The Electric Power Steering Market

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.

• In October 2020, the BorgWarner acquired Delphi Technologies in a USD 3.3 billion stock deal. The deal is predicted to intensify BorgWarner’s electronics and power electronics product portfolio, capabilities and scale, making a leader in electrified propulsion.
• In May 2020, ZF Friedrichshafen AG acquired WABCO in a USD 7 billion deal. WABCO is now incorporated into ZF as its Commercial Vehicle Control Systems Division, and ZF and WABCO will create global integrated systems for commercial vehicle technology. WABCO and ZF had earlier made partnership for developing systems such as Evasive Maneuver Assist for collision mitigation in commercial vehicles. WABCO had also been a vital supplier of braking systems to ZF.
• In January 2020, JTEKT acquired shares of Yutaka Seimitsu Kogyo Ltd. from Toyota Motor Corporation (Toyota). Yutaka manufactures automotive parts and sells gears for general machines. The objective of the deal is to intensify the competitiveness of Toyota and JTEKT’s key driveline operations. Going forward, all Yutaka operations associated to drive components will be transferred from Toyota to JTEKT.

The global Electric Power Steering Market has been segmented as below:

Electric Power Steering Market, By Components

• Steering Wheel
• Steering Column
• Sensors
• Steering Gear
• Mechanical Rack and Pinion
• Electronic Control Unit
• Electric Motor
• Bearing

Electric Power Steering Market, By Electric Motor

• Brush Motor
• Brushless Motor

Electric Power Steering Market, By Application

• Passenger Cars (PC)
• Commercial Vehicles (CV)

Electric Power Steering Market, By Electric Vehicle

• BEV
• PHEV
• HEV

Electric Power Steering Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Electric Power Steering Market, By Company

• JTEKT Corporation
• DENSO Corporation
• Sona Koyo Steering Systems Ltd.
• ZF Friedrichshafen AG
• GKN plc.
• Robert Bosch GmbH
• NSK Ltd.
• Mitsubishi Electric Corporation
• China Automotive Systems, Inc.
• Delphi Technologies
• Hyundai Mobis
• Thyssenkrupp Business Area Components Technology
• SHOWA Corporation
• Mando Corp.
• Global Steering Systems
• Zhejiang Shibao Company Limited
• TRIDEC
• Nexteer Automotive Group Limited
• BorgWarner Inc.
• Hitachi Astemo, Ltd.
• Rollax GmbH & Co. Kg
• Tenneco
  

The report covers the below scope:

• Global Electric Power Steering Market sizes from 2020 to 2025, along with CAGR for 2020-2025
• Market size comparison for 2019 vs 2025, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2025
• Global Electric Power Steering Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Electric Power Steering Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

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.

Why to Buy this Report:

• Gain detailed insights on the Electric Power Steering industry trends
• Find complete analysis on the market status
• Identify the Electric Power Steering Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

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