Automobile Electric Power Steering Sales

Automobile Electric Power Steering Sales Market Outlook

The global automobile electric power steering (EPS) market was valued at approximately USD 25 billion in 2023 and is projected to reach around USD 35 billion by 2035, growing at a compound annual growth rate (CAGR) of 5% during the forecast period. This growth is largely driven by the increasing adoption of electric and autonomous vehicles that necessitate advanced steering technologies. Moreover, the rising demand for fuel-efficient and environmentally friendly vehicles has prompted manufacturers to implement EPS systems as they provide better fuel efficiency compared to traditional hydraulic steering systems. The advancement of automotive technologies, including driver assistance systems and improved vehicle stability, has also contributed to the heightened interest in electric power steering solutions. As safety regulations become stricter and consumer preferences shift towards enhanced driving comfort and control, the EPS market is expected to experience significant expansion.

Growth Factor of the Market

One of the primary growth factors influencing the automobile electric power steering market is the increasing demand for fuel-efficient vehicles that can help reduce emissions. As countries around the world implement stricter emission regulations and consumers become more environmentally conscious, vehicle manufacturers are increasingly integrating EPS systems to enhance fuel efficiency and meet regulatory standards. Furthermore, the growing trend of automation in the automotive sector has led to a rise in the demand for electric power steering systems that can seamlessly integrate with advanced driver-assistance systems (ADAS). Additionally, the expansion of the electric vehicle market is also a significant driver, as these vehicles rely heavily on electric systems, including EPS for optimal performance. The technological advancements in EPS, such as the introduction of steer-by-wire systems and improvements in sensor technologies, are further propelling the market’s growth. Lastly, the increasing production of commercial vehicles is creating new opportunities for the EPS market, as these vehicles require robust steering solutions for improved maneuverability and handling.

Key Highlights of the Market

• The market is projected to grow from USD 25 billion in 2023 to USD 35 billion by 2035.
• Technological advancements in EPS systems are enhancing safety and driving comfort.
• Electric and autonomous vehicle production is driving the demand for EPS solutions.
• Stringent regulations regarding vehicle emissions are promoting fuel-efficient steering technologies.
• The commercial vehicle segment is experiencing increased adoption of EPS for improved performance.

By Product Type

Column Assist Type:

The column assist type of electric power steering is designed primarily for vehicles with limited space under the hood, allowing for a more compact design. This type utilizes an electric motor mounted on the steering column to assist the driver. The growing demand for compact vehicles and urban mobility solutions is propelling the adoption of column assist EPS. This system not only enhances the vehicle’s maneuverability but also contributes to weight reduction, which is vital for fuel efficiency. As automotive manufacturers strive for optimizing space in modern designs, particularly in hybrid and electric vehicles, the column assist EPS is expected to gain traction in the coming years.

Pinion Assist Type:

The pinion assist type of electric power steering operates using a motor mounted on the steering pinion gear, delivering a direct assist to the steering mechanism. This design offers a highly responsive steering feel, which is preferred by many drivers for its precision and feedback. As high-performance vehicles continue to trend, the pinion assist EPS system is likely to see increased demand due to its capability to enhance vehicle handling characteristics. Additionally, the pinion assist type is popular among commercial vehicle manufacturers, as it provides ample assistance while ensuring stability during heavy loads, thereby expanding its application in various vehicle segments.

Rack Assist Type:

The rack assist type of electric power steering features an electric motor integrated into the steering rack, providing direct assistance to the steering effort. This configuration is advantageous for its simplicity and direct application of power, which can enhance overall vehicle control. The growing emphasis on vehicle safety and advanced handling has led many OEMs to adopt rack assist EPS systems. Furthermore, with the rise of electric and hybrid vehicles, which benefit from an efficient power steering system, the rack assist type is expected to experience a boost in adoption rates due to its effectiveness in providing consistent steering response across different driving conditions.

Direct Drive Type:

The direct drive type of electric power steering eliminates the need for a mechanical connection between the steering wheel and the tires, offering a completely electronic steering experience. This innovative approach allows for adjustable steering ratios and customizable feedback, catering to varying driver preferences. As the automotive industry pivots towards user-centric designs, the direct drive EPS is anticipated to gain popularity, particularly among luxury car manufacturers looking to offer enhanced driving experiences. The rise of autonomous driving technology is also a key factor driving interest in direct drive systems, as they align well with automated steering requirements.

