PUBLISHER: IMARC | PRODUCT CODE: 1451813
PUBLISHER: IMARC | PRODUCT CODE: 1451813
Electric Power Steering Market by Component, Mechanism, Type (Rack Assist Type, Column Assist Type, Pinion Assist Type ), Vehicle Type, and Region 2024-2032
The global electric power steering market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. The rising demand for fuel-efficient vehicles, the implementation of strict government policies, the widespread system utilization in electric and hybrid vehicles, and the introduction of dual-pinion electric power steering represent some of the key factors driving the market.
Electric power steering refers to an automotive system that assists the driver in controlling the vehicle. It is comprised of several components, such as an electric motor, sensors, control module, wiring, connectors, power supply, and electronic input system. It is widely used in passenger cars, sports utility vehicles (SUVs), crossovers, electric vehicles (EVs), performance cars, hybrid vehicles, trucks, buses, and other commercial vehicles. As compared to traditional power steering, electric power steering improves vehicle handling, enhances maneuverability, increases performance, and allows drivers to easily navigate through tight spaces. It also enhances fuel efficiency, improves precision, lowers maintenance costs, reduces vehicle weight, and offers quieter and vibration-free operations. In addition, electric power steering can also be integrated with advanced automotive technologies to improve safety and enhance the driving experience.
Electric Power Steering Market Trends:
The rising demand for fuel-efficient vehicles across the globe is one of the primary factors favoring the market growth. Electric power steering is a lightweight, compact, and durable system that consumes less power compared to traditional hydraulic power steering, which, in turn, improves vehicle performance, enhances fuel efficiency, reduces weight, and extends the traveling range. In addition to this, the growing awareness among the masses regarding the adverse environmental impact of fossil fuel consumption is acting as another growth-inducing factor. Furthermore, the implementation of strict government regulations to curb pollution and reduce greenhouse gas emissions is facilitating the product demand to improve vehicle performance and increase overall efficiency. Additionally, the introduction of dual-pinion electric power steering designs, which provides a precision steering experience, reduce sensitivity to variations in steering load, and improve the feel, responsiveness, and accuracy of the steering mechanism, is positively influencing the market growth. Besides this, the incorporation of the haptic feedback system, which provides tactile cues and vibrations to enhance the driver's situational awareness, increase attention, reduce fatigue, and improve the driving experience, is contributing to the market growth. Moreover, the widespread system utilization in electric and hybrid vehicles, as it improves energy efficiency and can be easily integrated into the electric drivetrain architecture, is providing an impetus to the market growth. Other factors, including the significant growth in the automotive industry, increasing investment in the development of advanced systems, and growing demand for enhanced driving experience, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global electric power steering market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, mechanism, type, and vehicle type.
Component Insights:
Steering Column
Sensors
Steering Gear
Mechanical Rack and Pinion
Electronic Control Unit
Electric Motor
Others
The report has provided a detailed breakup and analysis of the electric power steering market based on the component. This includes steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. According to the report, sensors represented the largest segment.
Mechanism Insights:
Rigid EPS
Collapsible EPS
A detailed breakup and analysis of the electric power steering market based on the mechanism has also been provided in the report. This includes rigid EPS and collapsible EPS. According to the report, collapsible EPS accounted for the largest market share.
Type Insights:
Rack Assist Type (REPS)
Column Assist Type (CEPS)
Pinion Assist Type (PEPS)
A detailed breakup and analysis of the electric power steering market based on the type has also been provided in the report. This includes rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). According to the report, column assist type (CEPS) accounted for the largest market share.
Vehicle Type Insights:
Passenger Car
Commercial Vehicle
A detailed breakup and analysis of the electric power steering market based on the vehicle type has also been provided in the report. This includes passenger car and commercial vehicle. According to the report, passenger car accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific was the largest market for electric power steering. Some of the factors driving the Asia Pacific electric power steering market included rising demand for energy-sufficient vehicles, implementation of strict government regulations, and various technological innovations.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global electric power steering market. Detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global electric power steering market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global electric power steering market?
- What is the impact of each driver, restraint, and opportunity on the global electric power steering market?
- What are the key regional markets?
- Which countries represent the most attractive electric power steering market?
- What is the breakup of the market based on the component?
- Which is the most attractive component in the electric power steering market?
- What is the breakup of the market based on the mechanism?
- Which is the most attractive mechanism in the electric power steering market?
- What is the breakup of the market based on type?
- Which is the most attractive type in the electric power steering market?
- What is the breakup of the market based on vehicle type?
- Which is the most attractive vehicle type in the electric power steering market?
- What is the competitive structure of the global electric power steering market?
