|Published||Report Code||Available Format|
Electric Power Steering (EPS) Market Overview
The global electric power steering (EPS) market is expected to witness considerable growth during the forecast period (2020–2030), on account of the rising safety and emission concerns and need for improving fuel efficiency, coupled with the stringent government regulations regarding the introduction of advanced driver assistance systems (ADAS) with various vehicle systems. For instance, Regulation No 79 of the Economic Commission for Europe, of the United Nations (UN/ECE), states the uniform provisions concerning the approval of vehicles, which mandate the integration of advanced steering equipment. In addition, the surging consumer awareness on technologically advanced automotive systems and increasing adoption of luxury cars with ADAS are benefiting the market growth, thus creating ample opportunities for the market players to enhance their product portfolio and customer base.
On the basis of vehicle type, the EPS market has been bifurcated into passenger cars and commercial vehicles. Between the two, the passenger car category held the larger market share during the historical period (2014–2019), owing to the increasing number of such vehicles in operation, coupled with the launch of new cars with advanced electric power steering. For instance, in 2018, ZF Friedrichshafen AG secured contracts for its new dual-pinion steering systems, with three Chinese passenger car manufacturers. The overall cost and performance position of dual-pinion EPS means that it is ideal for the mid-size cars and small sport utility vehicles (SUV).
Based on mechanism, the electric power steering (EPS) market has been bifurcated into collapsible and rigid. During the forecast period, the market is expected to witness faster growth in the collapsible bifurcation. This can be mainly attributed to the growing integration and installation of collapsible EPS in electric cars and commercial vehicles, as a collapsible steering column can absorb most of the impulse received at the front of the vehicle, during a crash, thus preventing the driver’s chest from hitting the steering wheel. Factors such as these are expected to significantly support the adoption of collapsible EPSs, during the forecast period.
Geographically, Asia-Pacific (APAC) held the largest share in the electric power steering (EPS) market during the historical period. This can be mainly attributed to the presence of major original equipment manufacturers (OEMs) in the region, such as BAIC Motor Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Toyota Motor Corporation, Great Wall Motors Co. Ltd., and Hyundai Motor Company, which have been deploying EPS in their offerings. The market growth in the region is also driven by developing economies, such as India and China, where the demand for this system is rising, on account of the surging vehicle sales and rising incidence of road accidents.
Electric Power Steering Market Dynamics
The burgeoning demand for this system in heavy commercial vehicles, such as trucks and buses, is the major factor driving the growth of the electric power steering (EPS) market, globally. Commercial vehicles in the logistics network generally ply in the night and at remote locations, often facing harsh road and weather conditions. Therefore, electric power steering systems are now widely integrated in heavy and light commercial vehicles, in response to the rising road safety concerns among drivers and fleet owners. The global commercial vehicle sales grew from 19.2 million in 2010 to 26.4 million in 2018, at a of CAGR of 4.1%, providing a further boost to the electric power steering market growth.
The electric power steering (EPS) market is expected to witness significant opportunities over the forecast period, mainly due to technology upgradation and increasing research and development (R&D) expenditure by tier-1 suppliers, to launch advanced products. For instance, Robert Bosch GmbH launched a new EPS with fail-operational function in 2017, which allows automakers to comply with the fallback strategy adopted by the U.S. Department of Transportation’s (DOT) National Highway Traffic Safety Association (NHTSA). Robert Bosch’s EPS system enables an independent return to minimal risk condition, with 50% assistance from the electric steering, through a fallback solution. The fallback strategy is aimed at level 4 autonomous vehicle features, which might make an attempt at hazardous stopping. This system provides fallback electric steering support, in the rare case of a system failure, and if required, the driver or auto pilot can make a safe stop.
Electric Power Steering Market Competitive Landscape
Some of the major players operating in the global EPS market are Nexteer Automotive, JTEKT Corporation, ZF Friedrichshafen AG, Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Hyundai Mobis Co. Ltd., and DENSO CORPORATION. These companies are increasingly focusing on product research and collaborations with other companies, to enhance their product portfolio and widen their market share.
The report also includes a country-wise market analysis. Some of the major countries covered in the report are China, India, Japan, South Korea, Australia, the U.S., Canada, Germany, Spain, the U.K., France, Italy, Brazil, Mexico, the U.A.E., and South Africa.
Electric Power Steering Market Size Breakdown by Segment
The electric power steering market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Type
Based on Vehicle Type
Based on Mechanism
Based on Components
Based on Motor Type