydraulic power steering systems remain prevalent in many vehicles due to their established reliability.

Automotive Electric Power Steering Market: Report Scope

Market Segmentation

The automotive electric power steering market can be segmented based on type, component, vehicle type, mechanism, and region.

Based on type, the automotive electric power steering market is divided into column assist EPS (C-EPS), pinion assist EPS (P-EPS), and rack assist EPS (R-EPS). The rack assist EPS segment is expected to dominate the market due to its balance of performance and cost-effectiveness.

On the basis of components, the market is classified into steering columns, electric motors, bearings, rack and pinions, steering wheels, and steering gears. The column assist segment dominates the market due to its cost-effectiveness, simplicity, precise control, and integration with ADAS systems.

Based on the mechanism, the automotive EPS market is categorized into collapsible and rigid. The collapsible mechanism leads the market due to its safety features, reducing the risk of injury during collisions.

Based on vehicle type, the automotive EPS industry is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers. The passenger car segment is expected to lead during the forecast period as a wide number of electric power steering systems are installed in personal vehicles.

North America dominates the global automotive EPS market due to its well-established automotive industry and demand for advanced steering technologies. The U.S. is a key contributor, supported by a robust manufacturing base for both traditional and electric vehicles. Research and development investments significantly focus on improving vehicle safety and performance. The growing emphasis on fuel efficiency and emissions reduction drives the adoption of EPS systems. Additionally, government regulations promoting electric vehicles accelerate the integration of EPS technology into new vehicle models.

Key Market Players

Prominent companies operating in the automotive EPS market include:

• Mando Corporation
• Delphi Automotive
• KSR International Company
• Robert Bosch GmbH
• Showa Corporation
• Mitsubishi Electric Corporation
• Hitachi Automotive Systems Ltd.
• JTEKT Corporation
• Nexteer Automotive
• Sona Koyo Steering Systems Ltd.

Recent Developments

• In January 2024, Bosch announced an expansion of its electric power steering production facility in Germany to meet increasing demand from OEMs.
• In April 2024, JTEKT launched a new line of lightweight electric power steering systems designed specifically for compact cars.

The report segments the automotive electric power steering market as follows:

By Type Segment Analysis

• Pinion Assist Type
• Rack Assist Type
• Column Assist Type

By Component Segment Analysis

• Bearing
• Rack And Pinion
• Electric Motor
• Steering Wheel
• Steering Gear
• Steering Column

By Mechanism Segment Analysis

• Collapsible
• Rigid

By Vehicle Type Segment Analysis

• Passenger Vehicle
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

By Regional Segments

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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