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

The Global Electric Power Steering (EPS) Market is experiencing significant growth, particularly driven by the rising demand in the passenger cars and Light Commercial Vehicles (LCVs) segments. As automotive manufacturers increasingly prioritize innovation and efficiency, EPS systems have emerged as a preferred choice for steering solutions in these vehicle categories. EPS offers several advantages over traditional hydraulic power steering systems, including improved fuel efficiency, enhanced maneuverability, and reduced maintenance requirements. These benefits align well with the evolving consumer preferences for vehicles that offer superior handling, comfort, and sustainability.

Passenger cars and LCVs represent a substantial portion of the automotive market, accounting for a significant share of vehicle production and sales globally. The growing popularity of electric power steering in these segments can be attributed to its ability to enhance driving dynamics, reduce vehicle weight, and improve overall safety. Moreover, as regulatory pressures increase to meet stringent emissions standards, automotive manufacturers are increasingly adopting EPS systems to comply with fuel efficiency regulations while delivering an enhanced driving experience to consumers.

Looking ahead, the growth trajectory of the Global Electric Power Steering (EPS) Market in the passenger cars and LCVs segments is expected to remain robust. Technological advancements, coupled with increasing vehicle electrification trends, will further drive the adoption of EPS systems in these vehicle categories. Additionally, the expansion of electric vehicle (EV) adoption is anticipated to create new opportunities for EPS manufacturers, as electric and hybrid vehicles increasingly become mainstream, requiring advanced steering solutions to meet evolving consumer demands and regulatory requirements.

Global Electric Power Steering (EPS) Segment Analysis

In this report, the Global Electric Power Steering (EPS) Market has been segmented by Application and Geography.

The segmentation by Application categorizes the market into various segments based on the specific uses of electric power steering systems across different vehicle types and industries. These applications may include passenger cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), off-highway vehicles, and others. Each application segment represents a distinct market with unique requirements, challenges, and growth opportunities for electric power steering solutions.

Furthermore, the segmentation by Geography divides the market into different regions, including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Each geographical region represents a significant market with its own set of factors influencing the adoption and growth of electric power steering systems. These factors may include regulatory frameworks, consumer preferences, automotive industry dynamics, infrastructure development, and technological advancements. By analyzing regional trends and market dynamics, stakeholders can gain insights into the specific opportunities and challenges present in each geographic area, facilitating informed decision-making and strategic planning in the Global Electric Power Steering (EPS) Market.

Global Electric Power Steering (EPS) Market, Segmentation by Application

The Global Electric Power Steering (EPS) Market has been segmented by Application into Passenger cars and LCVs.

Passenger cars and LCVs are integral components of the automotive ecosystem, catering to diverse consumer needs and preferences across various regions. Electric power steering systems offer several advantages over traditional hydraulic power steering systems in these vehicle categories, including smoother operation, better response, and increased energy efficiency. As automotive manufacturers prioritize innovation and efficiency, the adoption of electric power steering systems in passenger cars and LCVs is expected to continue growing, driven by consumer demand for vehicles that offer superior driving dynamics, comfort, and sustainability.

Looking ahead, the Global Electric Power Steering (EPS) Market in the passenger cars and LCVs segments is poised for steady growth. Technological advancements, coupled with increasing vehicle electrification trends and regulatory pressures to meet stringent emissions standards, will further drive the adoption of electric power steering systems in these vehicle categories. Manufacturers, suppliers, and stakeholders in the automotive industry are well-positioned to capitalize on this market opportunity by leveraging innovative solutions to meet the evolving needs of consumers and regulatory requirements.

Global Electric Power Steering (EPS) Market, Segmentation by Vehicle Type

The Global Electric Power Steering (EPS) Market has been segmented by Vehicle Type into Passenger Cars, Commercial Vehicles

Passenger Cars represent a significant portion of the automotive market, catering to individual consumers and families for personal transportation needs. Electric power steering systems are increasingly integrated into passenger cars to enhance driving comfort, maneuverability, and overall safety. As consumers demand vehicles with advanced features and technologies, the adoption of EPS in passenger cars continues to rise, driven by factors such as regulatory mandates for fuel efficiency and consumer preferences for enhanced driving experiences.

On the other hand, Commercial Vehicles encompass a diverse range of vehicles used for commercial purposes, including Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), buses, and trucks. Electric power steering systems play a crucial role in improving the handling, stability, and efficiency of commercial vehicles, contributing to overall operational productivity and safety. As fleet operators and logistics companies prioritize operational efficiency and regulatory compliance, the adoption of EPS in commercial vehicles is expected to grow steadily, supported by advancements in technology and increasing demand for electric and hybrid commercial vehicles.

Overall, the segmentation of the Global Electric Power Steering (EPS) Market by Vehicle Type enables stakeholders to understand the specific requirements and growth opportunities within each vehicle category. As automotive manufacturers and suppliers continue to innovate and expand their product offerings, the adoption of electric power steering systems across passenger cars and commercial vehicles is poised to drive market growth and address evolving customer needs and regulatory standards.