Dual Pinion Type:

The dual pinion type electric power steering combines the advantages of both pinion assist and rack assist systems, providing enhanced steering precision and responsiveness. This type is particularly beneficial for vehicles requiring high levels of maneuverability and control, such as SUVs and performance vehicles. The dual pinion EPS is gaining traction due to its capability to offer a better driving experience by distributing steering force more evenly, which enhances driver comfort during long drives. The increase in premium vehicle production, with a focus on luxury and performance, is likely to augur well for the dual pinion type EPS in the evolving automotive landscape.

By Application

Passenger Cars:

Passenger cars represent one of the largest segments within the automobile electric power steering market, driven by the growing demand for personal vehicles and a rising focus on comfort and safety features. Manufacturers are increasingly incorporating EPS systems into their passenger cars to provide better maneuverability and reduce physical exertion during driving. The shift towards electric vehicles is also significantly impacting this segment, as EPS systems are vital in enhancing energy efficiency. Furthermore, the result of technological advancements in EPS systems, such as lane-keeping assistance and automated parking, is driving increased adoption rates in the passenger car segment, contributing to its robust growth.

Commercial Vehicles:

The commercial vehicle segment is experiencing a notable increase in the adoption of electric power steering systems, primarily due to the need for enhanced performance and safety. EPS provides several benefits to commercial vehicles, including improved fuel efficiency, reduced driver fatigue, and precise control during heavy loads and stressful driving conditions. As logistics and transportation industries continue to expand globally, the demand for commercial vehicles equipped with advanced steering systems is expected to rise. Additionally, the push towards electrification in the commercial sector is further augmenting the growth of the EPS market, as more manufacturers seek to optimize their fleets for sustainability and efficiency.

Electric Vehicles:

The electric vehicle (EV) segment is one of the fastest-growing applications of electric power steering systems, owing to the inherent compatibility of EPS with electric drivetrains. EPS helps to maximize the efficiency of electric vehicles by minimizing energy consumption, which is crucial for extending battery range. Furthermore, the integration of advanced steering technologies in EVs, such as automated driving and enhanced maneuverability, is fueling the demand for EPS systems. As governments and consumers increasingly prioritize sustainable transportation solutions, the growth of the EV market is expected to have a corresponding positive effect on the EPS market, leading to innovative steering solutions in this sector.

Autonomous Vehicles:

Autonomous vehicles represent a cutting-edge application for electric power steering systems, as they require highly responsive and precise steering capabilities to navigate complex environments. The steer-by-wire technology inherent in EPS systems allows for the flexibility and adaptability needed for autonomous driving, making it a key component in the development of self-driving cars. As tech companies and automotive manufacturers invest heavily in autonomous vehicle technologies, the demand for EPS tailored to such applications is projected to grow significantly. The collaboration between automotive and technology companies will likely drive further advancements in EPS systems specifically designed for autonomous vehicles.

Others:

This category encompasses various applications of electric power steering outside the traditional automotive segments, including recreational vehicles, off-road vehicles, and specialty vehicles. These segments often require unique steering solutions to accommodate diverse driving conditions and operational needs. The increasing popularity of recreational and off-road vehicles among enthusiasts is contributing to the demand for EPS systems that offer enhanced control and stability. Moreover, as the market evolves with new vehicle types and designs, the flexibility of EPS systems will play a pivotal role in meeting the specific requirements of these diverse applications.

By Distribution Channel

OEMs:

Original Equipment Manufacturers (OEMs) are a significant distribution channel for electric power steering systems, as they integrate these systems directly into new vehicle models. OEM partnerships with EPS manufacturers allow for the integration of the latest steering technologies right from production. The growing vehicle production rates and the trend towards advanced automotive features are driving the demand for OEM-installed EPS systems. Furthermore, OEMs are increasingly focusing on enhancing vehicle safety and driver-assistance technologies, which further propels the adoption of EPS systems in new vehicles, making this segment crucial for market growth.

Aftermarket:

The aftermarket segment for electric power steering systems is also experiencing growth as vehicle owners seek to upgrade their existing vehicles with modern steering technologies. The aftermarket provides opportunities for manufacturers to reach consumers looking for improved performance and comfort in their vehicles. With an increasing number of vehicle owners pursuing enhancements in safety features and driving experience, the demand for EPS systems in the aftermarket is expected to rise. Additionally, the availability of a wide range of EPS solutions tailored for various vehicle models allows consumers to select systems that best fit their needs, thereby promoting the growth of this distribution channel.

By Component Type

Electric Motor:

The electric motor is a critical component in electric power steering systems, as it directly assists the steering mechanism based on the driver's input. The development of high-performance electric motors that are compact and lightweight is driving advancements in EPS technologies. As the demand for more efficient and responsive steering systems grows, manufacturers are focusing on enhancing the performance and reliability of electric motors used in EPS applications. The integration of advanced motor control technologies and improved power density is further enhancing the capabilities of electric motors, making this component pivotal to the overall growth of the EPS market.

