The Global Automotive Electronic Power Steering Market Size was estimated at USD 28930.00 million in 2021 and is projected to reach USD 44956.83 million by 2028, exhibiting a CAGR of 6.50% during the forecast period.
Automotive Electronic Power Steering (EPS) is a system that assists the driver in steering the vehicle by using an electric motor instead of a hydraulic system. EPS provides a more precise and responsive steering feel, and is more energy efficient than traditional hydraulic power steering.
In an EPS system, a sensor detects the amount of torque applied to the steering wheel by the driver, and sends a signal to a control module. The control module then calculates the appropriate amount of assist needed and sends a signal to the electric motor to provide that assistance.
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EPS systems can be either column-mounted or rack-mounted. In a column-mounted system, the electric motor is located on the steering column and provides assistance through a gear mechanism. In a rack-mounted system, the electric motor is mounted directly on the steering rack and provides assistance through a pinion gear.
The Automotive Electronic Power Steering (EPS) market has witnessed significant growth in recent years, driven by various factors. Some of the key growth factors for the Automotive EPS market include:
- Increasing demand for fuel-efficient vehicles: Electronic Power Steering systems are more fuel-efficient compared to traditional hydraulic power steering systems. As a result, there is a growing demand for EPS systems in vehicles to reduce fuel consumption and emissions.
- Growing demand for electric and hybrid vehicles: The demand for electric and hybrid vehicles is increasing due to growing environmental concerns and government initiatives to promote electric vehicles. These vehicles require EPS systems, which are more efficient than hydraulic systems and can be easily integrated with other electric components.
- Safety and comfort features: EPS systems provide better steering control and stability, resulting in improved safety and driving comfort. This has led to an increasing demand for EPS systems in vehicles.
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- Advancements in EPS technology: Advances in EPS technology have led to the development of more advanced and efficient EPS systems. These systems offer improved steering control and better fuel efficiency, driving the growth of the market.
- Increasing disposable income: Rising disposable income has led to an increase in demand for vehicles with advanced safety and comfort features. This has resulted in an increasing demand for EPS systems in vehicles.
Overall, the Automotive Electronic Power Steering market is expected to continue its growth trend in the coming years due to the above-mentioned growth factors.
Market Key Players:
- JTEKT
- Bosch
- Nexteer Automobile
- ZF
- NSK
- Mobis
- Showa
- Thyssenkrupp
- Mando
- CAAS
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Market segmentation creates subsets of a market based on product type, end user or application, Geographic, and other factor. By understanding the market segments, decision maker can leverage this targeting in product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
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Segmentation
By Type
- C-EPS
- P-EPS
- R-EPS
By Application
- Passenger Vehicle
- Commercial Vehicle
Regional Analysis
The global automotive electronic power steering (EPS) market can be analyzed on a regional basis to understand the regional dynamics and trends that drive the market growth:
North America is expected to hold a significant share in the automotive EPS market increasing demand for fuel-efficient vehicles and the growing trend towards electric vehicles are expected to further drive the market growth in this region.
Europe is another major market for automotive EPS, and it is expected to witness significant growth during the forecast period. The increasing demand for fuel-efficient vehicles, stringent regulations regarding vehicle emissions, and the growing trend towards electric vehicles are some of the key factors driving the market growth in this region.
TABLE OF CONTENTS
1 Research Methodology and Statistical Scope
2 Automotive Electronic Power Steering Market Overview
3 Automotive Electronic Power Steering Market Competitive Landscape
4 Automotive Electronic Power Steering Industry Chain Analysis
5 The Development and Dynamics of Automotive Electronic Power Steering Market
6 Automotive Electronic Power Steering Market Segmentation by Type
7 Automotive Electronic Power Steering Market Segmentation by Application
8 Automotive Electronic Power Steering Market Segmentation by Region
9 Key Companies Profiled
10 Automotive Electronic Power Steering Market Forecast by Region
…Continued
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