PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550625
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550625
Electric Power Steering System Market, By Type (Column Assist Type, Pinion Assist Type, and Rack Assist Type ), By Component, By Vehicle Type By Geography
The Global Electric Power Steering (EPS) System Market is estimated to be valued at US$ 25.56 Bn in 2024 and is expected to reach US$ 36.64 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 25.56 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 5.30% | 2031 Value Projection: | US$ 36.64 Bn |
The Global Electric Power Steering (EPS) System market has been growing significantly over the past decade due to various factors such as rising demand for fuel-efficient and low emission vehicles along with growing acceptance of advanced driver assistance systems. An EPS system supports electric power instead of hydraulic power for steering assist, which enhances fuel efficiency. The integration of EPS with ADAS functions has further boosted their adoption across different vehicle classes. OEMs are increasingly focusing on integrating newer technologies to offer enhanced safety, comfort, and driving experience to customers. Additionally, stringent emissions norms by regulatory bodies worldwide are propelling automakers to adopt lightweight and efficient components like EPS systems.
Market Dynamics:
The global EPS system market is driven by various factors such as growing vehicle production and sales, stringent fuel efficiency norms, and increasing demand for advanced safety and autonomous driving technologies. However, high development costs associated with EPS systems, especially for autonomous driving functions, can hamper the market growth. Additionally, availability of cheaper alternatives like hydraulic power steering systems poses a challenge. The market provides opportunities for OEMs and tier 1 suppliers to offer customized and integrated solutions, enabling advanced driver-assistance capabilities. Adoption of 48V architecture for mild-hybrid vehicles also creates scope for EPS systems manufacturers.
Key features of the study:
This report provides in-depth analysis of the global electric power steering (EPS) system market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global electric power steering (EPS) system market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Alcatel-Lucent (Nokia Networks), Bosch, DENSO Corporation, Hitachi Astemo (Showa), Hyundai Mobis, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Global, Robert Bosch GmbH, Thyssenkrupp Presta AG, Valeo S.A., ZF Friedrichshafen AG, and Zhuzhou Elite Electro-Mechanical Co. Ltd.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global electric power steering (EPS) system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Electric Power Steering (EPS) system market.
Detailed Segmentation:
- By Type
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
- Rack Assist Type (REPS)
- By Component
- Steering Rack/Column
- Sensor
- Steering Motor
- Others
- By Vehicle Type
- Passenger Car
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Buses & Coaches
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
- Key Players Insights
- Alcatel-Lucent (Nokia Networks)
- Bosch
- DENSO Corporation
- Hitachi Astemo (Showa)
- Hyundai Mobis
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Global
- Robert Bosch GmbH
- Thyssenkrupp Presta AG
- Valeo S.A.
- ZF Friedrichshafen AG
- Zhuzhou Elite Electro-Mechanical Co. Ltd.
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Component
- Market Snippet, By Vehicle Type
- Market Snippet, By Region
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New System Launches/Approvals
- Impact of COVID-19 Pandemic
4. Global Electric Power Steering (EPS) System Market, By Type, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- Column Assist Type (CEPS)
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Pinion Assist Type (PEPS)
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Rack Assist Type (REPS)
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
5. Global Electric Power Steering (EPS) System Market, By Component, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- Steering Rack/Column
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Sensor
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Steering Motor
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Others
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
6. Global Electric Power Steering (EPS) System Market, By Vehicle Type, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
- Passenger Car
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Light Commercial Vehicles
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Heavy Commercial Vehicles
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
- Buses & Coaches
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
7. Global Electric Power Steering (EPS) System Market, By Region, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- North America
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Component, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Vehicle Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Component, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Vehicle Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Component, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Vehicle Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Component, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Vehicle Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Component, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Vehicle Type, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
- South Africa
- Israel
- GCC Countries
- Rest of the Middle East & Africa
8. Competitive Landscape
- Company Profiles
- Alcatel-Lucent (Nokia Networks)
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Bosch
- DENSO Corporation
- Hitachi Astemo (Showa)
- Hyundai Mobis
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Global
- Robert Bosch GmbH
- Thyssenkrupp Presta AG
- Valeo S.A.
- ZF Friedrichshafen AG
- Zhuzhou Elite Electro-Mechanical Co. Ltd.
- Alcatel-Lucent (Nokia Networks)
9. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. Research Methodology
- References
- Research Methodology
- About us and Sales Contact
