Global Electric Power Steering Market Outlook, 2029

The Electric Power Steering (EPS) market is anticipated to surpass USD 35 Billion by 2029, influenced by advancements in automotive technology and the shift towards electric vehicl

The electric power steering (EPS) market is shifting into high gear, with analysts predicting significant growth in the coming years. This rise is fueled by a confluence of factors, making EPS a key technology in the future of automotive steering. The market is set to experience a healthy growth rate, with estimates ranging from 5.44% over the next seven years. This growth is directly linked to the increasing popularity of electric and automatic vehicles. Unlike traditional hydraulic systems, EPS is a perfect fit for these modern cars, offering a seamless driving experience. Several other factors are propelling the EPS market forward. The self-driving car revolution is a major driver, as EPS systems offer greater adaptability to the complex needs of autonomous vehicles. Additionally, EPS boasts several advantages over traditional hydraulic systems. These include enhanced safety features, improved fuel efficiency, and the ability to adapt to various driving modes, giving drivers more control over their vehicles. The EPS market is not just geographically widespread; it's also experiencing strong growth in developed countries. Factors like rising disposable income and continuous advancements in technology are fuelling this trend. However, the market is expected to see significant growth across the globe as the demand for passenger and commercial vehicles, regardless of location, continues to rise. According to the research report, “Electric Power Steering Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 35 Billion by 2029. To understand the EPS market in more detail, we can break it down by type, application, and region. The C-EPS segment, specifically designed for compact vehicles due to its space-saving design, is predicted to hold the largest market share. Within the EPS system itself, the sensor segment is expected to witness the fastest growth. These sensors play a critical role by constantly feeding real-time data to the vehicle's control unit, ensuring optimal performance and safety. Looking ahead, the EPS market is poised for continued growth in the coming years. The rising popularity of electric and automatic vehicles, coupled with increasing disposable income and advancements in EPS technology, will paint a bright future for this dynamic market. As the demand for efficient and adaptable steering systems grows, we can expect further innovation and development in EPS technology, shaping the future of driving. Technological trends within EPS are extensively explored, encompassing innovations in sensor technology, control algorithms, and the integration of EPS with vehicle dynamics systems to enhance performance and efficiency. Market segmentation is detailed, covering different types of EPS systems (such as column-assist and rack-assist EPS) and categorizing by vehicle type (including passenger cars and commercial vehicles) and geographic regions. Furthermore, the report offers a competitive landscape analysis, profiling key market players, their strategies, product portfolios, and market shares, alongside insights into industry developments such as mergers, acquisitions, collaborations, and partnerships. This comprehensive approach provides stakeholders with valuable insights into the evolving landscape of electric power steering R&D, aiding in strategic decision-making and market positioning.

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Market DriversGovernment regulations: Governments around the world are implementing stricter fuel efficiency standards, which is driving the demand for fuel-efficient vehicles. EPS systems are a key component of these vehicles, as they provide improved fuel efficiency and reduced emissions. • Increasing demand for luxury vehicles: Luxury vehicles are increasingly adopting EPS systems, which provide improved handling and steering performance. This is driving the demand for EPS systems in the luxury vehicle segment. • Growing adoption of advanced safety features: EPS systems are increasingly being used in conjunction with advanced safety features such as lane departure warning systems and blind spot detection systems. This is driving the demand for EPS systems in the safety segment. • Electrification of vehicles: The trend towards electrification of vehicles is driving the demand for EPS systems, as electric vehicles require advanced steering systems to provide improved handling and steering performance Market Challenges

