The Electronic Power Steering Market size was estimated at USD 28 billion in 2023 and is projected to reach USD 45 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024-2030).

Electronic Power Steering Market

Market Summary

The electronic power steering market is a critical segment within the automotive and transportation industry, characterized by the widespread adoption of advanced steering systems that enhance vehicle performance and driver comfort. Electronic power steering systems utilize electric motors and sensors to provide steering assistance, replacing traditional hydraulic systems. This technology is integral to modern vehicles, contributing to improved fuel efficiency and reduced emissions by eliminating the need for engine-driven hydraulic pumps. The market is driven by increasing consumer demand for enhanced driving experiences, stringent government regulations on vehicle emissions, and the rising integration of advanced driver-assistance systems. Major automotive manufacturers are increasingly incorporating electronic power steering in their vehicle portfolios, spanning passenger cars, light commercial vehicles, and heavy commercial vehicles. The evolution towards autonomous and electric vehicles further propels the demand for these systems, as they offer precise control and compatibility with other electronic systems. The market is highly competitive, with key players focusing on innovation, partnerships, and expansions to strengthen their market position. Regional dynamics show significant growth in emerging economies due to increasing vehicle production and adoption of advanced automotive technologies.

Key Highlights

The electronic power steering market is distinguished by several key highlights that underscore its importance and growth trajectory. A primary highlight is the technological shift from hydraulic to electronic systems, driven by the need for energy efficiency and environmental sustainability. Electronic power steering systems reduce the overall vehicle weight and contribute to lower fuel consumption, aligning with global emission reduction targets. Another significant aspect is the integration with advanced driver-assistance systems and autonomous driving technologies, where electronic power steering provides the necessary precision and reliability for functions such as lane-keeping assist and automated parking. The market also sees robust growth in the electric vehicle segment, as these vehicles predominantly use electronic power steering due to its compatibility with electric powertrains. Key industry players, including JTEKT Corporation, NSK Ltd., and Robert Bosch GmbH, are continuously innovating to develop more efficient and compact systems. Additionally, the aftermarket segment is expanding, offering opportunities for replacement and upgrades. The emphasis on safety and comfort features in modern vehicles further accelerates adoption, making electronic power steering a standard feature in many new car models.

Drivers, Opportunities & Restraints

The electronic power steering market is influenced by a combination of drivers, opportunities, and restraints that shape its development. Key drivers include stringent government regulations aimed at reducing vehicle emissions and improving fuel efficiency, which encourage automakers to adopt electronic power steering systems. The growing consumer preference for vehicles with advanced safety and comfort features also drives market growth, as these systems enhance steering responsiveness and reduce driver fatigue. The rise in electric vehicle production presents a significant opportunity, as electronic power steering is essential for these vehicles due to its energy-efficient operation. Additionally, the integration with autonomous driving technologies offers substantial growth potential, requiring sophisticated steering solutions. However, the market faces restraints such as high initial costs associated with electronic power steering systems compared to traditional hydraulic systems, which can be a barrier in price-sensitive markets. Technical challenges related to system reliability and complexity in extreme driving conditions also pose constraints. Despite these restraints, ongoing technological advancements and increasing economies of scale are expected to mitigate these challenges, fostering market expansion.

Concentration Insights

The electronic power steering market exhibits a concentrated competitive landscape with a few dominant players holding significant market share. Leading companies such as JTEKT Corporation, NSK Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, and Nexteer Automotive Group Limited are at the forefront, leveraging their extensive research and development capabilities and global presence. These players focus on strategic initiatives including mergers and acquisitions, partnerships, and product innovations to strengthen their market position. For instance, collaborations with automotive manufacturers to develop customized steering solutions are common. The market concentration is also evident in regional hubs, with key manufacturing and innovation centers located in North America, Europe, and Asia-Pacific. Asia-Pacific, in particular, is a major hub due to the presence of large automotive industries in countries like China, Japan, and South Korea. The competitive intensity is high, with companies investing in advanced technologies such as steer-by-wire and redundant systems to cater to the evolving demands of autonomous and electric vehicles. This concentration drives continuous improvement and cost competitiveness, benefiting the overall market.

Type Insights

The electronic power steering market is segmented based on type into column-assisted electric power steering, pinion-assisted electric power steering, and rack-assisted electric power steering systems. Column-assisted systems are widely used in compact and mid-sized vehicles due to their cost-effectiveness and simplicity. These systems integrate the assist mechanism at the steering column, providing adequate assistance for lighter vehicles. Pinion-assisted systems offer enhanced performance and are commonly found in larger vehicles, as they provide greater steering force and improved durability. Rack-assisted systems are the most advanced, offering superior precision and control, making them ideal for high-performance and luxury vehicles. The choice of system type depends on vehicle specifications, performance requirements, and cost considerations. Technological advancements are leading to the development of more compact and efficient systems, with a trend towards rack-assisted systems gaining traction due to their compatibility with autonomous driving features. The market also sees innovations in dual-pinion and single-pinion systems, catering to diverse automotive applications.

Application Insights

The electronic power steering market finds applications across passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars represent the largest application segment, driven by high production volumes and the increasing incorporation of advanced steering systems for enhanced safety and comfort. The demand in this segment is fueled by consumer preferences for vehicles with modern features and improved driving dynamics. Light commercial vehicles are also significant adopters, as electronic power steering systems contribute to better maneuverability and reduced driver effort, which is crucial for urban delivery and utility vehicles. Heavy commercial vehicles are increasingly adopting these systems to improve fuel efficiency and comply with emission norms, though adoption is slower due to higher costs and technical requirements. The application in electric vehicles is particularly noteworthy, as electronic power steering is integral to their design, offering seamless integration with electric powertrains and energy management systems. The aftermarket segment provides additional growth opportunities, with replacement demand arising from system upgrades and repairs.