Sensors:

Sensors play a vital role in electric power steering systems, as they provide real-time feedback on the driver's steering input and vehicle dynamics. The increasing incorporation of advanced sensor technologies, such as torque sensors and position sensors, is enhancing the performance of EPS systems significantly. These sensors enable precise control of the electric motor, allowing for a more refined driving experience. The ongoing innovations in sensor technology, coupled with the growing demand for advanced driver-assistance systems, are expected to propel the adoption of sophisticated sensor systems within EPS applications, thereby contributing to the market's growth.

Electronic Control Unit:

The electronic control unit (ECU) is responsible for processing data from the various sensors and controlling the electric motor's output based on the driver's steering input. The advancement of microcontroller technologies and software algorithms for better real-time decision making is driving the evolution of ECUs in electric power steering systems. As vehicles become more connected and integrated with automated driving technologies, the role of ECUs becomes even more critical in ensuring seamless and efficient steering performance. Furthermore, the rise of electric and autonomous vehicles, which require advanced control strategies, is expected to boost the demand for sophisticated ECUs in the EPS market.

Steering Gear:

The steering gear is an essential component that translates the rotational motion of the steering wheel into movement of the vehicle's wheels. The integration of electric power assistance with steering gear systems is revolutionizing the driving experience, providing enhanced feedback and control. With the increasing adoption of electric power steering systems, manufacturers are focusing on developing innovative designs that improve the responsiveness and reliability of steering gear. The demand for enhanced vehicle performance and safety is driving investments in advanced steering gear technologies, which will significantly contribute to the overall growth of the EPS market.

By Region

The North American region is poised to be one of the leading markets for electric power steering systems, attributed to the strong presence of automotive manufacturers and suppliers in the region. The increasing demand for advanced safety features and fuel-efficient vehicles is encouraging manufacturers to adopt EPS systems. The market in North America is expected to grow at a CAGR of approximately 5.5% from 2023 to 2035. Additionally, the growing trend towards electric vehicles in the region is further fueling the adoption of electric power steering systems, as these technologies are integral to optimizing vehicle performance.

In Europe, the automobile electric power steering market is also seeing significant growth as countries prioritize sustainability and emissions reduction. The European automotive industry is becoming increasingly competitive, with manufacturers investing heavily in advanced steering technologies to meet regulatory requirements and consumer demands for safety and comfort. The market in Europe is expected to expand steadily over the forecast period, driven by the increase in electric and hybrid vehicles and the adoption of automated driving technologies. The region's focus on innovation and technological advancements will continue to play a crucial role in bolstering the EPS market.

Opportunities

The automobile electric power steering market is witnessing numerous opportunities for growth, particularly with the rise of electric and autonomous vehicles. As major automotive manufacturers shift their focus toward electrification, the demand for electric power steering systems that enhance performance, efficiency, and driver comfort is expected to surge. This trend not only opens up new avenues for EPS manufacturers but also encourages innovation in steering technologies. Furthermore, the focus on sustainability and reducing the carbon footprint of vehicles is driving more manufacturers to adopt advanced steering systems, creating significant opportunities for companies that can provide efficient and effective solutions. Collaborations between technology firms and automakers are also likely to yield innovative products that cater to the evolving needs of consumers and regulatory requirements, presenting an exciting landscape for growth.

Additionally, the aftermarket segment presents a wealth of opportunities for electric power steering manufacturers. As more vehicle owners seek to upgrade their existing vehicles with advanced steering technologies, the demand for aftermarket EPS solutions is anticipated to rise steadily. This trend is being driven by consumer preferences for enhanced driving experience, safety features, and increased vehicle performance. Companies that can offer customizable and adaptable EPS solutions tailored to various vehicle models will likely benefit from this growing market segment. Moreover, the introduction of smart technologies and connectivity features in EPS systems will attract consumers looking for advanced steering solutions that integrate with their modern vehicles, further expanding the opportunities available in the market.

Threats

Despite the promising growth prospects for the automobile electric power steering market, certain threats could impede its development. One significant challenge is the rapid pace of technological advancements, which could outstrip the ability of manufacturers to keep up. As the market evolves, companies must continuously innovate and invest in research and development to stay competitive. Failure to adapt to the latest technologies may result in lost market share to more agile competitors that can quickly respond to consumer demands and regulatory changes. Furthermore, the reliance on a few key components, such as electric motors and sensors, might pose risks associated with supply chain disruptions, which could impact production timelines and costs for EPS manufacturers.

