Global Automotive Electronic Power Steering Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive electronic power steering (EPS) market can be segmented based on vehicle type and component type. In terms of vehicle type, the market encompasses passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Passenger cars hold a significant share of the market owing to their higher production volume and increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving features. LCVs and HCVs also contribute to the market, with EPS systems being increasingly adopted in these vehicles to improve fuel efficiency and meet regulatory requirements.

Another crucial segmentation factor is based on component type, which includes the electronic control unit (ECU), electric motor, sensors, and others. The ECU plays a pivotal role in controlling and managing the EPS system, interpreting sensor data, and adjusting steering assistance accordingly. The electric motor is responsible for providing steering assistance, while sensors such as torque sensors and position sensors provide real-time feedback to the ECU. As vehicle manufacturers strive to enhance the performance, efficiency, and reliability of EPS systems, there is a growing demand for advanced components capable of meeting stringent quality and safety standards.

Geographical segmentation is essential to understand the regional dynamics of the automotive EPS market. The market is broadly divided into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe, being early adopters of advanced automotive technologies, have a mature market for automotive EPS systems. Asia Pacific, on the other hand, is witnessing rapid growth driven by increasing vehicle production, rising consumer demand for safety features, and stringent emission regulations. Emerging economies in Asia Pacific, particularly China and India, present significant growth opportunities due to their expanding automotive industries and growing focus on vehicle electrification and safety enhancements. Additionally, Latin America and the Middle East & Africa regions are also expected to contribute to market growth, albeit to a lesser extent, driven by improving economic conditions and increasing automotive production in these regions. Understanding these regional variations is crucial for market players to devise effective strategies and capitalize on growth opportunities across different geographies.

Global Automotive Electronic Power Steering Segment Analysis

In this report, the Global Automotive Electronic Power Steering Market has been segmented by Product Type, Vehicle Type and Geography.

Global Automotive Electronic Power Steering Market, Segmentation by Product Type

The Global Automotive Electronic Power Steering Market has been segmented by Product Type into H-EPS, C-EPS, P-EPS and R-EPS.

The global automotive electronic power steering (EPS) market can be segmented by product type into four main categories: Hydraulic-EPS (H-EPS), Column-EPS (C-EPS), Pinion-EPS (P-EPS), and Rack-EPS (R-EPS). Each segment represents a distinct steering system architecture with its unique advantages and applications.

Hydraulic-EPS (H-EPS) systems utilize a combination of hydraulic fluid and electronic controls to assist with steering. These systems have been prevalent in older vehicle models and some heavy-duty applications due to their robustness and familiarity to manufacturers. However, H-EPS systems are gradually being phased out in favor of more advanced electronic alternatives due to their relatively higher power consumption and complexity.

Column-EPS (C-EPS) systems integrate the steering assistance mechanism directly into the steering column. This design offers compactness and ease of integration, making it suitable for a wide range of vehicle types, especially compact and mid-size cars. C-EPS systems typically employ electric motors and sensors to provide precise and responsive steering assistance, enhancing driver comfort and vehicle maneuverability.

Pinion-EPS (P-EPS) systems feature an electric motor mounted directly on the steering gear pinion, providing assistance to the steering mechanism. P-EPS systems offer a balance between performance, efficiency, and cost-effectiveness, making them a popular choice among automakers for various vehicle segments. These systems offer improved fuel efficiency compared to hydraulic alternatives and are widely adopted in modern passenger cars and light commercial vehicles.

Rack-EPS (R-EPS) systems utilize an electric motor integrated into the steering rack assembly, directly assisting in the steering process. R-EPS systems offer precise and responsive steering control, enhancing vehicle stability and maneuverability, particularly at higher speeds. These systems are commonly found in premium and performance-oriented vehicles where precise handling and driving dynamics are paramount.

Overall, the segmentation of the automotive electronic power steering market by product type reflects the diverse range of steering system architectures available to meet the specific requirements of different vehicle types and applications. Each segment offers distinct advantages in terms of performance, efficiency, and integration, catering to the evolving needs of the automotive industry and driving the adoption of advanced steering technologies worldwide.

