According to the Market Statsville Group (MSG), the global Electric Power Steering Market size is expected to grow from USD 24.5 million in 2021 to USD 39.6 million by 2030, at a CAGR of 5.5% from 2022 to 2030. The rise in the need to reduce the weight and complexity of vehicles as per the increasing measures taken by OEMs (Original Equipment Manufacturers) globally will drive market growth. Moreover, governments are mandating norms related to fuel-efficient technologies, which is expected to propel growth. Furthermore, advantages of electric power steering, such as adjustable power and low fuel consumption, offering better performance than traditional power steering, are expected to bring opportunities for the market. However, high costs may hinder the growth in the forecast period, especially in low-income or emerging economies.   

Global Electric Power Steering Market Definition

The electric power steering system is an alternative to the traditional steering system, such as hydraulic and electro-hydraulic systems. It consists of an electronic control unit (ECU), electric motors, steering rack, steering wheel, and torque sensors. When the driver turns the steering wheel, an input is generated and read by the sensors, which is relayed to the ECU. The steering uses the electric motor to draw the energy from the vehicle’s electrical system. Owing to operational benefits, electric power steering is high in demand. Many manufacturers are investing in research and development to develop energy-efficient electric power steering, driving the market in the forecast period.

COVID-19 Impact on the Global Electric Power Steering Market

The covid-19 pandemic had a significant impact on the automotive industry. The European automotive industry, in particular, has been severely affected by the pandemic. According to ACEA (European Automobile Manufacturers' Association), car sales plunged by almost 32% in the first two-quarters of 2020, and production stopped for an average of 28 days. Considering the North American market, as per data provided by the Association of American Railroads, auto sales plunged by 46% from April 2019 to April 2020. The collapse was jarring considering the best five-year period in North American auto sales history. However, as the world started to adapt to the new normal, automakers and suppliers began to adopt various steps to maintain their position in the market.

Scope of the Global Electric Power Steering Market

The study categorizes the electric power steering market based on type, component, electric motor, application, electric vehicle, EV gear type, mechanism, and off-highway application at the regional and global levels.

By Type (Revenue, USD Million, 2017-2030)

• Rack Assist Type (REPS)
• Colum Assist Type (CEPS)
• Pinion Assist Type (PEPS)

By Component (Revenue, USD Million, 2017-2030)

• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing

 By Electric Motor (Revenue, USD Million, 2017-2030)

• Brush motor
• Brushless motor

By Application (Revenue, USD Million, 2017-2030)

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

By Electric Vehicle (Revenue, USD Million, 2017-2030)

• BEV
• PHEV
• FCEV

By EV Gear Type (Revenue, USD Million, 2017-2030)

• Worm Gear
• Ball Screw

By Mechanism (Revenue, USD Million, 2017-2030)

• Rigid
• Collapsible

By Off-Highway Application (Revenue, USD Million, 2017-2030)

• Construction equipment
• Agricultural equipment

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Collapsible segment is witnessed to account for the highest market share by mechanism

In 2021, the collapsible electric power steering system accounted for the highest market share in the global electric power steering market. With the advancements in technologies, the use of collapsible power steering systems has increased. They are widely used in electric as well as conventional vehicles. Further, the growing demand for electric vehicles may create a significant segmental growth over the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period

Globally, Asia Pacific dominates the market in terms of market share and is estimated to hold the highest CAGR in the global electric power steering market during the forecast period. While China has the highest penetration in the market, other countries are not behind. Japan is the center of many leading manufacturers of steering systems. The presence of key manufacturers in the region is the driving force for the high penetration in the market. Moreover, Europe has a large number of OEM and tire-1 suppliers with advanced R&D facilities for electric power steering, which is expected to drive the European automotive electric power steering market.

Key Market Players in the Global Electric Power Steering Market

The electric power steering market is mildly concentrated in nature, with few numbers of global players operating in the market, such as:

• JTEKT Corporation

• NSK
• Nexteer
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Delphi Technologies
• Mitsubishi Electric Corporation
• DENSO CORPORATION
• Mando Corp
• Global Steering

Key Issues Addressed

• What is the market size by various segmentation of the electric power steering by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the electric power steering market?
• What are the key opportunities and trends for manufacturers involved in the electric power steering supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of electric power steerings in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.