The global automotive electric power steering market is experiencing growth due to several factors, such as stringent fuel efficiency and emission standards, a surge in demand for vehicle safety and enhanced vehicle handling, and a rise in the use of advanced driver assistance systems (ADAS).
PORTLAND, Ore., July 14, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Automotive Electric Power Steering Market by Type (Column Electric Power Steering, Rack Electric Power Steering, Pinion Electric Power Steering), Vehicle Type (Passenger Cars and Commercial Vehicles), Propulsion Type (ICE and Electric), and Component (Electric Control Unit, Electric Motor, Rack and Pinion, Steering Column, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global automotive electric power steering industry generated $24 billion in 2022 and is anticipated to generate $42 billion by 2032, witnessing a CAGR of 5.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global automotive electric power steering market is experiencing growth due to several factors, such as stringent fuel efficiency and emission standards, a surge in demand for vehicle safety and enhanced vehicle handling, and a rise in the use of advanced driver assistance systems (ADAS). However, high initial investment costs, technical challenges, and complexity hamper the growth of the market. On the contrary, the development of autonomous driving technology and the rise in the development of compact and cost-effective motor control units for EPS are expected to offer remunerative opportunities for the expansion of the automotive electric power steering market during the forecast period.
Report Coverage & Details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$24 Billion |
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Market Size in 2032 |
$42 Billion |
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CAGR |
5.8 % |
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No. of Pages in Report |
293 |
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Segments Covered |
Type, Vehicle Type, Propulsion Type, Component, and Region |
|
Drivers |
Stringent fuel efficiency and emission standards |
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A surge in demand for vehicle safety and enhanced vehicle handling |
|
|
Rise in demand for Advanced Driver Assistance Systems (ADAS) |
|
|
Opportunities |
Development of autonomous driving technology |
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Rise in the development of compact and cost-effective motor control units for EPS |
|
|
Restraints |
High initial investment costs |
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Technical challenges and complexity |
COVID-19 Scenario:
The outbreak of COVID-19 had a negative impact on the automotive electric power steering industry. due to the delay in the deployment and launch of new electric power steering systems, affecting the growth of the market.
However, post-pandemic, as economies recovered, there was a resumption of operations in the automotive industry. Moreover, governments across the globe introduced stimulus packages to revive their economies, including the automotive sector. These packages often included measures to incentivize vehicle purchases, which helped drive demand for vehicles equipped with EPS systems. thus has a positive impact on the growth of the market.
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The column electric power steering segment to maintain its leadership status during the forecast period-
Based on type, the column electric power steering segment held the highest market share in 2022, accounting for nearly half of the global automotive electric power steering market revenue, and is estimated to maintain its leadership status throughout the forecast period. Manufacturers develop column steering products to offer flexible solutions for various vehicle platforms, accommodating different vehicle sizes and specifications. However, the pinion electric power steering segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. owing to the rise in collaborations between manufacturers and automakers for the development and integration of pinion electric power steering systems.
The passenger cars segment to maintain its lead position during the forecast period-
Based on vehicle type, the passenger cars segment held the highest market share in 2022, accounting for nearly three-fourths of the global automotive electric power steering market revenue, and is estimated to maintain its lead position during the forecast period as there is a surge in the replacement of hydraulic power steering (HPS) systems with electric power steering (EPS) systems in passenger cars. However, the commercial vehicles segment would display the highest CAGR of 6.6% from 2023 to 2032, owing to a rise in the number of collaborations and contract agreements with system manufacturers to develop electric power steering systems for commercial vehicles.
The ICE segment to rule the roost by 2032-
Based on propulsion type, the ICE segment held the highest market share in 2022, contributing to around 90% of the global automotive electric power steering market revenue, and is projected to rule the roost by 2032. The growth is attributed to a surge in adoption of an electric power steering system in ICE vehicles due to its positive impact on fuel efficiency. However, the electric segment would portray the highest CAGR of 7.7% from 2023 to 2032, owing to innovative advancements in electric vehicles, including the exploration of drive-by-wire systems.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, garnering more than half of the global automotive electric power steering market revenue, and is likely to dominate the market during the forecast period. Due to the automotive industry in the region, there has been a notable increase in the replacement of hydraulic steering systems with electric power steering (EPS) systems, indicating a growing preference for EPS technology. However, the Europe region is expected to witness the fastest CAGR of 7.9% from 2023 to 2032. owing to the advancements in EPS systems such as refined control algorithms, seamless sensor integration, and the introduction of steer-by-wire systems.
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Leading Market Players: –
Robert Bosch GmbH
Zhejiang Shibao Co., Ltd.
BBB Industries
Nexteer Automotive
HL Mando Corp.
Hitachi, Ltd.
NSK Ltd.
JTEKT Corporation
ThyssenKrupp AG
ZF Friedrichshafen AG
The report provides a detailed analysis of these key players in the global automotive electric power steering market. These players have adopted various strategies such as collaboration, expansion, product launches, agreements, investment, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Similar Reports We Have on Automotive Industry:
United States Automotive Electric Power Steering Market Report 2023-2035
Japan Automotive Electric Power Steering Market Report 2023-2035
South Korea Automotive Electric Power Steering Market Report 2023-2035
Europe Automotive Electric Power Steering Market Report 2023-2035
Electric Power Steering Market Report 2023-2035
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