Global Automotive Electric Power Steering Market (2023-2028) by Component Type, Type, Vehicle Type, and Regional Analysis, AI and Sustainability Footprints, and Market Success Strategies

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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%.

The increasing popularity of self-driving or autonomous vehicles acts as a key driver propelling growth in the Automotive Electric Power Steering market. These vehicles necessitate advanced EPS systems for steering and navigation, contributing significantly to market expansion. The appeal lies in the potential for heightened safety and convenience on the roads, fostering the adoption of autonomous driving technology. However, a noteworthy restraint in the Automotive Electric Power Steering market stems from the higher cost associated with EPS systems compared to traditional hydraulic steering systems. This cost factor can pose a barrier to adoption, particularly in markets where cost-effectiveness takes precedence. The price differential may induce hesitation among manufacturers and consumers to invest in these advanced systems. An enticing opportunity within the Automotive Electric Power Steering market is the adoption of steer-by-wire technology. This technology eliminates the requirement for a mechanical connection between the steering wheel and the wheels, providing greater design flexibility and the potential for innovative steering solutions. The integration of steer-by-wire presents a promising avenue for market growth due to its advanced and futuristic approach to steering. Despite the market’s positive trajectory, challenges persist. The emergence of autonomous vehicles without traditional steering wheels poses a significant obstacle for EPS system manufacturers. Some self-driving vehicle concepts are designed without a steering wheel, challenging companies in the EPS market to adapt and devise alternative steering solutions for such vehicles. Despite these challenges, they also provide an opportunity for companies to innovate and evolve in response to changing industry dynamics.


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


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

1. Introduction
1.1 Scope of the Study
1.2 Purpose of the Study
1.3 Limitations of the Study
1.4 Currency

2. Executive Summary
2.1 Market Definition
2.2 Market Size and Segmentation
2.3 Insights for CXOs

3. Market Forces
3.1 Drivers
3.1.1 Rising Popularity of Self-Driving Vehicles
3.1.2 Growing Emphasis on Safer Automotive Systems
3.1.3 Increasing Vehicle Production
3.2 Restraints
3.2.1 Higher Cost of EPS as Compared to Traditional Steering Systems
3.2.2 Limited Load-Bearing Capacity of EPS Systems
3.3 Opportunities
3.3.1 Adoption of Steer-By-Wire Technology
3.3.2 Penetration in Commercial Vehicles
3.3.3 Enabling ADAS Features in EPS Systems
3.4 Challenges
3.4.1 Autonomous Vehicles Without Steering Vehicles
3.4.2 Failure of EPS System Subcomponents

4. AI and Sustainability Footprints
4.1 Market Trends of AI and Sustainability
4.2 Application of AI - AI Adoption Levels
4.3 Environmental and Emission Reduction Initiatives

5. Market Analysis
5.1 Government Regulations
5.2 Patent Analysis
5.3 PESTLE Analysis
5.4 Porter's Five Forces Analysis
5.5 Pricing Analysis
5.6 Technology Trends

6. Market Segmentations
6.1 Global Automotive Electric Power Steering Market, By Component Type
6.1.1 Steering Rack/Column
6.1.2 Sensor
6.1.3 Steering Motor
6.1.4 Other Component Types

6.2 Global Automotive Electric Power Steering Market, By Type
6.2.1 Column Type
6.2.2 Pinion Type
6.2.3 Dual Pinion Type

6.3 Global Automotive Electric Power Steering Market, By Vehicle Type
6.3.1 Passenger Car
6.3.2 Commercial Vehicle

7. Region Analysis of the Global Automotive Electric Power Steering Market
7.1 Americas
7.1.1 Brazil
7.1.2 Canada
7.1.3 Mexico
7.1.4 US
7.1.5 Others
7.2 Europe
7.2.1 France
7.2.2 Germany
7.2.3 Italy
7.2.4 Russia
7.2.5 United Kingdom
7.2.6 Others
7.3 Middle East & Africa
7.3.1 Israel
7.3.2 Nigeria
7.3.3 Saudi Arabia
7.3.4 South Africa
7.3.5 UAE
7.3.6 Others
7.4 Asia
7.4.1 Australia – New Zealand
7.4.2 China
7.4.3 India
7.4.4 Japan
7.4.5 South Korea
7.4.6 Others

8. Market Success Strategies
8.1 Best Marketing Practices
8.2 Market Entry Strategies

9. Competitive Analysis
9.1 BorgWarner Inc.
9.2 Bosch Mobility
9.3 Bosch Rexroth AG
9.4 Denso Corporation
9.6 Hitachi Automotive Systems, Ltd.
9.7 Hubei Henglong Auto System Group
9.8 Hyundai Mobis Co., Ltd.
9.9 JTEKT Corporation
9.10 KYB Corporation
9.11 Magna International Inc.
9.12 Mando Corporation
9.13 Mitsubishi Electric Corp.
9.14 Nexteer Automotive Group
9.15 Nidec Corporation
9.16 NSK Ltd.
9.17 ThyssenKrupp Presta AG
9.18 ZF Friedrichshafen AG

10. Case Study
10.1 Analysis of Successful Companies
10.2 Lessons from Market Failures

11. Appendix
11.1 Research Methodology
11.2 Assumptions for the Report
11.3 List of Abbreviations

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