Regional Insights

The electronic power steering market demonstrates varied growth patterns across different regions, influenced by automotive production trends, regulatory frameworks, and technological adoption. Asia-Pacific dominates the market, driven by the presence of major automotive manufacturing countries such as China, Japan, India, and South Korea. The region benefits from high vehicle production, increasing consumer demand for advanced features, and supportive government policies promoting electric vehicles. North America is another significant market, characterized by the adoption of advanced automotive technologies and stringent emission standards. The presence of key automotive manufacturers and a strong focus on research and development contribute to market growth. Europe follows closely, with a strong emphasis on vehicle safety and environmental regulations, driving the adoption of electronic power steering systems. The region is also a hub for luxury and performance vehicles, which extensively use advanced steering systems. Emerging markets in Latin America and the Middle East & Africa are expected to show gradual growth, fueled by increasing automotive sales and industrialization efforts.

Company Insights

The electronic power steering market features several key players who play a pivotal role in shaping the industry landscape. JTEKT Corporation, a leading player, is renowned for its innovative steering systems and strong global presence. The company focuses on developing advanced technologies such as steer-by-wire and integrated vehicle dynamics control systems. NSK Ltd. is another major contributor, known for its high-precision steering components and systems, catering to both OEM and aftermarket segments. Robert Bosch GmbH offers comprehensive electronic power steering solutions, emphasizing integration with driver-assistance systems and electric mobility. ZF Friedrichshafen AG provides a wide range of steering systems, including active kinesthetic control and dual-pinion systems, targeting enhanced vehicle safety and performance. Nexteer Automotive Group Limited specializes in intuitive motion control, offering advanced steering systems with a focus on software and electrical architecture. These companies invest heavily in research and development, strategic partnerships, and expansions to maintain competitiveness and address the evolving needs of the automotive industry.

Recent Developments

The electronic power steering market has witnessed several recent developments that highlight its dynamic nature and ongoing innovation. Key players are increasingly focusing on the development of steer-by-wire technology, which eliminates the mechanical connection between the steering wheel and the wheels, offering greater design flexibility and enhanced safety features. For instance, companies like ZF Friedrichshafen AG and Nexteer Automotive have introduced advanced steer-by-wire systems aimed at next-generation vehicles. There is also a growing emphasis on integrating artificial intelligence and machine learning into steering systems to enable predictive maintenance and real-time adjustments based on driving conditions. Collaborations between automotive manufacturers and technology providers are on the rise, aiming to co-develop customized steering solutions for electric and autonomous vehicles. Additionally, expansions in manufacturing capacities, particularly in Asia-Pacific, are observed to meet the increasing demand. The aftermarket segment is seeing innovations in retrofit kits and upgrade solutions, allowing older vehicles to benefit from modern steering technologies. These developments reflect the market's commitment to advancing vehicle performance, safety, and sustainability.

Report Segmentation

This report on the electronic power steering market provides a detailed segmentation to offer comprehensive insights into various aspects of the industry. The market is segmented by type into column-assisted electric power steering, pinion-assisted electric power steering, and rack-assisted electric power steering systems, each analyzed for their market share, growth potential, and application suitability. By application, the report covers passenger cars, light commercial vehicles, and heavy commercial vehicles, examining adoption trends, demand drivers, and future prospects in each category. Regional segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, highlighting key market dynamics, growth factors, and competitive landscapes in these regions. The report also segments the market by component, including sensors, electronic control units, and actuators, providing insights into the supply chain and technological advancements. Additionally, the aftermarket segment is analyzed separately to understand replacement and upgrade trends. This structured segmentation enables stakeholders to identify opportunities, assess risks, and make informed decisions based on granular market data.

FAQs

What is electronic power steering? Electronic power steering is an advanced automotive system that uses electric motors and sensors to provide steering assistance, replacing traditional hydraulic systems for improved efficiency and control.

How does electronic power steering work? Electronic power steering works by using sensors to detect steering input and vehicle speed, with an electronic control unit calculating the required assistance and directing an electric motor to provide the necessary force.

What are the benefits of electronic power steering? Benefits include enhanced fuel efficiency, reduced emissions, improved steering responsiveness, lower maintenance requirements, and compatibility with advanced driver-assistance systems.

Which vehicles use electronic power steering? Electronic power steering is used in a wide range of vehicles, including passenger cars, light commercial vehicles, heavy commercial vehicles, and particularly in electric and hybrid vehicles.

What is the difference between hydraulic and electronic power steering? Hydraulic power steering uses fluid pressure from an engine-driven pump, while electronic power steering relies on electric motors and electronic controls, offering greater efficiency and adaptability.

Can electronic power steering be repaired? Yes, electronic power steering systems can be repaired, often involving component replacements such as sensors or control units, though it requires specialized knowledge and equipment.

Citius Research has developed a research report titled “Electronic Power Steering Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Electronic Power Steering Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Electronic Power Steering Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Electronic Power Steering Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Electronic Power Steering Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Electronic Power Steering Market
• Research Methodology
• Executive Summary
• Market Dynamics of Electronic Power Steering Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Electronic Power Steering Market
• Cost and Gross Margin Analysis of Electronic Power Steering Market
• Electronic Power Steering Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Electronic Power Steering Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Electronic Power Steering Market Key Stakeholders

Below are the key stakeholders for the Electronic Power Steering Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Electronic Power Steering Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Electronic Power Steering Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Electronic Power Steering Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Electronic Power Steering Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

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