The electronic power steering market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. the global market was dominated by the APAC region in 2019, which accounted for almost half of the total market owing to a higher demand for electronic power steering systems. Factors such as the more extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region’s more significant market share. Further, Ford Motor Company of Australia Limited, Toyota Motor Corporation Australia Limited, Mitsubishi Motors Australia Ltd. (MMAL), General Motors Holden, Isuzu Australia Limited, Volkswagen Group Australia Pty Ltd., and Hyundai Commercial Vehicles Australia are some of the well-known manufacturers of commercial vehicle in the country. All these manufacturers are demanding the integration of EPS in the cars to meet the emerging demand of the customers. Moreover, the escalating automotive manufacturing operations, rising demand for electric vehicles, and growing focus of the EPS manufacturers toward offering low-cost and high-efficiency products is expected to drive the growth of the EPS market in the Rest of APAC countries during the forecast period.
In 2019, China accounted for almost 21.4 million-vehicle. The country is the largest producer as well as biggest market for car sales globally. Nevertheless, in 2019, the overall car sales fell by ~1.9, but the demand for SUVs and premium cars sedans increased with the rate of 3.5% and 18.8% respectively as compared to 2018. All major OEMs of luxury vehicles in the country, including BMW, Mercedes-Benz, and Audi, have reported positive figures in November 2019. Along with the rise in the sales, the market scenario also changed rapidly. In the earlier generation, the consumers used to purchase premium vehicles mostly to reveal their social status, but the progressively sophisticated new generation of buyers is buying premium automobiles for the requirement of luxury and clever technologies. According to a study conducted by the China Association of Automobile Manufacturers, women are playing significant role in the Chinese premium car market. This survey stated that while opting for a vehicle model, women value safety features, comfort, and exterior styling, over the qualities favored by their male counterparts, such as powertrain technology, socially recognized premium brands, and bigger models. The above-mentioned factors are going to drive the demand for the integration of EPS in sedans and SUVs.
The semiconductor and automotive industry are some of the victim of COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing shattering experience. The automotive industry requires a significant number of human labours, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. The declining trend in automotive and semiconductor industry is reflecting a negative impact on the electronic power steering market.
Based on type, the column assisted electronic power steering segment dominated the global electronic power steering market in 2019. The electronic power steering system is gradually replacing the conventional steering system in modern vehicles. The main benefit of using electronic power steering system is the ability to minimize energy consumption. The column assisted electronic power steering (C-EPS) system is one of the type of electronic power steering system.
Based on vehicle type, the passenger cars segment held the largest share in global electronic power steering market in 2019. Passenger cars are the transport vehicles with not more than eight seats. Due to the worsening weather and air quality in countries, such as Bangladesh, Pakistan, Mongolia, Afghanistan, India, people are adopting alternative fuel and related technologies in their passenger cars. Passenger cars can be divided into sedan, hatchback, and SUV or MUV. The demand for passenger vehicles is increasing with a rise in per capita income and need for luxury.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
The regional trends and factors influencing the Electronic Power Steering (EPS) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electronic Power Steering (EPS) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 52.69 Billion |
| Market Size by 2027 | US$ 54.93 Billion |
| Global CAGR (2019 - 2027) | 3.63% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electronic Power Steering (EPS) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electronic Power Steering (EPS) Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Electronic Power Steering Market
The electronic power steering (EPS) market is led by passenger cars segment with highest share and is expected to dominate in the forecast period. Passenger cars are the transport vehicles with not more than eight seats. Due to the worsening weather and air quality in countries, such as Bangladesh, Pakistan, Mongolia, Afghanistan, India, people are adopting alternative fuel and related technologies in their passenger cars. Passenger cars can be divided into sedan, hatchback, and SUV or MUV. The demand for passenger vehicles is increasing with a rise in per capita income and need for luxury. The electronic power steering system is linked to the vehicle control unit.
There is an increase in adoption of buses and trucks, specifically for logistics and public transportation purposes, across the globe. In Asia, Oceania, and Europe, the public transportation is used more as compared to private transportation, whereas in North America, transportation is mainly through private vehicles. Growing population in urban areas is demanding the increasing public transportation with the improvement in existing transportation infrastructure is proving to be insufficient. The OEMs across the globe are now focusing on reducing the global carbon footprint, therefore, boosting the usage of electric vehicles is anticipated to offer ample growth opportunities for the global electronic power steering (EPS) market players.
Rising adoption of autonomous driving worldwide is one of the major factors boosting the adoption of steer-by-wire systems in the vehicles. SbW is enhancing the driving experience as well as safety. The SbW technology is currently experiencing a constant surge in development as well as demand. The higher levels of autonomous driving require uninterrupted communication, redundant power supply, and steering rack. Moreover, the SbW enhances the safety with the help of driver assistance systems. It also eliminates the intermediate steering shaft and thus, reduces the risk of injury to the driver from mechanical steering components by augmenting the passive safety in the vehicle.