Global Automotive Electronic Power Steering Market, Segmentation by Vehicle Type

The Global Automotive Electronic Power Steering Market has been segmented by Vehicle Type into Compact Passenger Cars, Mid-sized Passenger Cars, Premium Passenger Cars, Luxury Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles.

The global automotive electronic power steering (EPS) market, segmented by vehicle type, reflects the diverse requirements and preferences across different automotive segments. Compact passenger cars represent a significant portion of the market, driven by their high production volume and widespread adoption of EPS systems to enhance maneuverability, fuel efficiency, and driver comfort. Mid-sized passenger cars also contribute significantly, with EPS increasingly becoming a standard feature in this segment due to its cost-effectiveness and performance benefits.

Premium and luxury passenger cars represent segments where automotive manufacturers focus on delivering superior driving experiences and advanced technologies. In these segments, EPS systems are often equipped with additional features such as variable assist levels and customizable steering modes to cater to the preferences of discerning customers. The adoption of EPS in premium and luxury cars is driven by the need for precise steering control, smooth operation, and integration with other advanced driver assistance systems (ADAS).

Light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs) represent segments with distinct requirements in terms of load capacity, maneuverability, and operational efficiency. In LCVs, EPS systems play a crucial role in improving vehicle handling and reducing driver fatigue, particularly in urban delivery applications. Similarly, HCVs are increasingly adopting EPS to meet stringent emissions regulations, enhance fuel efficiency, and improve overall vehicle performance. As commercial vehicle manufacturers focus on optimizing fleet operations and meeting sustainability goals, the demand for advanced EPS solutions tailored to the specific needs of LCVs and HCVs is expected to grow. Understanding the unique requirements of each vehicle segment is essential for EPS system suppliers and automotive manufacturers to develop tailored solutions that address market demands effectively.

Global Automotive Electronic Power Steering Market, Segmentation by Geography

In this report, the Global Automotive Electronic Power Steering Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Electronic Power Steering Market Share (%), by Geographical Region, 2023

In North America, the market for automotive EPS is mature, driven by the presence of leading automotive manufacturers and a high demand for advanced vehicle technologies. The region is characterized by stringent safety regulations and a growing emphasis on fuel efficiency and vehicle electrification. Additionally, increasing consumer preference for vehicles equipped with advanced driver assistance systems (ADAS) further fuels the demand for automotive EPS systems.

In Europe, the automotive EPS market is also well-established, with prominent automotive manufacturers continually innovating to meet stringent emissions standards and enhance vehicle performance. The region has been at the forefront of adopting electric power steering technology, driven by regulatory mandates aimed at reducing CO2 emissions and improving fuel economy. Moreover, the increasing integration of EPS systems with advanced driver assistance features like lane-keeping assistance and automated parking further drives market growth.

Asia Pacific emerges as a significant growth region for the automotive EPS market, fueled by factors such as rising vehicle production, expanding automotive industry investments, and increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Countries like China, Japan, and South Korea are witnessing robust growth in automotive EPS adoption, driven by a growing consumer base, government initiatives promoting electric mobility, and advancements in automotive technology. Additionally, the region's focus on enhancing vehicle safety and improving driving experience contributes to the increased demand for automotive EPS systems.

In the Middle East and Africa, and Latin America regions, the automotive EPS market is witnessing steady growth, albeit at a slower pace compared to other regions. Factors such as improving economic conditions, increasing urbanization, and rising disposable income levels are driving vehicle sales and contributing to the adoption of EPS technology. However, challenges such as infrastructure limitations and lower automotive manufacturing volumes in these regions may slightly impede market growth. Nevertheless, as these regions continue to develop, the demand for advanced automotive technologies like EPS is expected to rise steadily.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Electronic Power Steering Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Fuel Efficiency
• Enhanced Vehicle Handling
• Eco-Friendly Vehicles
• Integration with Advanced Driver Assistance Systems

• Growing Adoption in Electric Vehicles: The increasing adoption of electric vehicles (EVs) worldwide is a significant driver propelling the growth of the Global Automotive Electronic Power Steering Market. As the automotive industry continues its transition towards electrification to reduce greenhouse gas emissions and comply with stringent environmental regulations, the demand for electric power steering systems is experiencing a notable surge. Electric power steering offers several advantages over traditional hydraulic systems, including improved energy efficiency, enhanced control, and reduced maintenance requirements. With the rising popularity of EVs and hybrid vehicles, automakers are increasingly integrating electronic power steering systems into their vehicles to optimize performance and cater to evolving consumer preferences for cleaner and more sustainable transportation options.

