The Electric Power Steering Market is projected to grow at a CAGR of 5.4% from 2021 to 2027, to reach a market size of USD 33.4 billion by 2027 from USD 24.3 billion in 2021. The major factors driving the growth of the electric power steering market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
Asia Pacific: Rapid vehicle electrification in China is propelling the growth of Asia Pacific market
The growth of the electric power steering market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.
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Column assist EPS (CEPS) holds the largest market share in 2021
The column assist EPS (CEPS), which incorporates the steering assist mechanism on the column, is estimated to hold the largest share of the electric power steering market in 2021. The growth of this EPS type can be attributed to the higher production of passenger cars as compared to commercial vehicles. CEPS can support the steering function of the driver on low torques and low frontal axle loads, which is suitable for low-end and mid-range passenger cars. As these vehicle segments account for the largest share of the overall vehicle production, CEPS has the highest market share amongst all the EPS types.
Collapsible steering column– The largest share of electric power steering market in 2021
The collapsible steering column is estimated to hold the largest share of the electric power steering market in 2021. It is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.
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The report profiles the most promising players in the electric power steering market. The market presents an interesting picture of a large number of big and small players that have become a force to reckon. The key players in this market are Robert Bosch (Germany), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (US), ZF (Germany), ThyssenKrupp (Germany), NSK (Japan), Hyundai Mobis (South Korea), GKN (UK), and Federal-Mogul (US).
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