The global electric power steering market is estimated to be USD 25.83 billion in 2017 and is projected to reach USD 42.01 billion by 2025, at a CAGR of 6.27% during the forecast period.
Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.
The electric power steering market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the engine structure of the vehicle, which combines a conventional internal combustion engine (ICE) system with an electric propulsion system. Due to the presence of IC engine, which has the maximum installation rate of electric power steering systems, this segment of electric vehicles is estimated to experience the highest growth rate during the forecast period. Also, the increasing sales of HEVs in the Asia Pacific region are driving the growth of electric power steering systems in these vehicles.
The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel efficient systems in passenger cars make Asia Pacific the largest and fastest growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.
The global electric power steering market is dominated by a few players such as JTEKT (Japan), Nexteer (US), NSK (Japan), and Bosch (Germany) along with tier I and tier II suppliers.
Regulatory Push Towards Efficient Technologies
Global Measures By OEMS to Reduce Complexity and Weight of Vehicles
Increasing Vehicle Production
Higher Cost of EPS as Compared to Traditional Steering Systems
Lack of Steering Feel
Penetration in Commercial Vehicles
Enabling ADAS Features in EPS
Maintaining Market Against Steer-By-Wire Technology
Autonomous Vehicles Without Steering Wheels
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Technology Overview
7 Electric Power Steering Market, by Component
8 Electric Power Steering Market, by Off-Highway Vehicles
9 Electric Power Steering Market, by Electric Motor Type
10 Electric Power Steering Market, by Application
11 Electric Power Steering Market, by Electric Vehicle