Another significant threat to the growth of the electric power steering market is the potential for economic downturns. Economic instability can lead to reduced consumer spending and lower vehicle sales, particularly for non-essential upgrades such as advanced steering systems. This could hinder the growth of both the OEM and aftermarket segments of the EPS market. Moreover, the competitive landscape is becoming increasingly saturated, with numerous players entering the market, leading to price wars and reduced profit margins. Companies must carefully strategize to differentiate their products and maintain profitability amid this rising competition, or risk being sidelined in a market that is becoming more challenging.

Competitor Outlook

• JTEKT Corporation
• Robert Bosch GmbH
• NSK Ltd.
• Thyssenkrupp AG
• ZF Friedrichshafen AG
• Delphi Technologies
• Continental AG
• Honda Lock Mfg. Co., Ltd.
• Mobius Biomedical
• Showa Corporation
• Infinitum Electric
• TRW Automotive
• Victor Reinz
• Sony Corporation
• Magna International Inc.

The competitive landscape of the automobile electric power steering market is characterized by a mix of established automotive suppliers and emerging technology firms. Major players like Bosch and ZF Friedrichshafen dominate the market due to their extensive product portfolios and expertise in advanced automotive technologies. These companies are investing heavily in research and development to enhance their EPS systems, focusing on integrating advanced features such as driver assistance systems, improved energy efficiency, and seamless connectivity solutions. The competition among these major players is intense as they strive to maintain their market position while responding to evolving consumer expectations and regulatory requirements.

Emerging companies in the electric power steering market are leveraging innovative technologies to carve out a niche for themselves. Startups focusing on developing advanced EPS solutions with integrated smart technologies and enhanced performance metrics are gaining traction. These companies often prioritize customization and adaptability to meet the unique demands of various vehicle segments, providing them with a competitive edge. As they partner with established automotive manufacturers, these emerging players are contributing to the overall evolution of the EPS market, pushing the boundaries of what is possible in steering technology.

Additionally, strategic collaborations and partnerships are becoming increasingly prevalent in the electric power steering market. Leading manufacturers are forming alliances with technology firms to incorporate cutting-edge technologies into their existing products. For instance, partnerships between EPS manufacturers and companies specializing in artificial intelligence and machine learning are paving the way for the development of sophisticated steering systems that adapt to driving conditions and user preferences in real time. This collaborative approach not only enhances the product offering but also strengthens the competitive position of involved parties in an ever-evolving automotive landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 NSK Ltd.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Victor Reinz
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Continental AG
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 TRW Automotive
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Thyssenkrupp AG
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Sony Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 JTEKT Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Mobius Biomedical
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Robert Bosch GmbH
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Showa Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Infinitum Electric
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Delphi Technologies
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 ZF Friedrichshafen AG
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Magna International Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Honda Lock Mfg. Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Automobile Electric Power Steering Sales Market, By Application
    • 6.1.1 Passenger Cars
    • 6.1.2 Commercial Vehicles
    • 6.1.3 Electric Vehicles
    • 6.1.4 Autonomous Vehicles
    • 6.1.5 Others
  • 6.2 Automobile Electric Power Steering Sales Market, By Product Type
    • 6.2.1 Column Assist Type
    • 6.2.2 Pinion Assist Type
    • 6.2.3 Rack Assist Type
    • 6.2.4 Direct Drive Type
    • 6.2.5 Dual Pinion Type
  • 6.3 Automobile Electric Power Steering Sales Market, By Component Type
    • 6.3.1 Electric Motor
    • 6.3.2 Sensors
    • 6.3.3 Electronic Control Unit
    • 6.3.4 Steering Gear

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Automobile Electric Power Steering Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Automobile Electric Power Steering Sales market is categorized based on

By Product Type

• Column Assist Type
• Pinion Assist Type
• Rack Assist Type
• Direct Drive Type
• Dual Pinion Type

By Application

• Passenger Cars
• Commercial Vehicles
• Electric Vehicles
• Autonomous Vehicles
• Others

By Component Type

• Electric Motor
• Sensors
• Electronic Control Unit
• Steering Gear

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• JTEKT Corporation
• Robert Bosch GmbH
• NSK Ltd.
• Thyssenkrupp AG
• ZF Friedrichshafen AG
• Delphi Technologies
• Continental AG
• Honda Lock Mfg. Co., Ltd.
• Mobius Biomedical
• Showa Corporation
• Infinitum Electric
• TRW Automotive
• Victor Reinz
• Sony Corporation
• Magna International Inc.