- Who are the key players/companies in the global electric power steering market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Electric Power Steering Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Steering Column
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Sensors
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Steering Gear
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Mechanical Rack and Pinion
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Electronic Control Unit
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Electric Motor
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
- 6.7 Others
- 6.7.1 Market Trends
- 6.7.2 Market Forecast
7 Market Breakup by Mechanism
- 7.1 Rigid EPS
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Collapsible EPS
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Type
- 8.1 Rack Assist Type (REPS)
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Colum Assist Type (CEPS)
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Pinion Assist Type (PEPS)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Vehicle Type
- 9.1 Passenger Car
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Commercial Vehicle
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
- 11.1 Overview
- 11.2 Drivers
- 11.3 Restraints
- 11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 HELLA GmbH & Co. KGaA (Faurecia SE)
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.2 Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 JTEKT Corporation
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 Mitsubishi Electric Corporation
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 Nexteer Automotive
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 SWOT Analysis
- 15.3.6 NSK LTD
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 NXP Semiconductors N.V.
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Robert Bosch GmbH
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.8.3 SWOT Analysis
- 15.3.9 ThyssenKrupp AG
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.9.3 Financials
- 15.3.9.4 SWOT Analysis
- 15.3.10 TT Electronics plc
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.11 ZF Friedrichshafen AG
- 15.3.11.1 Company Overview
- 15.3.11.2 Product Portfolio
- 15.3.11.3 SWOT Analysis
- 15.3.1 HELLA GmbH & Co. KGaA (Faurecia SE)
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Electric Power Steering Market: Major Drivers and Challenges
- Figure 2: Global: Electric Power Steering Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Electric Power Steering Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Electric Power Steering Market: Breakup by Component (in %), 2023
- Figure 5: Global: Electric Power Steering Market: Breakup by Mechanism (in %), 2023
- Figure 6: Global: Electric Power Steering Market: Breakup by Type (in %), 2023
- Figure 7: Global: Electric Power Steering Market: Breakup by Vehicle Type (in %), 2023
- Figure 8: Global: Electric Power Steering Market: Breakup by Region (in %), 2023
- Figure 9: Global: Electric Power Steering (Steering column) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 10: Global: Electric Power Steering (Steering column) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: Electric Power Steering (Sensors) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: Electric Power Steering (Sensors) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 13: Global: Electric Power Steering (Steering Gear) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 14: Global: Electric Power Steering (Steering Gear) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 15: Global: Electric Power Steering (Mechanical Rack and Pinion) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 16: Global: Electric Power Steering (Mechanical Rack and Pinion) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: Electric Power Steering (Electronic Control Unit) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: Electric Power Steering (Electronic Control Unit) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: Electric Power Steering (Electric Motor) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 20: Global: Electric Power Steering (Electric Motor) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 21: Global: Electric Power Steering (Other Components) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 22: Global: Electric Power Steering (Other Components) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 23: Global: Electric Power Steering (Rigid EPS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 24: Global: Electric Power Steering (Rigid EPS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 25: Global: Electric Power Steering (Collapsible EPS) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 26: Global: Electric Power Steering (Collapsible EPS) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 27: Global: Electric Power Steering (Rack Assist Type (REPS)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 28: Global: Electric Power Steering (Rack Assist Type (REPS)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 29: Global: Electric Power Steering (Colum Assist Type (CEPS)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 30: Global: Electric Power Steering (Colum Assist Type (CEPS)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 31: Global: Electric Power Steering (Pinion Assist Type (PEPS)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 32: Global: Electric Power Steering (Pinion Assist Type (PEPS)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 33: Global: Electric Power Steering (Passenger Car) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: Global: Electric Power Steering (Passenger Car) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: Global: Electric Power Steering (Commercial Vehicle) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: Global: Electric Power Steering (Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: North America: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: North America: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: United States: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: United States: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: Canada: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: Canada: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: Asia-Pacific: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: Asia-Pacific: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: China: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: China: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: Japan: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: Japan: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: India: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: India: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: South Korea: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: South Korea: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: Australia: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: Australia: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Indonesia: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Indonesia: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: Others: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: Others: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: Europe: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: Europe: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: Germany: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: Germany: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: France: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: France: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: United Kingdom: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: United Kingdom: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: Italy: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: Italy: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Spain: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Spain: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Russia: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Russia: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 73: Others: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 74: Others: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Latin America: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 76: Latin America: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Brazil: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 78: Brazil: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 79: Mexico: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 80: Mexico: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 81: Others: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 82: Others: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 83: Middle East and Africa: Electric Power Steering Market: Sales Value (in Million US$), 2018 & 2023
- Figure 84: Middle East and Africa: Electric Power Steering Market: Breakup by Country (in %), 2023
- Figure 85: Middle East and Africa: Electric Power Steering Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 86: Global: Electric Power Steering Industry: Drivers, Restraints, and Opportunities
- Figure 87: Global: Electric Power Steering Industry: Value Chain Analysis
- Figure 88: Global: Electric Power Steering Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Electric Power Steering Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Electric Power Steering Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: Electric Power Steering Market Forecast: Breakup by Mechanism (in Million US$), 2024-2032
- Table 4: Global: Electric Power Steering Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 5: Global: Electric Power Steering Market Forecast: Breakup by Vehicle Type (in Million US$), 2024-2032
- Table 6: Global: Electric Power Steering Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 7: Global: Electric Power Steering Market: Competitive Structure
- Table 8: Global: Electric Power Steering Market: Key Players
