USD 25.66 Billion
Global Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies), By Flavor Variation(Strawberry, apple), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2115 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|
Tables:
98 |
Figures:
76
Global Electric Power Steering Market Insights
Global Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).
The global Electric Power Steering (EPS) market is experiencing considerable increase pushed by several key elements. The automobile enterprise's shift toward advanced driving force assistance systems and the increasing call for fuel-green motors are fundamental drivers for the adoption of EPS. The removal of conventional hydraulic steering systems in choose of EPS results in more advantageous gasoline efficiency and automobile overall performance.
Additionally, the growing fashion of autonomous and semi-self sustaining motors further boosts the market as EPS aligns with the necessities of these superior using technologies. As a result, EPS is turning into a wellknown characteristic in modern cars, contributing to the general boom of the global Electric Power Steering market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Rack Assist Electric Power Steering (R-EPS)
Fastest Growth
Column Assist Electric Power Steering (C-EPS)
Growth Rate
5.60% CAGR
Global Electric Power Steering Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Electric Power Steering Market By Type ($ Bn)
Global Electric Power Steering Market By Type (%)
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Global Electric Power Steering Market Segmental Analysis
The global Electric Power Steering market is segmented into four major segments i.e. by Type, Vehicle Type, Component, and region. Based on Type, it is divided into Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS). Based on Flavor variation, it is bifurcated as Passenger Cars, Commercial Vehicles. Based on Distribution channel it is segregated into, Steering Column, Steering Motor, Steering Gear. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, Latin America.
Analysis by Type
Rack Assist Electric Power Steering (R-EPS) is probably to dominate the market. R-EPS is commonly adopted in diverse automobile segments because of its simplicity and effectiveness, making it a desired desire for plenty producers. It offers particular and responsive guidance, enhancing overall vehicle performance and using enjoy.
Column Assist Electric Power Steering (C-EPS) is expected to be the quickest-growing kind. As automobiles emerge as extra electrified, C-EPS systems, which make use of electric vehicles inside the steerage column, align with the wider trend toward electric powered and hybrid cars.
Analysis by Component
The steerage motor is probably to dominate the marketplace. Ongoing advancements in motor technology, including brushless automobiles, make a contribution to stepped forward performance, responsiveness, and durability, making them a focus for innovation within the EPS marketplace.
The steering column is expected to be the quickest-growing thing. Steering columns are evolving with extra functionalities, inclusive of adjustable steerage and included controls for superior driving force assistance features, making them essential for modern vehicle layout.
Global Electric Power Steering Market By Type, 2022 (%)
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Global Electric Power Steering Market Regional Insights
Asia-Pacific is in all likelihood to dominate the Electric Power Steering marketplace. The area serves as a global hub for automotive manufacturing, with nations like China, Japan, and South Korea being primary participants. The high extent of vehicle manufacturing contributes to a widespread demand for EPS systems.
North America is predicted to be the quickest-growing area for Electric Power Steering. The location is at the forefront of technological improvements inside the automobile quarter, with a strong attention on integrating advanced driver assistance structures and electric powered car technology, using the adoption of EPS.
Global Electric Power Steering Market By Region, 2024-2031
- Largest
- Fastest
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Global Electric Power Steering Market Dynamics
Drivers
Increasing Consumer Demand For Advanced Driver Assistance Systems (Adas)
- The growing consumer demand for superior driving force assistance systems (ADAS) and fuel-green automobiles. EPS systems play a pivotal function in improving vehicle safety and gas economy, aligning with the evolving alternatives of vehicle consumers. The car enterprise's broader shift in the direction of electric powered and hybrid automobiles further propels the adoption of EPS, given its compatibility with those rising technology.
Restraints
High Initial Cost Associated With The Implementation Of Eps Systems
- One of the principle market restraints is the higher preliminary value related to the implementation of EPS systems in comparison to traditional hydraulic guidance structures. This cost element poses challenges, in particular in markets with price-touchy consumers and economic uncertainties. Another constraint is the capacity for expanded complexity in preservation and restore, as EPS structures involve electronic additives that can require specialised abilties and gear for servicing.
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Global Electric Power Steering Market Competitive Landscape
The competitive environment of the Electric Power Steering marketplace is dynamic and is marked by way of excessive opposition amongst key players striving for market proportion and technological management. The industry leaders leverage their tremendous knowledge in automobile technologies and international production abilities to provide innovative EPS answers.
Top Player’s Company Profiles
- Robert Bosch GmbH (Germany)
- JTEKT Corporation (Japan)
- Nexteer Automotive (US)
- ZF Friedrichshafen AG (Germany)
- NSK Ltd. (Japan)
- Denso Corporation (Japan)
- Valeo S.A. (France)
- Continental AG (Germany)
- Infineon Technologies AG (Germany)
- Honeywell International Inc. (US)
- HELLA GmbH & Co. KGaA (Germany)
- Sensata Technologies, Inc. (US)
- TT Electronics Plc (UK)
- NXP Semiconductors N.V. (Netherlands)
- Mando Corp. (South Korea)
- Hyundai Mobis (South Korea)
- Magna International Inc. (Canada)
- Aisin Seiki Co., Ltd. (Japan)
- Thyssenkrupp AG (Germany)
- TRW Automotive (US)
Recent Developments
- October 2023: The Competition Commission of India (CCI) announced on Tuesday that it has permitted the acquisition of unique shareholdings in Hitachi Astemo Ltd (HAL) via Japan Investment Corporation and Honda Motor Co Ltd (HMCL).
- April 2023: Nexteer Automotive has added the Modular Rack-Assist Electric Power Steering (mREPS) device, increasing its range of cost-powerful, modular EPS answers. This new providing, mREPS, offers flexibility to efficiently cater to a diverse set of requirements from Original Equipment Manufacturers (OEMs) for advanced steering structures, particularly in heavier cars like Electric Vehicles (EVs) and mild commercial vehicles.
Global Electric Power Steering Key Market Trends
- Rising Integration Of Advanced Driver Assistance Systems (Adas) Into Eps: The integration of superior driving force assistance structures (ADAS) into EPS, improving protection functions consisting of lane-preserving assistance and automatic parking. The enterprise is witnessing a shift towards steer-through-wire era, putting off the mechanical connection among the steering wheel and wheels, main to more flexible and customizable automobile designs.
Global Electric Power Steering Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Electric Power Steering market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by a surge in demand for fuel-efficient vehicles and advanced driver assistance systems (ADAS). However, cost implications and potential complexities in maintenance restrain widespread adoption. Rack Assist EPS dominates, favored for its simplicity and cost-effectiveness. Asia-Pacific leads in market share, driven by robust automotive manufacturing. Key trends include the integration of ADAS in EPS, a shift towards steer-by-wire technology, and a growing preference for electric and hybrid vehicles. The market reflects a dynamic landscape, balancing technological advancements with cost considerations, and a focus on sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.66 Billion |
| Market size value in 2031 | USD 41.90 Billion |
| Growth Rate | 5.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electric Power Steering Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electric Power Steering Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Electric Power Steering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Power Steering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Power Steering Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Power Steering Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electric Power Steering Market Report Snapshots
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