The Electric Power Steering Market is expected to grow from USD 22.1 billion in 2020 to USD 32.2 billion by 2026 at a CAGR of 5.0% from 2020 to 2026.
Electric power steering works by an electric motor to steer the wheel while hydraulic power steering utilizes a pump which is integrated with an oil tank. The utilization of the pump in hydraulic power steering continuously places a load on the vehicle’s engine, which in turn impacts the fuel consumption and vehicle performance. Power steering systems offers the torque which is implemented to the steering wheel to drive the vehicle. The electric power steering market is expanding rapidly owing to an increase in demand for advanced safety features in vehicles, which is projected to boost the penetration of electric power steering in vehicles. Rising deployment of advanced drive assist systems is anticipated to accelerate the electric power steering market across the world. Furthermore, the surge in sales of vehicles across the world owing to the decline in tax rates on vehicles is also a major factor surging the demand for electric power steering in vehicles. Significant demand for electric vehicles owing to implementation of stringent emission norms is estimated to further propel the electric power steering market across the world. Increase in deployment of advanced electric components in vehicles to enhance safety features is projected to contribute the electric power steering market growth. Automotive manufacturers are utilizing an increased number of electric components and systems in their vehicles to enhance the quality and driving experience of their vehicles. Manufacturers are deploying electronic devices and systems to increase the efficacy of their vehicles and monitor the working of all key components as to detect faults, initially, before they become serious. On the other hand, the huge cost of EPS as compared to conventional steering systems and dearth of steering feel are few factors likely to limit the market growth.
Penetration of electric power steering system is estimated to increase at a remarkable pace during the forecast period, as the technology provides several benefits over the present hydraulic power steering technology, including low maintenance cost and assistance in offering higher fuel efficiency.
The global Electric Power Steering Market is segregated on the basis of Components as Steering Wheel, Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor and Bearing. Based on Electric Motor the global Electric Power Steering Market is segmented in Brush Motor and Brushless Motor. Based on Application the global Electric Power Steering Market is segmented in Passenger Cars (PC) and Commercial Vehicles (CV). Based on Electric Vehicle the global Electric Power Steering Market is segmented in BEV, PHEV and HEV.
The global Electric Power Steering Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Electric Power Steering Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc, Robert Bosch GmbH and others are among the major players in the global Electric Power Steering Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Electric Power Steering Market has been segmented as below:
Electric Power Steering Market, By Components
Electric Power Steering Market, By Electric Motor
Electric Power Steering Market, By Application
Electric Power Steering Market, By Electric Vehicle
Electric Power Steering Market, By Region
Electric Power Steering Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Electric Power Steering Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Electric Power Steering Market share. Major industry players with significant revenue share include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc, Robert Bosch GmbH, NSK Ltd. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Electric Power Steering Market, By Components
5.1. Key Points
5.2. Steering Wheel
5.3. Steering Column
5.4. Sensors
5.5. Steering Gear
5.6. Mechanical Rack and Pinion
5.7. Electronic Control Unit
5.8. Electric Motor
5.9. Bearing
6. Electric Power Steering Market, By Electric Motor
6.1. Key Points
6.2. Passenger Cars (PC)
6.3. Commercial Vehicles (CV)
7. Electric Power Steering Market, By Electric Vehicle
7.1. Key Points
7.2. BEV
7.3. PHEV
7.4. HEV
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Electric Power Steering Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. JTEKT Corporation
9.2. DENSO Corporation
9.3. Sona Koyo Steering Systems Ltd.
9.4. ZF Friedrichshafen AG
9.5. GKN plc.
9.6. Robert Bosch GmbH
9.7. NSK Ltd.
9.8. Mitsubishi Electric Corporation
9.9. China Automotive Systems, Inc.
9.10. Delphi Technologies
9.11. Hyundai Mobis
9.12. Thyssenkrupp Business Area Components Technology
9.13. SHOWA Corporation
9.14. Mando Corp.
9.15. Global Steering Systems
9.16. Zhejiang Shibao Company Limited
9.17. TRIDEC
9.18. Nexteer Automotive Group Limited
9.19. BorgWarner Inc.
9.20. Hitachi Astemo, Ltd.
9.21. Rollax GmbH & Co. Kg
9.22. Tenneco
Electric Power Steering Market, By Components
Electric Power Steering Market, By Electric Motor
Electric Power Steering Market, By Application
Electric Power Steering Market, By Electric Vehicle