  The shift towards autonomous driving technologies is further bolstering the demand for electronic power steering systems in the automotive industry. As autonomous vehicles become increasingly prevalent, there is a growing need for advanced steering systems capable of seamlessly integrating with autonomous driving functionalities. Electronic power steering systems offer greater flexibility and compatibility with autonomous vehicle architectures, enabling smoother integration with other advanced driver assistance systems (ADAS). By providing precise control and feedback, electronic power steering contributes to the overall safety and reliability of autonomous vehicles, thereby driving their adoption in the automotive market. As automakers and technology companies continue to invest in autonomous vehicle development, the demand for electronic power steering systems is expected to witness sustained growth in the coming years.

Restraints

• Cost Factor
• Reliability Concerns
• Retrofitting Challenges
• Cybersecurity Risks

• Technical Expertise: In the Global Automotive Electronic Power Steering Market, one notable restraint is the requirement for technical expertise. The integration of electronic power steering systems demands a deep understanding of automotive electronics and software programming. As vehicles become increasingly complex with the integration of advanced driver assistance systems (ADAS) and autonomous features, the need for skilled engineers proficient in electronic control units (ECUs) and software development rises. This poses a challenge for automotive manufacturers, especially smaller companies or those in emerging markets, who may struggle to access or afford the necessary technical expertise.

  The continuous evolution of electronic power steering systems necessitates ongoing training and education for automotive technicians and mechanics. These professionals need to stay updated with the latest technological advancements and diagnostic techniques to effectively troubleshoot and repair electronic power steering systems. Without sufficient training opportunities or resources for skill development, there is a risk of inadequate maintenance and servicing, leading to potential safety hazards and reliability issues for vehicles equipped with electronic power steering systems. Thus, the demand for technical expertise acts as a constraint on the widespread adoption and deployment of electronic power steering technology in the automotive industry.

Opportunities

• Advancements in Electric Power Steering (EPS) Technology
• Integration of Driver Assistance and Autonomous Driving Features
• Lightweighting and Vehicle Electrification Trends
• Enhanced Comfort and Convenience Features

• Expansion in Emerging Markets: The Global Automotive Electronic Power Steering Market presents significant opportunities for expansion in emerging markets. As automotive industries in regions like Asia Pacific, Latin America, and parts of Africa continue to grow rapidly, there is an increasing demand for advanced automotive technologies, including electronic power steering systems. These emerging markets often experience a surge in vehicle production and sales due to rising urbanization, improving economic conditions, and a growing middle-class population. As a result, automotive manufacturers are keen to capitalize on these opportunities by integrating electronic power steering systems into their vehicles to meet the evolving preferences of consumers.

  Expansion in emerging markets offers the chance to introduce innovative and cost-effective electronic power steering solutions tailored to the specific needs of these regions. Manufacturers can leverage their expertise in research and development to develop lightweight, energy-efficient, and durable electronic power steering systems suitable for a wide range of vehicles, including compact cars and entry-level models. By addressing the unique requirements of emerging markets such as affordability, reliability, and adaptability to diverse driving conditions, companies can gain a competitive edge and establish a strong presence in these rapidly growing automotive markets. Additionally, strategic partnerships with local automotive manufacturers and suppliers can facilitate market penetration and enhance brand visibility, further driving the adoption of electronic power steering systems in emerging economies.

Key players in Global Automotive Electronic Power Steering Market include:

• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive Group Limited
• ZF Friedrichshafen AG
• Delphi Automotive PLC
• Mitsubishi Electric Corporation
• Hyundai Mobis Co., Ltd
• NSK Ltd
• Hitachi Automotive Systems, Ltd
• ThyssenKrupp AG

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis