The global electronic power steering (EPS) market is forecasted to grow from an estimated USD 25.2 billion in 2022 to USD 41.9 billion by 2032, expanding at a steady CAGR of 5.2%. Key growth drivers include a strong focus on vehicle safety and the increasing popularity of advanced electronic, self-driving, and autopilot-enabled vehicles. Enhanced regulatory standards and OEM efforts to reduce vehicle weight and complexity are also bolstering demand for EPS systems.
In addition, the rising adoption of luxury vehicles equipped with Advanced Driver Assistance Systems (ADAS) is expanding the EPS market. As awareness of advanced automotive technologies grows, EPS systems are increasingly sought for their benefits, which include customizable steering power, improved fuel efficiency, enhanced driving comfort, reduced vehicle weight, and lower pollution levels. These systems also offer superior stability and maneuverability, making them adaptable to diverse terrain
Comprehensive Market Insights: Full Report Overview
Key Takeaways from the EPS Market Report:
- Surging Demand in Commercial Vehicles: The growing demand for EPS in large commercial vehicles is expected to contribute significantly to market growth.
- Automotive Sector Dominance: The automotive industry remains a primary end-use sector for EPS systems, with strong contributions to overall market growth.
- Conventional Steering Segment Leads: By type, conventional steering is set to maintain a dominant position in the global EPS market.
- Asia Pacific and Europe Insights:
- Asia Pacific: The EPS market in this region is projected to grow at a CAGR of 8%, driven by rising automotive sales and technological adoption.
- Europe: Expected to see a moderate CAGR of 3.95%, supported by high safety standards and the integration of EPS systems in new vehicles.
- Innovation Among Start-Ups: Emerging companies in the EPS market are focusing on product innovation and introducing advanced technologies to meet evolving market needs.
“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” – says an FMI analyst.
Competitive Landscape
Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., among others are some of the major players in the electronic power steering market profiled in the full version of the report.
Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.
Global Electronic Power Steering Market: Segmentation
By EPS type:
- Column Assisted Electronic Power Steering(C-EPS)
- Pinion Assisted Electronic Power Steering (P-EPS)
- Rack Assisted Electronic Power Steering system (R-EPS)
- Electronic Hydraulic Electronic Power Steering (EHPS)
By Vehicle Application:
- Light Motor Vehicles (LMV)
- Passenger Cars
- Heavy Motor Vehicles (HMV)
- Agricultural Tractors
- Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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