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Manmayi Raval

Manmayi Raval

Research Consultant

High cost: EPS systems are more expensive than traditional hydraulic power steering systems, which can make them less attractive to some consumers. • Complexity: EPS systems are more complex than traditional power steering systems, which can make them more difficult to install and maintain. • Limited compatibility: EPS systems may not be compatible with all types of vehicles, which can limit their adoption. ? Market TrendsIncreased adoption of electric power steering: The trend towards electrification of vehicles is driving the demand for EPS systems, as electric vehicles require advanced steering systems to provide improved handling and steering performance. • Growing demand for advanced safety features: The demand for advanced safety features such as lane departure warning systems and blind spot detection systems is driving the demand for EPS systems. • Increasing adoption of autonomous vehicles: The trend towards autonomous vehicles is driving the demand for EPS systems, as autonomous vehicles require advanced steering systems to provide improved handling and steering performance. • Growing demand for luxury vehicles: The demand for luxury vehicles is driving the demand for EPS systems, as luxury vehicles are increasingly adopting EPS systems to provide improved handling and steering performance. Based on the report, the Propulsion System segment is Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS) and Pinion Electric Power Steering (P-EPS). The Internal Combustion Engines (ICE) are leading in the Electric Power Steering industry due to their widespread adoption in conventional vehicles, which form the majority of the current global vehicle fleet.

