Global Electric Power Steering Market to Reach US$ 43.8 Billion by 2032, Propelled by Rising Sales of Hybrid and Electric Vehicles (H/EVs)

December 18, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032,” the global electric power steering market size reached US$ 28.3 Billion in 2023. Electric power steering (EPS) is an advanced steering system in automotive vehicles that replaces traditional hydraulic or mechanical steering systems with an electrically assisted mechanism. It employs an electric motor that eliminates the need for hydraulic fluids or direct mechanical linkages. It has a compact design, which frees up space in the engine compartment and reduces vehicle weight. It can adjust the level of steering assistance based on driving conditions, vehicle speed, and driver input, offering greater flexibility and control. It consumes less power compared to conventional systems and facilitates improved fuel efficiency. It helps reduce the need for maintenance and eliminates common issues like fluid leaks.

Global Electric Power Steering Market Trends:

The increasing awareness about the harmful impact of vehicular emissions on human and environmental health is positively influencing the market. Additionally, rising sales of hybrid and electric vehicles (H/EVs) are offering a favorable market outlook. Furthermore, the implementation of stringent global fuel efficiency and emissions regulations are encouraging automakers to adopt EPS systems. EPS reduces the load on the engine, improving fuel economy and reducing greenhouse gas emissions. Moreover, leading market players are investing in research and development (R&D) activities to introduce more advanced EPS systems, including steer-by-wire technology, which eliminates the need for a physical connection between the steering and wheels. Looking forward, the market value is projected to reach US$ 43.8 Billion by 2032, expanding at a CAGR of 4.8% during 2023-2028.

Market Summary:

Based on the component, the market has been segmented into steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. Sensors currently account for the majority of the market share.
On the basis of the mechanism, collapsible EPS represents the largest segment, followed by rigid EPS.
Based on the type, the market has been classified into rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). At present, column assist type (CEPS) holds the biggest market share.
On the basis of the vehicle type, passenger car holds the majority of the market share, followed by commercial vehicle.
Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, and ZF Friedrichshafen AG.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Components Covered	Steering ColumnSensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, Others
Mechanisms Covered	Rigid EPS, Collapsible EPS
Types Covered	Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)
Vehicle Types Covered	Passenger Car, Commercial Vehicle
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG, etc.
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Global Electric Power Steering Market to Reach US$ 43.8 Billion by 2032, Propelled by Rising Sales of Hybrid and Electric Vehicles (H/EVs)

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