Automotive Electric Power Steering market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- December 18, 2021
- AUTOMOTIVE, NEWS
- Automotive Electric Power Steering market, Automotive Electric Power Steering market growth, Automotive Electric Power Steering market share, Automotive Electric Power Steering market size
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It is estimated that more than 60 million electric power steering are sold each year. owing to government carbon emission norms, demand for fuel-efficient vehicles has grown, which in turn is driving the market for advanced technologies in the automotive sector. In addition, today’s customer demand comfort driving in their vehicles, which includes the effortless driving and motility of the vehicle they drive. This can be achieved by using effective motor solutions in the vehicle, providing ample growth opportunity for the auto component suppliers to produce innovative and efficient products to cater to the growth demand form OEMs.
Global automotive steering system market is majorly driven by the steady growth in vehicle sales with the overall demand for the steering system witnessed 4.7% year on year growth to reach sales of 93.86 million sets in 2016. Demand for steering system from China reached 28.12 million sets in 2016, including 24.42 million sets of steering system for passenger cars, the number is expected to reach 38 05 million sets by 2021. Increasing disposable income has improved lifestyle of individuals, the trend has increased the overall demand for personal passenger cars. To add on, automotive manufacturers around the world are focusing more on luxury passenger vehicles equipped with advanced features such as advanced driver assistance systems, advanced infotainment systems, enhanced body control and comfort, among others.
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Based on Type, the Automotive Electric Power Steering Market is segmented into Column-EPS, Pinion-EPS, Rack-EPS. Currently, Column-EPS dominates the market and is expected to maintain its dominance throughout the forecast period 2021-2027. Based on Component, the market is bifurcated into EPS Control Module, Electric Motor, Rack & Pinion, Steering Column. In 2020, EPS Control Module segment dominated the market. Growth of the segment is expected to be driven by increasing demand for vehicles equipped with power steering and rising popularity for Electric vehicles in major developed economies.
Based on Mechanism, the market is bifurcated into Collapsible EPS, Rigid EPS. Currently, Collapsible EPS segment dominated the market and is expected to maintain its dominance throughout the forecast period 2021-2027. Based on Mechanism, the market is bifurcated into Collapsible EPS, Rigid EPS. The EPS has an electric motor which controls the vehicle steering to provide an optimal and enjoying steering feel to the driver. Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle. Owing to high production volume the Passenger Vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Asia/Oceania/Middle East dominated the sales of all vehicles with 51.4% share in 2020, compared to 48.1% in 2019. Based on Sales Channel, the market is segmented into OEMs, Aftermarket. Automotive Electric Power Steering is majorly supplied to the OEMs.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. In 2020, Asia-Pacific dominated the market. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally. Some of the major players operating in the market include Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., Mando Corporation etc.
Automotive Electric Power Steering Market Segmentation
Market Insight, by Type
Market Insight, by Component
- EPS Control Module
- Electric Motor
- Rack & Pinion
- Steering Column
Market Insight, by Mechanism
- Collapsible EPS
- Rigid EPS
Market Insight, by Technology
- Conventional EPS
- EPS with ADAS
Market Insight, by Vehicle Type
- Passenger Vehicle
- Light commercial vehicle
- Heavy commercial vehicle
Market Insight, by Sales Channel
Market Insight, by Region
- North America Automotive Electric Power Steering Market
- Rest of North America
- Europe Automotive Electric Power Steering Market
- Rest of Europe
- Asia-Pacific Automotive Electric Power Steering Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Electric Power Steering Market
Top Company Profiles
- Robert Bosch
- Nexteer Automotive Group Limited
- JTEKT Corporation
- DENSO Corporation
- NSK Steering Systems Co., Ltd.
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
- Cikautxo India Pvt. Ltd.
- Mitsubishi Electric Automotive America, Inc.
- Mando Corporation