Global Electric Power Steering (EPS) Market, Segmentation by Geography

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

Global Electric Power Steering (EPS) Market Share (%), by Geographical Region, 2023

North America and Europe are mature markets with established automotive industries and stringent regulatory standards. These regions have witnessed widespread adoption of electric power steering systems across various vehicle types, driven by regulatory mandates for fuel efficiency and safety standards. As a result, the North American and European markets for EPS are relatively mature, with a high penetration rate of electric power steering systems in passenger cars and commercial vehicles.

In contrast, the Asia Pacific region is experiencing rapid industrialization, urbanization, and automotive production growth, making it a key market for electric power steering systems. Countries like China, Japan, and India are leading the way in automotive manufacturing and are witnessing increasing demand for vehicles equipped with advanced steering technologies. Similarly, the Middle East and Africa, as well as Latin America, present emerging markets with significant growth potential for electric power steering systems, driven by rising consumer purchasing power, infrastructure development, and increasing vehicle ownership rates.

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

Drivers, Restraints and Opportunity Analysis

Drivers :

• Passenger cars and LCVs.
• Autonomous Vehicle Technology

• Safety Features - In the Global Electric Power Steering (EPS) Market, safety features play a pivotal role in enhancing vehicle handling, stability, and overall safety for drivers and passengers alike. Electric power steering systems are equipped with advanced safety features designed to mitigate risks and improve driving dynamics in various road conditions. One such safety feature is the Electronic Stability Control (ESC) system, which helps maintain vehicle stability by detecting and reducing the risk of skidding or loss of traction. By modulating brake pressure and engine power, EPS systems with ESC functionality enhance vehicle stability and prevent accidents, particularly during emergency maneuvers or slippery road conditions.

  Moreover, Electric Power Steering (EPS) systems often incorporate features such as Lane Keep Assist (LKA) and Lane Departure Warning (LDW), which provide additional safety benefits by assisting drivers in maintaining their lane position and alerting them to unintended lane departures. These features leverage sensors and cameras to monitor lane markings and driver behavior, issuing visual or auditory warnings if the vehicle drifts out of its lane without signaling. By promoting safe driving practices and helping prevent lane departure-related accidents, EPS systems with LKA and LDW contribute to overall road safety and accident prevention, enhancing the appeal of vehicles equipped with these advanced steering technologies.

Restraints :

• Cost Factor

• Technical Challenges - The Global Electric Power Steering (EPS) Market is not without its technical challenges, despite its significant growth prospects. One prominent challenge lies in ensuring compatibility and integration with increasingly complex vehicle architectures and electronic systems. As automotive manufacturers introduce advanced driver assistance systems (ADAS), autonomous driving features, and electrification, the integration of electric power steering systems must be seamless and reliable to ensure optimal vehicle performance and safety.

  Moreover, another technical challenge revolves around addressing potential reliability and durability concerns associated with electric power steering components. Given their critical role in vehicle handling and safety, electric power steering systems must demonstrate robustness and resilience to withstand varying operating conditions, including temperature extremes, vibration, and mechanical stress. Ensuring the long-term reliability and durability of EPS components, such as motors, sensors, and control units, requires rigorous testing, validation, and quality assurance processes throughout the product lifecycle.

  To overcome these technical challenges, stakeholders in the Electric Power Steering (EPS) Market must invest in research and development efforts to enhance system integration, reliability, and durability. Collaborations between automotive OEMs, component suppliers, and technology providers are essential to drive innovation and address technical hurdles effectively. By prioritizing advancements in system design, materials, and manufacturing processes, the industry can overcome technical challenges and unlock the full potential of electric power steering systems to deliver superior performance, efficiency, and safety in modern vehicles.

Opportunity :

• Advancements in Sensor Technology

• Focus on User Experience - The Global Electric Power Steering (EPS) Market is increasingly focusing on enhancing user experience as a key driver of growth and innovation. As automotive manufacturers strive to differentiate their products in a competitive market landscape, the emphasis on user-centric design and features has become paramount. Electric power steering systems play a crucial role in shaping the driving experience by offering smoother, more responsive steering control, which translates into improved maneuverability and comfort for drivers.

  Moreover, advancements in EPS technology have enabled the integration of additional features aimed at enhancing user experience. These may include customizable steering settings, adaptive steering assistance based on driving conditions, and intuitive feedback mechanisms to provide drivers with a more engaging and intuitive driving experience. By prioritizing user experience, automotive manufacturers can not only meet the evolving expectations of consumers but also foster brand loyalty and customer satisfaction, driving growth in the Global Electric Power Steering (EPS) Market.

Key players in Global Electric Power Steering (EPS) Market include

• DENSO Corp
• Hitachi Ltd
• Hyundai Mobis Co. Ltd
• JTEKT Corp
• Mando Corp
• Nexteer Automotive Corp
• NSK Ltd
• Robert Bosch GmbH
• thyssenkrupp AG
• ZF Friedrichshafen 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