Automotive Electronic Power Steering - Global Strategic Business Report

The global market for Automotive Electronic Power Steering was estimated at US$25.0 Billion in 2023 and is projected to reach US$35.3 Billion by 2030, growing at a CAGR of 5.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Automotive Electronic Power Steering Market - Key Trends and Drivers Summarized

What's Fueling the Shift to Automotive Electronic Power Steering?

The automotive industry is experiencing a significant transformation, and one of the key innovations at the center of this change is the widespread adoption of Electronic Power Steering (EPS) systems. Unlike traditional hydraulic power steering systems, EPS systems are powered by electric motors, offering several advantages, including better fuel efficiency, reduced emissions, and enhanced driving comfort. The shift towards EPS has been accelerated by the growing consumer demand for vehicles that offer not only performance but also energy efficiency. As the push for more sustainable automotive solutions continues, manufacturers are increasingly turning to EPS as a way to reduce the overall weight of vehicles, thereby improving fuel economy and meeting stringent emissions regulations. This transition from hydraulic to electronic systems is particularly evident in electric vehicles (EVs), where the absence of a traditional internal combustion engine makes the adoption of EPS a natural fit.

How Is Technology Reshaping the Future of Automotive Steering Systems?

The evolution of vehicle technology, particularly in the realm of advanced driver assistance systems (ADAS) and autonomous driving, is reshaping the landscape of automotive steering systems. EPS systems are now at the forefront of this transformation, as they can seamlessly integrate with ADAS technologies, providing the precision and responsiveness required for features like lane-keeping assistance, automatic parking, and collision avoidance. The development of steer-by-wire technology, which eliminates the physical connection between the steering wheel and the wheels, is another groundbreaking innovation that holds the potential to revolutionize the market. This technology offers greater flexibility in vehicle design and opens up new possibilities for autonomous driving applications, where traditional steering systems might fall short. Moreover, the growing reliance on AI and machine learning to predict and adapt to driving conditions further underscores the importance of EPS systems in future vehicle designs.

What Role Do Consumer Preferences Play in EPS Adoption?

Consumer preferences are increasingly driving the adoption of EPS systems in vehicles. Today's consumers prioritize safety, convenience, and an overall enhanced driving experience, all of which are supported by the capabilities of EPS. The growing trend towards urbanization has led to increased traffic congestion, which in turn has heightened the demand for vehicles that offer easy maneuverability and responsive steering. EPS systems are perfectly suited to meet these needs, providing drivers with precise control and reduced effort in steering, especially at low speeds. Furthermore, as consumers become more environmentally conscious, there is a noticeable shift towards electric and hybrid vehicles, both of which benefit greatly from the integration of EPS. The demand for premium vehicles, equipped with the latest technological advancements, is also contributing to the growth of the EPS market, as manufacturers strive to meet consumer expectations for performance and luxury.

What's Driving the Growth of the Automotive Electronic Power Steering Market?

The growth in the automotive electronic power steering market is driven by several factors, most notably the increasing electrification of vehicles. As the automotive industry shifts towards electric and hybrid powertrains, the demand for EPS systems continues to rise due to their compatibility with these technologies. Regulatory pressures aimed at reducing vehicle emissions are also playing a crucial role, as EPS systems contribute to lower fuel consumption and reduced environmental impact compared to traditional hydraulic systems. The advancements in ADAS and the pursuit of autonomous driving capabilities are further propelling the adoption of EPS, given the system's ability to enhance vehicle control and safety. Moreover, the ongoing trend towards vehicle lightweighting is encouraging manufacturers to replace heavier hydraulic components with lighter, more efficient electronic systems. The rising consumer expectations for safety, comfort, and advanced features in vehicles are also significant drivers of market growth, as they push OEMs to invest in and prioritize the integration of EPS systems in their vehicle offerings.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Hydraulic EPS segment, which is expected to reach US$11.3 Billion by 2030 with a CAGR of a 4.6%. The Rack Assist EPS segment is also set to grow at 4.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $6.6 Billion in 2023, and China, forecasted to grow at an impressive 7.6% CAGR to reach $7.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Automotive Electronic Power Steering Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Automotive Electronic Power Steering Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Automotive Electronic Power Steering Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Bosch Mobility Solutions, Hitachi Automotive Systems Ltd., JTEKT Corporation, and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 42 Featured):

• Bosch Mobility Solutions
• Hitachi Automotive Systems Ltd.
• JTEKT Corporation
• KSR International Co.
• Mando Corporation
• Nexteer Automotive Group Ltd.
• NSK Ltd.
• Showa Corporation
• Sona Koyo Steering Systems Ltd.
• thyssenkrupp Presta AG