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Manmayi Raval

The dominance of Internal Combustion Engines (ICE) in the Electric Power Steering (EPS) industry stems primarily from their entrenched position as the prevailing propulsion system in the global automotive market. ICE-powered vehicles have historically dominated the roads, comprising the vast majority of vehicles produced and sold worldwide. This prevalence translates directly into a significant installed base of vehicles equipped with EPS systems designed to work optimally with ICEs. The automotive industry has invested heavily in developing and refining EPS technology for vehicles powered by internal combustion engines. This has resulted in mature and well-established EPS systems that seamlessly integrate with ICEs, ensuring reliable and efficient operation across various vehicle types, from compact cars to heavy-duty trucks. Manufacturers have refined EPS systems to enhance vehicle handling, reduce steering effort, and improve fuel efficiency, aligning with consumer demands for comfort and performance. The infrastructure supporting ICE-powered vehicles, including manufacturing facilities, supply chains, and service networks, is extensive and well-developed globally. This ecosystem supports the production, distribution, and maintenance of vehicles equipped with EPS systems tailored to ICEs. The familiarity and reliability of ICEs in the automotive industry have contributed to a robust market for EPS components and technologies designed specifically for these propulsion systems. while Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) are gaining traction in the automotive market, their adoption rates are still relatively lower compared to ICE vehicles. EVs and HEVs require different types of EPS systems compared to ICE vehicles, often incorporating electric power steering systems that operate differently due to the unique characteristics of electric motors and battery packs. The development and adaptation of EPS technology for EVs and HEVs are ongoing processes that require specialized engineering and integration efforts, which are not as mature or widespread as those for ICE vehicles. The transition to electric propulsion systems poses challenges such as range anxiety, charging infrastructure, and battery technology limitations, which have impacted the rapid adoption of EVs and HEVs on a global scale. These factors contribute to a slower uptake of EPS systems designed specifically for electric propulsion vehicles compared to the well-established market for ICE-powered vehicles. On the basis of report, the Type segment is segmented into Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS) and Pinion Electric Power Steering (P-EPS). The Rack Electric Power Steering (R-EPS) is growing in the Electric Power Steering industry due to its superior precision, responsiveness, and compatibility with modern vehicle dynamics and safety systems. Rack Electric Power Steering (R-EPS) is increasingly gaining prominence in the Electric Power Steering (EPS) industry primarily because of its enhanced precision and responsiveness, which align well with the evolving demands of modern vehicle dynamics and safety standards. Unlike traditional hydraulic power steering systems, R-EPS utilizes an electric motor mounted directly on the steering rack, offering more direct and immediate control over steering input. This direct connection enables quicker response times and finer adjustments, providing drivers with a more intuitive and agile driving experience. The main advantages of R-EPS lie in its ability to integrate seamlessly with advanced vehicle safety and driver assistance systems. Modern vehicles are equipped with technologies such as lane-keeping assist, adaptive cruise control, and collision avoidance systems, which rely on accurate and timely steering inputs. R-EPS's precision and responsiveness make it well-suited for these applications, enhancing overall vehicle safety and maneuverability. R-EPS systems contribute to improved fuel efficiency compared to traditional hydraulic power steering systems. By eliminating the constant draw of power from the engine required by hydraulic systems, electrically powered R-EPS can operate more efficiently, especially in hybrid and electric vehicles where energy conservation is critical. This efficiency aligns with global automotive trends toward reducing emissions and enhancing sustainability. Another factor driving the growth of R-EPS is its versatility across various vehicle platforms. Whether in compact city cars or larger SUVs, R-EPS can be adapted to suit different vehicle sizes and driving conditions. Manufacturers have been refining R-EPS technology to enhance its capabilities in terms of noise reduction, durability, and adaptability to varying road conditions, further solidifying its appeal across a broad range of vehicle segments. The automotive industry's shift towards electrification and autonomy has spurred innovation in R-EPS technology. Electric and autonomous vehicles require steering systems that are not only efficient and precise but also capable of integrating with advanced sensor arrays and autonomous driving controls. R-EPS's design flexibility and compatibility with digital control systems make it a preferred choice for automakers aiming to enhance the driving experience and pave the way for future mobility solutions. APAC is leading in the electric power steering industry due to its robust manufacturing infrastructure and strategic investments in automotive technology. The Asia-Pacific (APAC) region has emerged as a powerhouse in the electric power steering (EPS) industry primarily due to its unparalleled manufacturing infrastructure and strategic investments in automotive technology. This dominance can be attributed to several key factors that collectively shape the region's leadership in EPS innovation and production. APAC's manufacturing capabilities are unmatched globally. Countries like China, Japan, South Korea, and Taiwan have established themselves as manufacturing hubs with sophisticated facilities capable of producing high-precision automotive components at scale. This infrastructure not only supports the mass production requirements of EPS systems but also enables rapid technological advancements and cost efficiencies. The availability of skilled labor further enhances the region's capacity to meet the demanding specifications of global automotive manufacturers. APAC's strategic focus on automotive technology and innovation plays a pivotal role in its leadership in the EPS sector. Governments and industry stakeholders across the region have actively promoted research and development initiatives aimed at enhancing vehicle safety, performance, and fuel efficiency. This concerted effort has fostered a conducive environment for EPS innovation, leading to the development of advanced steering technologies that cater to diverse automotive applications—from passenger vehicles to commercial trucks. APAC benefits from its proximity to major automotive markets and a vast network of suppliers and partners. This geographical advantage facilitates seamless collaboration across the automotive value chain, from component manufacturers to OEMs (Original Equipment Manufacturers). Such synergies enable quicker adoption of new technologies and swift responses to market demands, thereby reinforcing the region's competitive edge in the global EPS market. The robust growth of the automotive sector in APAC economies has driven substantial investments in EPS infrastructure. As consumer preferences shift towards electric and hybrid vehicles, the demand for efficient steering systems has surged. APAC-based companies, backed by their extensive industry knowledge and production capabilities, have capitalized on this trend by offering reliable and innovative EPS solutions that meet stringent regulatory standards and consumer expectations worldwide. APAC's proactive stance on sustainability and emission reduction aligns with the automotive industry's transition towards greener technologies. Electric power steering systems not only improve vehicle efficiency but also contribute to reducing carbon footprints, thus supporting global initiatives for environmental conservation. This alignment has reinforced APAC's position as a preferred manufacturing base for EPS systems, attracting continued investments and fostering a dynamic ecosystem of research, development, and production in the region. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Electric Power Steering market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By type • Column type • Pinion Type • Dual Pinion type By Component Type • Steering rack • Steering motor By Vehicle type • Commercial vehicles • Passenger type The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Power Steering industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge ?

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Global Electric Power Steering Market Outlook, 2029

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