The Automotive Electric Power Steering Market is likely to experience a significant growth rate of 5.8% from 2023-2032 owing to the stringent fuel efficiency & emission standards, the surge in demand for vehicle safety and enhanced vehicle handling, and the rise in demand for Advanced Driver Assistance Systems (ADAS) - Allied Market Research
EPS (Electric Power Steering System), utilized in ICE vehicles, employs an electric motor to aid the driver in steering by applying torque to either the steering column or the steering rack. This assistance reduces the effort required to turn the wheels. The adoption of an electric power steering system is gaining traction owing to the positive impact on fuel efficiency. By eliminating the need for a hydraulic pump driven by the engine, EPS decreases the load on the engine, leading to enhanced fuel economy. In addition, EPS systems in modern ICE vehicles often incorporate additional features such as variable assistance, speed-sensitive assistance, and advanced driver assistance system (ADAS) integration.
EPS (Electric Power Steering) plays a crucial role in electric vehicles (EVs) by providing steering assistance to drivers. The main purpose of EPS in electric vehicles is to help drivers steer by applying torque to the steering column or rack. This assistance reduces the effort required to turn the wheels, resulting in smoother and more responsive steering. Innovative advancements in EVs include the exploration of drive-by-wire systems, which eliminate the physical-mechanical connection between the steering wheel and the wheels. Instead, EPS works with other electronic systems to convert the driver's input into steering commands. This technology offers increased design flexibility and paves the way for advanced driver assistance features. Such factors are expected to drive the growth of the segment.
By component, the automotive electric power steering market is segmented into electric control unit, electric motor, rack and pinion, steering column, and others. The Electric Control Unit (ECU) is a crucial component within an Electric Power Steering (EPS) system. It acts as the central controller, responsible for monitoring and regulating the system's operation. The ECU receives inputs from various sensors and analyzes data such as steering input from the driver and vehicle speed. Using this information, it calculates the optimal amount of power assistance required for the steering system.
- Constantly monitoring the driver's steering input and relevant vehicle parameters, the ECU ensures that the appropriate level of power assistance is provided. A steering control module within the EPS system is a crucial component in electric power steering (EPS) systems that help manage the steering operation in vehicles. Manufacturers offer electronic control units to meet the increased demand for advanced steering control systems in the automotive industry. For instance, in July 2019, Hella, one of the leading automotive technology companies announced the expansion of its portfolio of steering control modules. Such developments to developing reliable and efficient steering control modules contribute to the advancement of electric power steering technology.
- The electric motor is a critical component in an Electric Power Steering (EPS) system as it provides power assistance to the steering mechanism. This motor is an electrically powered device that aids the driver in turning the steering wheel, making it easier to navigate the vehicle. It is usually integrated into the steering system, either positioned on the steering column (Column EPS) or in proximity to the steering rack (Rack EPS). The exact placement may vary depending on the specific design and setup of the EPS system.
- Numerous manufacturers provide advanced electric motors for electric power steering systems to enable the smooth and precise operation of EPS systems, enhancing the overall driving experience for vehicle occupants. For instance, MAHLE offers motors designed for electromechanical power steering systems (EPS). These motors are responsible for providing the necessary power assistance to the steering mechanism in vehicles. They exhibit extremely low cogging torque, which refers to the resistance felt when rotating the motor's rotor in small increments. This low-cogging torque contributes to smoother and more precise steering movements. Moreover, Nidec Corporation, a manufacturer and distributor of electric motors provides compact and high-precision power steering (EPS) motors. In addition, there is a rise in the focus on the development of compact and lightweight electric motors for Electric Power Steering (EPS) systems. This emphasis aims to facilitate seamless integration into the vehicle's steering system, minimize space requirements, and contribute to overall weight reduction. Therefore, such factors are expected to drive the growth of the segment in the market.
- The rack and pinion system offers accurate and responsive steering control that allows for precise handling of the vehicle. The rack and pinion gear translates the steering inputs of the driver into the smooth and direct motion of the wheels. Numerous manufacturers design rack and pinion systems that provide precise steering control, improved handling, and enhanced driver experience. For instance, Nexteer, a global motion control technology company offers Premium EPS Rack & Pinion Gears, high-quality components used in EPS systems. The rack and pinion gears are manufactured with advanced technology and undergo rigorous testing to ensure durability and performance.
- The automotive electric power steering market is segmented on the basis of type, vehicle type, propulsion type, component, and region. Based on type, it is segmented into column electric power steering, rack electric power steering, and pinion electric power steering. On the basis of vehicle type, it is classified into passenger cars and commercial vehicles. By propulsion type, it is categorized into ICE and electric. By component, it is categorized into electric control unit, electric motor, rack & pinion, steering column, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Some major companies operating in the market include JTEKT Corporation., HL Mando Corp., Nexteer Automotive, Robert Bosch GmbH, NSK Ltd., ZF Friedrichshafen AG, Hitachi Astemo, Ltd., ThyssenKrupp AG, Zhejiang Shibao Co., Ltd., and BBB Industries
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive electric power steering market analysis from 2022 to 2032 to identify the prevailing automotive electric power steering market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive electric power steering market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive electric power steering market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Column Electric Power Steering
- Rack Electric Power Steering
- Pinion Electric Power Steering
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Propulsion Type
- Electric Control Unit
- Electric Motor
- Rack and Pinion
- Steering Column
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players:
- BBB Industries
- Hitachi, Ltd.
- HL Mando Corp.
- JTEKT Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- ThyssenKrupp AG
- ZF Friedrichshafen AG
- Zhejiang Shibao Co., Ltd.