Electric Power Steering Market Size, Share | Forecast 2025
Jun 28, 2019 10:02 PM ET
The Electric Power Steering Market is valued at USD 23.62 billion in 2016 and is projected to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 billion by 2025. Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the EPS market.
Key players in the electric power steering market include Robert Bosch (Germany), JTEKT (Japan), Nexteer (US), ZF (Germany), NSK (Japan), Delphi (UK), GKN (UK), Federal-Mogul (US), Hyundai Mobis (South Korea) and Showa Corporation (Japan). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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An electric power steering (EPS) system is an alternative to traditional steering systems such as hydraulic and electro-hydraulic systems. An EPS system uses an electric motor to assist the driver. This motor is turned on for the driver’s aid only when the steering wheel is turned one way or the other, thus offering better fuel economy. The electric motor is either mounted on to the steering column or gear and applies torque to the column to help the driver in smoothly turning the steering wheel. The EPS is comparatively very light to use, which results in the seamless movement of the wheel. Being computer controlled, it is possible to insert variable assistance programs to make the steering experience safer and more enjoyable.
The global market has been segmented, on the basis of type, into column assist EPS (C-EPS), rack assist EPS (R-EPS) and pinion assist EPS (P-EPS). Rack EPS (R-EPS) is estimated to be the fastest growing segment of the market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.
The growth of this market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.
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Target Audience:
Legal and regulatory authorities
Manufacturers of electric power steering
Raw material suppliers for electric power steering
Traders, distributors, and suppliers of electric power steering
Worldwide automobile associations
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