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

The global electric steering market is witnessing notable growth, driven by various segments including Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS), and others. These segments cater to diverse automotive needs, offering distinct advantages in terms of performance, efficiency, and driving experience. The adoption of electric power steering systems is fueled by the increasing demand for advanced driver assistance systems (ADAS) and the rising trend towards electric and autonomous vehicles. As automotive manufacturers continue to innovate and integrate these technologies into their vehicles, the electric steering market is expected to expand further, catering to the evolving preferences and requirements of consumers worldwide.

Global Electric Steering Segment Analysis

In this report, the Global Electric Steering Market has been segmented by Type, Vehicle Type and Geography.

The segmentation by type delves into the various electric steering systems available, including Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS), and other emerging technologies. This breakdown enables stakeholders to grasp the specific functionalities and benefits offered by each type, aiding in strategic decision-making and product development.

Furthermore, the segmentation by vehicle type categorizes the electric steering market based on the type of vehicles it serves, such as passenger cars, commercial vehicles, and electric vehicles. This granular approach allows for a targeted analysis of market trends and demands within each vehicle category, offering insights into the specific requirements and preferences of different automotive segments. Coupled with geographic segmentation, which divides the market based on regions such as North America, Europe, Asia-Pacific, and the rest of the world, this report provides a comprehensive view of the global electric steering market, empowering stakeholders to identify growth opportunities and navigate the competitive landscape with precision.

Global Electric Steering Market, Segmentation by Type

The Global Electric Steering Market has been segmented by Type into Column Assist Electric Power Steering, Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS) and Others. Each segment offers unique advantages and functionalities, catering to diverse automotive needs and driving experiences. Column Assist Electric Power Steering provides enhanced control and responsiveness by assisting steering directly from the steering column, while Pinion Assist Electric Power Steering (P-EPS) offers precise handling through assistance applied directly to the steering pinion. Rack Assist Electric Power Steering (R-EPS) optimizes steering performance by assisting movement at the rack level. These segments collectively reflect the innovative spectrum of electric steering technologies available in the market, enabling manufacturers and consumers to choose solutions that best suit their requirements.

Moreover, the inclusion of "Others" within the segmentation underscores the continuous innovation and evolution within the electric steering landscape, encompassing emerging technologies and niche solutions that contribute to the market's dynamic growth. This comprehensive segmentation facilitates a detailed analysis of market trends, performance, and preferences, empowering stakeholders to make informed decisions and capitalize on emerging opportunities within the global electric steering market.

Global Electric Steering Market, Segmentation by Vehicle Type

The Global Electric Steering Market has been segmented by Vehicle Type into Passenger Car and Commercial Vehicle.

The focus is placed on two main categories: Passenger Car and Commercial Vehicle. This classification provides a clear delineation between the types of vehicles equipped with electric steering systems, catering to distinct consumer needs and market dynamics. Passenger cars, ranging from compact hatchbacks to luxury sedans, represent a significant portion of the market, with electric steering systems enhancing driving comfort, efficiency, and safety across various vehicle models. On the other hand, Commercial Vehicles encompass a diverse range of transportation solutions, including vans, trucks, and buses, where electric steering systems play a crucial role in improving maneuverability, stability, and overall performance.

By segmenting the market based on vehicle type, stakeholders gain valuable insights into the specific requirements and preferences of passenger car and commercial vehicle manufacturers and consumers. This segmentation facilitates targeted marketing strategies, product development initiatives, and investment decisions tailored to the distinct needs of each vehicle category, driving innovation and growth within the global electric steering market.

Global Electric Steering Market, Segmentation by Geography

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

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

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Each region presents unique market dynamics, influenced by factors such as technological advancements, regulatory frameworks, consumer preferences, and economic conditions. North America and Europe, known for their strong automotive industries and focus on innovation, are key hubs for electric steering technology adoption and development. Meanwhile, the Asia Pacific region, with its burgeoning automotive market and manufacturing capabilities, represents a significant growth opportunity for electric steering system providers.

In addition, the Middle East and Africa, along with Latin America, showcase evolving automotive landscapes with increasing demand for advanced safety and efficiency features, driving the adoption of electric steering systems. By segmenting the market geographically, this report enables stakeholders to identify regional trends, opportunities, and challenges, facilitating informed decision-making and strategic planning to capitalize on the diverse market landscape and unlock growth potential within each region.

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

Drivers, Restraints and Opportunity Analysis

Drivers :

• Increasing demand for fuel-efficient vehicles
• Rising demand for advanced driver-assistance systems (ADAS)

• Increasing vehicle production -The Global Electric Steering Market is experiencing a significant upswing, largely propelled by the increasing vehicle production worldwide. As economies recover from the disruptions caused by the COVID-19 pandemic, automotive manufacturers are ramping up their production to meet growing consumer demand. This surge in vehicle production across various regions, including North America, Europe, Asia Pacific, and beyond, is driving the demand for electric steering systems. Manufacturers are incorporating electric steering technology into a wide range of vehicles, from economy cars to high-end luxury models, to enhance driving comfort, fuel efficiency, and safety features.

Restraints :

• High initial cost
• Complexity

• Lack of awareness - Despite the promising growth trajectory of the Global Electric Steering Market, one notable challenge is the prevailing lack of awareness among consumers and industry stakeholders. While electric steering systems offer numerous benefits such as improved fuel efficiency, enhanced driving dynamics, and advanced safety features, many potential users remain unaware of these advantages. This lack of awareness stems from various factors including limited education and information dissemination, as well as the dominance of traditional steering systems in the automotive market.

  Addressing this issue requires concerted efforts from manufacturers, industry associations, and policymakers to raise awareness about the benefits and functionalities of electric steering systems. Marketing campaigns, educational initiatives, and partnerships with automotive dealerships can help disseminate information and highlight the value proposition of electric steering technology. Moreover, regulatory incentives and mandates promoting the adoption of advanced steering systems can further accelerate awareness and adoption, driving the growth of the Global Electric Steering Market.

Opportunity :

• Growth in the electric vehicle (EV) market
• Development of new EPS technologies

• Expansion into new markets - The expansion of the Global Electric Steering Market into new markets presents a significant opportunity for growth and innovation. As demand for electric steering systems continues to rise globally, companies are increasingly exploring emerging markets in regions such as Southeast Asia, South America, and Africa. These markets offer untapped potential due to increasing vehicle ownership, rising disposable incomes, and evolving regulatory landscapes favoring advanced automotive technologies.

  Expanding into new markets requires a strategic approach, including localized production, partnerships with local manufacturers and suppliers, and customization of products to meet specific regional requirements and preferences. Moreover, effective marketing and distribution strategies tailored to the cultural and economic nuances of each market are crucial for success. By leveraging opportunities in these new markets, companies can diversify their revenue streams, strengthen their global presence, and drive innovation in the electric steering industry, ultimately contributing to the continued expansion and advancement of the market worldwide.

Key players in Global Electric Steering Market include

• JTEKT Corporation
• ZF TRW Automotive Holdings Corp
• Hyundai Mobis Co
• Robert Bosch Automotive Steering GmbH
• ThyssenKrupp AG
• Nexteer Automotive Group Limited
• Showa Corporation
• NSK Ltd
• Mando Corporation
• China Automotive Systems Inc

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