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The global electric power steering market was valued at USD 25 billion in 2023 and grew at a CAGR of 6% from 2024 to 2033. The market is expected to reach USD 44.77 billion by 2033. The stringent regulatory framework will drive the growth of the global electric power steering market.
Steering systems are traditionally powered by hydraulic systems. Electric power steering on the other hand is powered by an electric motor. That is the basic difference between electric power steering and traditional steering. There are a few basic components that make up the electric power steering system. This includes an electric motor, vehicle speed sensor, torque sensor and electric control unit. Electric power steering is known to be more efficient and saves energy as it only utilizes power when steering is in use. Additionally, it is more user friendly as it offers precision and better control over steering. Electric power steering allows integration of other systems which streamline and centralize controls for better driving assistance. It finds applications across vehicles, especially modern-day passenger cars. It reduces vehicles weight by eliminating the need to have components for hydraulic systems which makes it more fuel efficient and eco-friendly. EPS is widely used in modern passenger cars. These systems also lead to reduced maintenance requirements.
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Stringent regulatory framework – the increasing number of car accidents has prompted government action to ensure safer cars are manufactured with enhanced safety features. it has also encouraged market players to improve their safety standards to retain consumer trust and market share. Regulatory bodies have also become more vigilant in the face of rising accidents and are actively inspecting safety standards of cars in the market through rigorous testing, compliance and accountability measures. consumers are also more aware about cars, their safety features and independent ratings on cars performance, which translates into an increasing demand for safer cars with better performance and advanced features. furthermore, the growing concerns about carbon emissions from vehicles driving climate change have also increased the demand for EPS in vehicles which are known to be sustainable with better fuel economy and efficiency. EPS systems are safer, more efficient, sustainable and offers a better fuel economy and driving experience, making them the preferred choice in the modern automotive industry. Therefore, the stringent regulatory framework will drive the global electric power steering market’s growth.
Cost considerations – Electric Power Steering (EPS) systems require substantial capital for research and development before innovating a working EPD systems. Further improvements in these systems and integration of these systems into the existing infrastructure of the vehicle require significant capital and certain skill set. The components used in these systems, right from the hardware such as sensors to software for feedback systems, are also expensive. Qualified and trained personnel also entail significant costs in terms of remuneration for installation, integration, configuration, repair and maintenance. Therefore, the cost considerations of electric power steering systems will hamper the market’s growth.
Technological advancements – Technological advancements have enabled the development of advanced EPS systems with improve performance and better efficiency. Integration of EPS into Advanced systems has led to improved safety with features like lane and parking assistance. It has also made driving more comfortable and convenient. the rising production of electric vehicles which are highly compatible with EPS bodes well for the market. the advancements in electric and hybrid vehicles along with a rising push for producing and adopting electric vehicles will augments the future global EPS market’s growth. similarly, the growing exploration of autonomous driving will bode well for the EPS market. therefore, technological advancements will further the global electric power steering market during the forecast period.
The regions analysed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global electric power steering market, with a 38% market revenue share in 2023.
The region is home to key market players driving innovation in electric power steering systems. These industry players also invest heavily in research and development which also benefits the market. the economies in the region are open to experimentation and readily adopt new technologies like EPS which is beneficial for regional market’s growth. furthermore, the growing concerns about carbon emissions has led to stringent regulatory framework mandating the adoption of sustainable and eco-friendly products and systems in the economy which will benefit EPS systems as they are known to reduce carbon emissions from vehicles. The high per capita income translates to increased demand for advanced technology in cars and therefore drives the demand for cars with EPS. A well-established and advanced automotive industry with vast manufacturing capabilities also contributes to the regional market’s dominance in the global market.
North America Region Electric Power Steering Market Share in 2023 - 38%
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The component segment is divided into steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. The sensors segment dominated the market, with a market share of around 35% in 2023. Sensors are a relaying mechanism vital for monitoring and control systems in EPS. Sensors are a connecting component between inputs from the drivers that are relayed to EPS which then adjusts accordingly to offer the right assistance for a smooth and comfortable driving experience. The real-time information relaying enables faster response and a better drive. It also measures speed and offers assistance accordingly to improve safety and stability of the vehicle. The real time monitoring enable through sensors facilitates better control and ensures a smooth driving experience by making the required adjustments.
The mechanism segment is divided into collapsible EPS and rigid EPS. The collapsible segment dominated the market, with a market share of around 60% in 2023. Collapsible Electric Power Steering (EPS) systems as the name suggests collapse in the event of frontal collision which reduces the risk of impact and injury for the drivers. It is considered safer. The collapsibility feature does not hinder with the performance of the EPS when in regular operation. They dominate the market as they are mandated by regulatory authorities to ensure safety of occupants. Consumers are inclined towards vehicles with enhanced safety features which increases the demand for collapsible EPS. The integration of such safety features into the steering column optimizes space utilization without comprising vehicle functionality, making collapsible EPS a dominant type in the market.
The type segment is divided into C-EPS, P-EPS, and R-EPS. The C-EPS segment dominated the market, with a market share of around 41% in 2023. Column Assist Type (C-EPS) in Electric Power Steering (EPS) systems basically attaches the electric motor directly onto the steering column. Sometimes it can also be near the steering column as well. C-PES mechanism is a smart system that improves driving experience by changing controls according to the inputs received from the drivers. C-PES is compact and can be easily integrated into the vehicle systems without compromising functionality or the aesthetics of the vehicles. The direct connection improves precision, reaction time, comfort and overall driving experience. It offers better control and navigation. It is the dominant type in the market given it compact size which saves space and its quick and efficient performance. It is also cost-effective.
The vehicle segment is divided into passenger cars, commercial vehicles, and electric vehicles. The passenger cars segment dominated the market, with a market share of around 51% in 2023. Passenger cars are vehicles owned by individuals and used for personal tasks such as travelling from one place to another. It is not a commercial vehicle. They are the dominant type of vehicles globally given the rising population and increasing disposable income which has driven the demand for passenger cars. EPS is widely used in passenger cars to improve driving performance, vehicle efficiency, safety and comfort of the occupants. The increasing awareness about sustainability and safety in cars among consumers has encouraged the use of EPS in them to attract consumers. consumers prefer EPS systems in cars as it is a smart system that reduces stress for the driver and enhances the overall driving experience. It is safer and produces less carbon emissions. It is also a better system in terms of fuel efficiency. Therefore, the increasing demand for passenger cars embedded with EPS given the rising disposable income of the growing population and increasing number of market players introducing new vehicles with competitive prices can be attributed for its dominance in the market.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 25 Billion |
| Market size value in 2033 | USD 44.77 Billion |
| CAGR (2024 to 2033) | 6% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analysed at the country level. |
| Segments | Component, Mechanism, Type, and Vehicle |
As per The Brainy Insights, the size of the global electric power steering market was valued at USD 25 billion in 2023 to USD 44.77 billion by 2033.
Global electric power steering market is growing at a CAGR of 6% during the forecast period 2024-2033.
The market's growth will be influenced by the Stringent regulatory framework.
Cost considerations could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global electric power steering market based on below mentioned segments:
Global Electric Power Steering Market by Component:
Global Electric Power Steering Market by Mechanism:
Global Electric Power Steering Market by Type:
Global Electric Power Steering Market by Vehicle:
Global Electric Power Steering Market by Region:
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