Automotive Electric Power Steering (EPS) Market Furnishes Information on Market Share, Market Trends, and Market Growth

Automotive Electric Power Steering (EPS) Introduction

The Global Market Overview of "Automotive Electric Power Steering (EPS) Market" offers a unique insight into key market trends shaping the industry world-wide and in the largest markets. Written by some of our most experienced analysts, the Global Industrial Reports are designed to provide key industry performance trends, demand drivers, trade, leading companies and future trends. The Automotive Electric Power Steering (EPS) market is expected to grow annually by 14.4% (CAGR 2024 - 2031).

Automotive Electric Power Steering (EPS) is a system that uses an electric motor to assist the driver in steering the vehicle. The purpose of EPS is to provide smoother and more responsive steering control, especially at low speeds, while also improving fuel efficiency by reducing the load on the engine compared to traditional hydraulic power steering systems.

The advantages of EPS include improved handling and maneuverability, reduced maintenance requirements, and the ability to integrate with advanced driver assistance systems for enhanced safety features. EPS also allows for customization of steering feel and feedback based on driving preferences.

The Automotive Electric Power Steering (EPS) Market is expected to see significant growth due to increasing demand for fuel-efficient vehicles and the continuous advancements in automotive technology. The market is also being driven by stricter regulations on emissions and safety standards that favor the adoption of EPS systems in vehicles.

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Market Trends in the Automotive Electric Power Steering (EPS) Market

- Increasing demand for electric vehicles is driving the growth of Automotive Electric Power Steering (EPS) systems, as they are more energy-efficient and provide better driving performance.

- The development of advanced driver-assistance systems (ADAS) is leading to the integration of EPS with steering automation technologies, enhancing safety and convenience for drivers.

- The adoption of steer-by-wire technology is revolutionizing the traditional steering systems by eliminating mechanical linkages, resulting in lighter and more responsive steering.

- Manufacturers are focusing on developing EPS systems with improved efficiency and durability to meet the stringent environmental regulations and consumer demands for sustainable and long-lasting products.

- Industry disruptions such as the rise of autonomous vehicles and connected car technologies are reshaping the Automotive EPS market, driving the need for more advanced and intelligent steering solutions.

Market Segmentation

The Automotive Electric Power Steering (EPS) Market Analysis by types is segmented into:

• C-EPS
• P-EPS
• R-EPS

There are three main types of Automotive Electric Power Steering (EPS): Column Electric Power Steering (C-EPS), which uses an electric motor mounted on the steering column; Pinion Electric Power Steering (P-EPS), which has the motor mounted directly on the steering rack; and Rack Electric Power Steering (R-EPS), which has the motor mounted on the steering rack with a ball screw mechanism. These types of EPS systems provide better handling, improved fuel efficiency, and overall enhanced driving experience, thereby boosting the demand for Automotive Electric Power Steering in the market.

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The Automotive Electric Power Steering (EPS) Market Industry Research by Application is segmented into:

• Passenger Vehicle
• Commercial Vehicle

The application of Automotive Electric Power Steering (EPS) in passenger vehicles and commercial vehicles provides a more efficient and precise steering system compared to traditional hydraulic power steering. EPS uses an electric motor to assist with steering, resulting in better handling and reduced energy consumption. Passenger vehicles and commercial vehicles benefit from improved maneuverability and comfort. The commercial vehicle segment is the fastest growing in terms of revenue, as fleet operators are increasingly adopting EPS technology to enhance driver convenience and reduce maintenance costs. Overall, Automotive EPS is a key technology driving innovation in the automotive sector.

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Geographical Spread and Market Dynamics of the Automotive Electric Power Steering (EPS) Market

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

The Automotive Electric Power Steering (EPS) market is experiencing rapid growth across all regions due to the increasing demand for fuel-efficient and lightweight steering systems. In North America, the United States and Canada are key regions driving market growth with a focus on technological advancements in EPS systems. In Europe, countries such as Germany, France, ., Italy, and Russia are witnessing a surge in demand for EPS systems due to stringent emission regulations. In Asia-Pacific, China, Japan, South Korea, India, and Australia are significant markets for EPS systems due to the growing automotive industry. Latin America, including Mexico, Brazil, Argentina, and Colombia, is also witnessing increasing demand for EPS systems. Key players such as JTEKT, Bosch, NSK, Nexteer, ZF, Mobis, Showa, Thyssenkrupp, and Mando are dominating the market with their focus on innovation, product development, and strategic partnerships. The Middle East & Africa region, including Turkey, Saudi Arabia, UAE, and Korea, also present lucrative opportunities for market growth.

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Automotive Electric Power Steering (EPS) Market Growth Prospects and Market Forecast

The Automotive Electric Power Steering (EPS) Market is expected to witness a CAGR of around 5% during the forecasted period, driven by innovative technologies such as steer-by-wire systems, which offer improved steering control and efficiency. Additionally, the increasing demand for fuel-efficient vehicles and the growing trend towards autonomous and electric vehicles will further propel the market growth.

To foster growth in the Automotive EPS Market, manufacturers are increasingly focusing on deploying advanced driver assistance systems (ADAS) and integrating sensors and artificial intelligence to enhance steering performance and safety. Additionally, the adoption of cloud-based systems and the development of predictive maintenance solutions are anticipated to drive market expansion.

Moreover, the introduction of energy-efficient electric power steering systems and the integration of electronic stability control (ESC) systems are key trends that will boost the market's growth prospects. Manufacturers are also exploring partnerships and collaborations with technology firms to develop innovative EPS solutions, thereby enhancing their competitive advantage in the market. Overall, these innovative strategies and trends are expected to accelerate the growth of the Automotive Electric Power Steering Market in the coming years.

Automotive Electric Power Steering (EPS) Market: Competitive Intelligence

• JTEKT
• Bosch
• NSK
• Nexteer
• ZF
• Mobis
• Showa
• Thyssenkrupp
• Mando

1. JTEKT Corporation: JTEKT is a leading player in the automotive electric power steering market, offering innovative products and solutions. The company has a strong global presence and has been expanding its market share through strategic partnerships and acquisitions. JTEKT's revenue for the fiscal year 2020 was $ billion.

2. Bosch Automotive Steering: Bosch is a major player in the automotive electric power steering market, known for its cutting-edge technology and high-quality products. The company has a strong R&D focus and has been investing heavily in developing new steering systems. Bosch's revenue for the fiscal year 2020 was $52 billion.

3. Nexteer Automotive: Nexteer is a global leader in automotive steering systems, including electric power steering. The company has a strong track record of innovation and has been introducing advanced technologies to improve steering performance and efficiency. Nexteer's revenue for the fiscal year 2020 was $3.9 billion.

4. ZF Friedrichshafen AG: ZF is a leading supplier of automotive components, including electric power steering systems. The company has a strong presence in the market and offers a wide range of steering solutions. ZF's revenue for the fiscal year 2020 was $35 billion.

5. Thyssenkrupp AG: Thyssenkrupp is a diversified industrial conglomerate that manufactures automotive components, including electric power steering systems. The company has a strong focus on innovation and has been investing in developing advanced steering technologies. Thyssenkrupp's revenue for the fiscal year 2020 was $38 billion.

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