Introduction
The Global Automotive Electric Power Steering Market is set to surge from USD 26.05 Bn in 2023 to a projected USD 35.19 Bn by 2028, growing at a CAGR of 6.20%.
Segment Analysis for Automotive Electric Power Steering Market
The Global Automotive Electric Power Steering Market, By Component Type are: Steering Rack, Sensor, Steering Motor, and Other Component Type.
Global Automotive Electric Power Steering Market based on component types, the breakdown is as follows:
Steering Rack/Column: This category encompasses the steering rack and column components of the Automotive Electric Power Steering system. These crucial elements play a pivotal role in translating the driver’s input into the necessary movements for steering the vehicle.
Sensor: Within this segment, the focus is on sensors integral to the Automotive Electric Power Steering system. These sensors are responsible for detecting various parameters and feedback related to steering, ensuring precise and responsive control.
Steering Motor: The Steering Motor category pertains to the electric motor utilized in the power steering system. This motor is a key component responsible for providing the necessary assistance to the driver, contributing to smoother steering maneuvers.
Other Component Types: This category encompasses various additional components integral to the Automotive Electric Power Steering system that may not fall specifically under the aforementioned classifications. These could include control units, wiring, and other supplementary elements essential for the overall functionality of the system.
In essence, this segmentation allows for a detailed analysis of the Automotive Electric Power Steering market based on the specific components that constitute the overall system. It provides insights into the individual contributions and functionalities of steering racks/columns, sensors, steering motors, and other supplementary components, facilitating a more nuanced understanding of the market dynamics.
Regional Analysis for Automotive Electric Power Steering Market
In April 2022, the production of Chinese passenger cars declined by 41.9%, totaling 996,000 units, while sales saw a decrease of 43.4%, amounting to 965,000 units, compared to the same month in the previous year. Additionally, during the first four months of 2022 (from January to April), passenger car production experienced a year-on-year drop of 2.6%, resulting in a total of 6,494 Mn units.
The regional segmentation analysis of the Automotive Electronic Power Steering (EPS) market provides valuable insights into the market’s dynamics, considering the unique factors and trends influencing different regions across the globe. Major aspects of regional segmentation include market size, growth potential, key players, and the prevailing automotive landscape. Let’s explore the regional breakdown of the Automotive EPS market.
North America boasts a mature automotive industry with a strong emphasis on safety and technological innovation. The region has witnessed the adoption of advanced EPS systems due to regulatory requirements for vehicle safety and fuel efficiency. Major players like Delphi Technologies and Nexteer Automotive have a significant presence. The market in North America is characterized by integrating EPS in a wide range of vehicles, including electric and autonomous models.
Europe is a leading market for EPS systems, primarily due to stringent emissions regulations and a focus on vehicle efficiency. The region is witnessing the integration of EPS in luxury and high-performance vehicles, and several European automakers are at the forefront of EPS technology development. Germany, in particular, is a hub for EPS research and manufacturing.
The Asia-Pacific region, including countries like China, Japan, and South Korea, is the largest automotive market in the world. The increasing adoption of electric vehicles (EVs) in China has driven the demand for EPS systems. As a result, many global EPS component suppliers have expanded their operations in this region to meet the growing demand.
The Latin American market for EPS systems is experiencing steady growth, mainly driven by Brazil and Mexico. The adoption of EPS technology is increasing as consumers seek more efficient and environmentally friendly vehicles. This region is gradually adopting EPS systems, primarily in response to global automotive trends. While the market is smaller than other regions, it is expected to grow as consumers demand modern steering systems.
List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from competitive analysis are BorgWarner Inc., Bosch Rexroth AG, Denso Corporation, Hitachi Automotive Systems, Ltd., etc.
Key Developments
Hitachi Automotive Systems, Ltd. announced it would supply its EPS systems to Toyota for its new fuel cell vehicle.- May 2023
Nidec Corporation announced that it would acquire Asahi Kasei Microdevices Corporation, a Japanese semiconductor manufacturer. This acquisition would strengthen Nidec’s position in the automotive EPS market.- June 2023
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Frequently Asked Questions
How Much Is The Global Automotive Electric Power Steering Market Size?
The Global Automotive Electric Power Steering Market is set to surge from USD 26.05 Bn in 2023 to a projected USD 35.19 Bn by 2028, growing at a CAGR of 6.20%.
What Is The Major Global Automotive Electric Power Steering Market Driver?
- Global Measures by OEMs to Reduce Complexity and Weight of Vehicles
- Rising Popularity of Self-Driving Vehicles
What are the Major Automotive Electric Power Steering Market Opportunities?
- Growing Trend of Vehicle Electrification
- Increasing Collaborating with Sensor Manufacturers
Which Region Held The Fastest Growth In The Automotive Electric Power Steering Market?
Asia Pacific dominates the market and is expected to witness the same trend over the forecast period, with China dominating the market, followed by India and Japan.
Who Are The Automotive Electric Power Steering Market Players?
BorgWarner Inc., Bosch Mobility, Bosch Rexroth AG, Denso Corporation, etc
