Electric Power Steering Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (C-EPS, P-EPS and R-EPS), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Region
Published Date: May - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
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Global electric power steering market is expected to grow at a CAGR of 4.40% over the forecast period to reach USD56.43 billion by 2027.
Expected growth within the market is due to growing efforts towards vehicle electrification combined with accelerated growth in vehicle manufacturing. Ongoing development of road infrastructure at a fast-growing rate, rising discretionary income are also propelling the expansion of the global electric power steering market during the next five years.
The electric power steering system includes an electronic control unit (ECU), electric motors, steering rack, steering wheel, torque sensors, etc. When the driver turns the steering wheel, an input is created, which is sensed by the sensors on the steering column and transmitted to the electronic control unit (ECU) of the system. Electric power steering employs an electric motor that takes power from the automobile's electrical system to provide the steering assistance. The electric motor of the electric power steering is mounted directly on the steering rack. In the past, hydraulic power steering was fitted in a vehicle, the pattern of which has been altered due to the working advantages of electric power steering. Consequently, electric power steering has been in strong demand by auto manufacturers. In order to meet the growing demand of fitting electric power steering into vehicles, original equipment manufacturers of electric power steering globally have accelerated the production pace of electric power steering. Huge numbers of electric power steering manufacturers are heavily investing in the research and development sector to create energy-efficient cutting-edge electric power steering, propelling the global electric power steering market in the next few years. In addition, factors such as travel convenience, design, comfort, efficiency, etc., have raised the demand for electric two-wheelers, which in turn has fueled the demand for electric power steering all over the world.
The COVID-19 pandemic spread created both public health and economic crisis throughout the world. Most industries have experienced a resultant reduction in the manufacturing of electric power steering as a result of full or partial lockdown measures in most countries to mitigate the spread of the COVID-19 virus. As a result of COVID-19, there has been disruption in mass production of products and closure of assembly plants during lockdowns. As a result of the lockdown declaration to contain the spread of the pandemic, nearly all the car factories, showrooms and workshops were shut down, with a huge dip in automobile production and sales, thus impacting the sales of electric power steering worldwide. However, thanks to the opening of the market and the increasing emphasis on research and development, the market is registering encouraging signs of recovery and is expected to recover within about two years.
Better Fuel Efficiency Drives the Market Growth
Manufacturers of automobiles throughout the history of automobile manufacturing have been constantly making efforts to reduce the overall weight of an automobile without reducing the performance of an automobile, as the light weight of an automobile triggers performance advantages like improved fuel efficiency, etc. As per the US Department of Energy, if an individual travels 54.717 Km every day in an FFV for 5 days in a week and does so for 49 weeks annually, wherein 25% of this travel is on highway conditions and the balance is city driving, the running cost of fuel over the life cycle would approximate USD28,500. The running cost of most vehicles for their whole life is even greater than the cost of the vehicle itself, digging a hole in customers' pockets. The Hydraulic Power Steering has been traditionally fitted as a power steering unit in the vehicle, but Hydraulic Power Steering unit has a heavy disadvantage like extreme weight, reducing the unit fuel efficiency. A superior replacement to the conventional hydraulic power steering assembly is the Electric Power Steering unit which assists steering with the help of an electric motor. Electric power steering unit is very light in weight, which decreases the weight of the vehicle and leads to better fuel efficiency of the car by up to 30% compared to its equivalent.
Reduced Complexity and Less Maintenance Drives the Market Growth
As electric power steering has fewer moving components as compared to hydraulic power steering, thus the installation of electric power steering units in vehicles reduces the overall complexity of the power steering, which in turn results in less maintenance of the electric power steering. Reduced complexity and less maintenance of electric power steering positively influence electric power steering sales worldwide.
Market Segmentation
Segmental Insights
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Type Analysis
The global market for automotive electric power steering is witnessing major growth, and this is promoted by advancements in automotive technology as well as demand for fuel-saving vehicles. Electric power steering systems are gaining more popularity as a result of higher performance, better efficiency, and improved driving feel compared to their hydraulic counterparts. The market segments according to the type of electric power steering systems, namely column type, pinion type, and dual pinion type.
Column type electric power steering systems are widely applied in compact and mid-size cars. Column type systems incorporate the electric motor into the steering column, offering smooth support to the driver in steering control. Column type electric power steering provides benefits like compactness, simple integration into current vehicle architectures, and cost-effectiveness. Column type electric power steering systems are favored for their simplicity and reliability under different driving conditions.
Pinion type electric power steering systems have an electric motor attached to the steering gear mechanism, with precise control and responsiveness. Such a system is used in big vehicles and has better steering feel and feedback for the driver. Pinion type electric power steering provides benefits in terms of efficiency, weight, and vehicle dynamics. These systems are optimized for performance and safety across various vehicle platforms.
Dual pinion type electric power steering system incorporates two electric motors to aid the driver in steering control, with higher stability and responsiveness. The sophisticated steering system is engineered to enhance handling and maneuverability, particularly at high speeds and harsh road surfaces. Dual pinion type electric power steering has advantages like lower steering effort, improved safety, and better vehicle stability control. These systems are widely used in premium and luxury car segments due to their better performance and driving experience.
Regional Insights
In North America, the electric power steering automotive market has been experiencing steady growth because of the presence of experienced automotive companies and the growing need for passenger vehicles in the region. In addition, the presence of stringent rules on vehicle emissions and fuel standards has further promoted the use of electric power steering systems in the region.
In parallel, the automotive electric power steering industry in Europe & CIS has been growing at a very fast pace, supported by the increasing automotive sector and surging demand for electric cars. Government policies to encourage eco-friendly transport and decrease carbon emissions have also contributed significantly towards boosting market growth in the region.
The Asia Pacific has become a profitable and biggest market for automobile electric power steering due to the increasing industrialization, urbanization, and disposable income levels of countries like China, India, and Japan. In addition, the availability of major automobile companies and the widespread use of electric vehicles have made the market in the region expand.
In South America, the automotive electric power steering market is also growing steadily with the support of the expanding automotive sector and rising demand for passenger cars. Economic growth and investments in infrastructure in countries such as Brazil and Argentina have also spurred market growth in the region.
In the Middle East & Africa, the market for automotive electric power steering is growing gradually with the growing automotive industry and the increasing demand for commercial vehicles. Nevertheless, the growth of the market may be hindered partially in this region by economic uncertainty and political unrest.
Recent Developments
In February 2024, HL Mando entered into a power steering joint venture. The new partnership emerged in China with Tianrun Industrial Technology. HL Mando, having experience in auto component manufacturing in South Korea, sought to produce components for commercial vehicles in the new joint venture.
In September 2023, Titan launched a new electric steer-by-wire system. The UK-based company, which deals in electric vehicle steering systems, launched the new technology. This new addition strengthens Titan's portfolio, applicable to a range of low-volume vehicles, ranging from light commercial trucks to supercars, in addition to their current line of power steering systems.
Key Market Players
Denso Corporation
GKN Automotive Limited
Hitachi Astemo, Ltd.
Hyundai Mobis Co., Ltd.
JTEKT Corporation
Mitsubishi Electric Corporation
Nexteer Automotive Corporation
NSK Ltd.
Robert Bosch GmbH
Company Profiles
|
Attribute |
Details |
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Market Size Value in 2021 |
USD43.11 Billion |
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Revenue Forecast in 2027 |
USD56.43 Billion |
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US Revenue Forecast in 2027 |
USD6.33 Billion |
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Growth Rate |
4.40% |
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Base Year |
2021 |
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Historical Years |
2017 – 2021 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2017-2021 and 2022-2027 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
· Type · Vehicle Type · Mechanism · Region · Company |
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Regional Scope |
Asia-Pacific, Europe, North America, South America, Middle East and Africa |
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Country Scope |
China, Japan, India, Indonesia, Australia, Germany, Spain, United Kingdom, Italy, United States, Mexico, Canada, Brazil, Argentina, Colombia, Chile, Iran, South Africa, Saudi Arabia, UAE |
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Key Companies Profiled |
JTEKT Corporation, NSK Ltd, Nexteer Automotive Group Limited, Robert Bosch GMBH, ZF Friedrichshafen AG, Mando Corporation, Hitachi Astemo, Ltd., Hyundai Mobis Co., Ltd., BorgWarner Inc., Denso Corporation |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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