Global Electric Power Steering System Market - WishTree Insight

Global Electric Power Steering System Market by System Type (Pinion Type, Column Type, and Others), Sensor Type (Steering Angle Sensor, Steering Torque Sensors, Combination Sensor, and Others), Vehicle Type (Commercial Vehicle and Passenger Vehicle), and Regions (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Electric Power Steering System market size was valued at USD 0.47 billion in 2022 and is expected to surpass USD 0.79 billion by 2032, expanding at a CAGR of 6.2 % during the forecast period, 2022–2032. The market's growth is attributed to the rise in demand for commercial applications.

INTRODUCTION

An Electric Power Steering (EPS) system uses an electric motor instead of a hydraulic pump to assist the driver in steering the vehicle. It provides smoother, quicker, and more accurate steering, and reduces fuel consumption compared to a traditional hydraulic power steering system. EPS is lighter and takes up less space, making it more suitable for use in small vehicles. Additionally, EPS can be integrated with other vehicle systems such as stability control, making it a versatile and advanced technology.

The electric power steering system market is expected to grow in the coming years, driven by increasing demand for fuel-efficient vehicles and stricter emission regulations. The growth of the electric vehicle market will also boost the demand for EPS systems, as they are more energy-efficient and lighter compared to hydraulic power steering systems. The increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles will further drive the growth of the EPS market. The Asia-Pacific region is expected to be the largest market for EPS systems due to the high demand for vehicles in countries such as China and India.

Market Trends, Drivers, Restraints, and Opportunities

• Rising disposable income and technological advancements are driving the global electric power steering system market.
• Increasing demand for electric vehicles is a crucial driver to boost the market growth.
• Government initiatives and regulations, promoting the use of electric vehicles through various initiatives are expected to propel the market.
• General torque sensor failure and high cost with EPS system compared to standard steering system are hindering the market growth.
• A shift toward a higher adoption rate of EVs is anticipated to boost the market.

Scope of the Report

Market Segment Insights

The column type segment is projected to register a considerable CAGR

Based on system type, the electric power steering system market is divided into pinion type, column type, and others. The column type segment is expected to expand rapidly during the forecast period as column assist EPS, which incorporates the steering aid mechanism on the column.

The Combination Sensor segment is expected to expand at a rapid pace

Based on sensor type, the electric power steering system market is divided into steering angle sensors, steering torque sensors, Combination Sensor, and others. The Combination Sensor segment is expected to expand rapidly during the forecast period.

The passenger vehicle segment is projected to register a considerable CAGR

On the basis of vehicle type, the electric power steering system market is segregated into commercial vehicles and passenger vehicles. The passenger vehicle segment is projected to register a considerable CAGR during the forecast period. As the EPS sensors are more cost-effective than the other alternatives that employ two separate sensors.

Asia Pacific is observed to have a crucial market share

In terms of regions, the electric power steering system market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is expected to constitute a key share of the market during the projected period as the organizations and government institutions in the region are intensely putting resources into the technology. However, the market in North America holds the largest share in past years and is expected to expand at a rapid pace during the forecast period owing to increasing demand for electric power steering systems due to the rising adoption of electrically-driven vehicles, such as pure EVs and hybrid cars.

Competitive Landscape

Key players competing in the Electric Power Steering System market are ThyssenKrupp AG (Germany); Bosch GmbH (Germany); Infineon Technology (Germany); Valeo S.A. (France); JTEKT Corporation (Japan); Hitachi Automotive Systems (Japan).

FAQs

How much is the market worth?

The Electric Power Steering System market size was valued at USD 0.47 billion in 2022 and is expected to surpass USD 0.79 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.2%.

What are the key drivers of the market?

The market's growth is attributed to the rise in demand for commercial applications.

What segments are covered in the Electric Power Steering System report?

The segments covered in the report are system type (pinion type, column type, and others), sensor type (steering angle sensor, steering torque sensors, Combination Sensor, and others), and vehicle type (commercial vehicle and passenger vehicle).

Mention which region is expected to hold the highest share of the Electric Power Steering System market.

The Asia Pacific region is expected to hold the highest share of the Electric Power Steering System market.

Mention the key players in the market.

ThyssenKrupp AG (Germany); Bosch GmbH (Germany); Infineon Technology (Germany); Valeo S.A. (France); JTEKT Corporation (Japan); Hitachi Automotive Systems (Japan).