Automotive Electric Power Steering Market Size Report, 2022-2030
The global Automotive Electric Power Steering market gathered revenue around USD 25.9 Billion in 2021 and market is set to grow USD 35.9 Billion by the end of 2030 and is estimated to expand at a modest CAGR of 4.1% during the prediction period 2022 to 2030.
Growth Factors:
The key growth drivers for the market are the increasing number of government norms and mandates related to fuel-efficient technologies, measures taken by OEMs worldwide to reduce the weight and complexity of their vehicles, and the globally increasing vehicle production.
Rise in demand for advanced safety features in vehicles, including lane assistance and blind spot detection, is projected to fuel the demand for electronic components in vehicles. This, in turn, is likely to propel the automotive electric power steering market across the globe. The growing consumer trend toward advanced drive assist systems in vehicles is prompting vehicle manufacturers to integrate the electric power steering in their vehicles. Major vehicle manufacturers are reducing their vehicles’ weight to enhance fuel-efficiency, which is likely to propel the demand for electric power steering systems in vehicles.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Automotive Electric Power Steering market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Automotive Electric Power Steering market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Market Dynamics:
Driver:
Rise in adoption of advanced electric components in vehicles to improve safety features is likely to boost the automotive electric power steering market. Vehicle manufacturers are using an increased number of electric components and systems in their vehicles to improve the quality and driving experience of their vehicles. Manufacturers are employing electronic devices and systems to increase the efficiency of their vehicles and monitor the working of all major components in order to identify faults, initially, before they become severe.
Penetration of electric power steering system is anticipated to rise at a notable pace during the forecast period, as the technology offers various advantages over the existing hydraulic power steering technology, including low maintenance cost and assistance in providing higher fuel efficiency
Restraint:
Despite the high demand for automotive electric power steering systems, this market still experiences certain obstacles. The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.
Challenges:
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
The automotive electric power steering system comprises a large number of electronic components, and the failure of electronic is a major factor restraining the automotive electric power steering market. Furthermore, a few consumers prefer hydraulic power steering system over electric power steering system, which, in turn, is estimated to hamper the electric power steering market.
Report Coverage
| Report Highlights | Details |
| Market Size | US$ 35.9 Billion by 2030 |
| Growth Rate | CAGR of 4.1% From 2021 to 2030 |
| Base Year | 2021 |
| Historic Data | 2017 to 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Motor Assist, Component, Vehicle,Technology, Region |
| Report coverage | Growth Factors,Revenue Status,Competitive Landscape,and Future Trends |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited, TRIDEC, and Hitachi Automotive Systems. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Automotive Electric Power Steering market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Market: Segments analysis:
The global automotive electric power steering market has been segmented based on motor assist, component, vehicle, technology, and region
Based on motor assist, the column assist segment dominated the global automotive electric power steering market. Column assist is widely used in passenger vehicles, and a rise in the sale of passenger vehicles across the globe is anticipated to increase the demand for column assist power steering systems in vehicles.
Based on technology, the EPS with ADAS is a prominent segment of the global automotive electric power steering market. Technological advancements in vehicles, which include lane departure warning system and blind spot detection system, are likely to increase the penetration of EPS with ADAS technologies in vehicles. This, in turn, is estimated to boost the automotive electric power steering market across the globe.
Regional analysis:
The global automotive electric power steering market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive electric power steering market in 2020. It is anticipated to hold a leading market share during the forecast period, as rapid expansion of electric component manufacturing industries across the region is likely to propel the automotive electric power steering market across the region. Europe is estimated to hold a significant share of the global automotive electric power steering market, owing to an increase in the demand for electric vehicles across the region.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Automotive Electric Power Steering Market include: JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Market: Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Automotive Electric Power Steering market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Automotive Electric Power Steering market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Automotive Electric Power Steering markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Automotive Electric Power Steering Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers