Automotive Electric Power Steering Market Value to Reach US$ 43.0 Bn by 2031, as per TMR Report
Rapid expansion of the automotive industry is projected to fuel the automotive electric power steering market
Wilmington, Delaware, United States, March 07, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive electric power steering market is projected to expand at a CAGR of 5.0% from 2023 to 2031, as per the market report by TMR.
EPS systems are increasingly being incorporated in a vehicle owing to advantages, such as comfortable driving experience, easy steer control, enhanced fuel economy, and power efficiency. An electric motor draws power only when needed, thus eliminating the need for traditional hydraulic fluid maintenance. EPS allows the usage of any next-generation driver assistance systems (ADAS) that include turning the wheels with no need for steering input by the driver. Key advantages of EVS include automated parking & lane changes, lane-keep assist, and ability to assist the car around obstacles to navigate itself when needed.
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Automotive Electric Power Steering Market: Key Findings
- Sales of vehicles have increased in the past few years owing to rise in the disposable income of people in developed and developing countries. This creates significant business opportunities for the manufacturers of automotive EPS systems.
- Demand for commercial and passenger vehicles is rising across developed and developing countries across the globe. Moreover, usage of electronic components has risen in different types of vehicle globally. These factors have resulted in rise in demand for EPS systems.
- Governments of emerging and developed economies are consistently undertaking initiatives to address the issue of carbon emissions. Hence, they are encouraging the adoption of electric vehicles (EVs) by providing tax rebates and other concessions to buyers. They are also implementing stringent regulations pertaining to environmental protection. These factors are boosting the sales of EVs, which, in turn, is likely to propel industry growth during the forecast period.
- Adoption of column assist has increased in passenger vehicles in the past few years. This has helped in the expansion of the column assist segment. Demand for passenger vehicles is likely to increase in the next few years owing to rise in need for improved commute facilities triggered by rise in the global population. This, in turn, is projected to create attractive business opportunities for producers of EPS systems.
- As per research report by TMR, the EPS with ADAS technology segment is likely to lead the global industry during the forecast period. This can be ascribed to surge in adoption of CASE (connected, autonomous, shared, and electric) mobility and other linked technologies in the automobile industry.
- Increased utilization of autonomy levels, such as vehicle cruise control, blind spot detection system, and lane departure warning system, is projected to drive demand for EPS with ADAS technologies in vehicles in the next few years.
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Automotive Electric Power Steering Market: Growth Drivers
- Rise in efforts of governments to encourage EV adoption is propelling the demand for automotive EPS systems globally
- Increase in sales of commercial and passenger vehicles is likely to boost demand for EPS systems in the next few years
- Developments in ADAS and steering control technology are anticipated to bolster industry growth
Regional Analysis
- Europe is anticipated to dominate the global industry during the forecast period, owing to rise in demand for electric cars and presence of several leading automotive companies in countries such as France, Germany, the U.K., and Italy
- The market in Asia Pacific is likely to expand at a high CAGR during the forecast period. This is ascribed to presence of a robust automobile industry & manufacturing sector and rise in production & sales of EVs in the region.
Automotive Electric Power Steering Market: Competition Landscape
- Leading players are focusing on portfolio expansion, and hence, are increasing investment in R&D activities to develop innovative products
- These players are adopting strategies such as merger and acquisition in order to increase market share
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Automotive Electric Power Steering Market: Key Players
- DENSO Corporation
- JTEKT Corporation
- ZF Friedrichshafen
- Sona Koyo Steering Systems Ltd.
- Robert Bosch GmbH
- GKN plc
- Mitsubishi Electric Corporation
- NSK Ltd.
- China Automotive Systems, Inc.
- Hyundai Mobis
- Delphi Technologies
- SHOWA Corporation
- Thyssenkrupp
- Global Steering Systems
- Mando Corp.
- TRIDEC
- Zhejiang Shibao Company Limited
- Hitachi Astemo, Ltd.
Automotive Electric Power Steering Market Segmentation
Motor Assist
- Column Assist
- Pinion Assist
- Rack Assist
Technology
- Conventional EPS
- EPS with ADAS
Component
- EPS Control Module
- Electric Motor
- Rack & Pinion
- Steering Column
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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