Electronic Power Steering Market Size, Competitive Landscape and Market Forecast - 2029

Global Electronic Power Steering Market is segmented By Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial vehicles)), By Component (Steering Column, Steering Vehicle, Sensors, Electronic Control Unit, Electric motor, and bearings), By Steering Type (Column assisted electronic power steering(C-EPS), Pinion assisted electronic power steering (P-EPS), Rack assisted power steering system (R-EPS), Electronic hydraulic power steering (EHPS)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Electronic Power Steering Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

One of the major trends in the electrical power steering market is an increase in the electrification of mechanical components in the upcoming years.

APAC is projected to lead the electric power steering market during the forecast period (2019-2026) due to growing vehicle production in developing countries like China, India, etc. The North American and European markets are expected to grow at a steady pace during the forecast period (2019-2026). The US is the leading adopter of the electric power steering system in automobiles. The major players in the Global Electric Power Steering Market are Nexteer, Robert Bosch, Delphi, Mitsubishi Electric and many others. 

Market Dynamics

The major growth drivers for the market are the increasing technological advancements, increasing vehicle production, measures taken by OEMs worldwide to reduce the weight of the vehicle, increasing the number of government norms and mandates related to fuel-efficient technologies.

Market Segmentation Analysis

By Product

Nexteer is developing Automotives Column Assist EPS integrates the system electronics (motor, controller, and sensor) and they assist mechanism with the steering column. Electric Power Assist Steering systems employ a pinion torque sensor, between the pinion and steering column, to determine the amount of the torque required to the driver. The electric power steering is saving approximately 4%-5% of the consumption of fuel since it does not draw much engine capacity compared to the hydraulic steering.

By Vehicle Type

During 2016, the passenger car segment accounted for the major shares and dominated the electric power steering market. The ZF Lenksysteme Servolectric, which is designed for optimum fuel consumption in light commercial vehicles, is now also conquering high-volume in the LCV business sector. More than 40 million Servolectric power steering systems had already been produced.

Key market segments covered

By Product

• Steering Column

• Steering Vehicle

• Sensors

• Electronic Control Unit

• Electric motor and bearings

By Vehicle type

• Light Cars

• Commercial vehicles

• Light Commercial vehicles

• Heavy Commercial Vehicles

By Region

• Asia Pacific

• Europe

• North America

• South America

• Rest of the World

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