The global electric power steering market is estimated to be at USD 24.3 billion in 2021 and is projected to grow at a CAGR of 5.0% during the forecast period to, USD 33.4 billion by 2027. Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.
“BEV market of electric power steering is estimated to experience the highest market share during the forecast period”
The electric power steering market for Battery Electric Vehicles BEV is estimated to have the highest market share during the forecast period. The growth of this segment can be attributed to the high-volume production of BEV’s due to increasing demand and availability of infrastructure for production of batteries complemented by regulatory push towards more efficient technologies.
“Asia Pacific is estimated to be the fastest growing electric power steering market”
The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel efficient systems in passenger cars make Asia Pacific the largest and fastest growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 50%, Tier 2 - 33%, Others - 17%
- By Designation - C level - 45%, D level - 35%, Others - 20%
- By Region - Europe - 45%, Asia Pacific - 20%, North America - 22%, Rest of the World - 13%
The report segments the electric power steering market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and RoW), component (steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearings), electric motor (brush and brushless), application (passenger cars and commercial vehicles), electric vehicle type (BEV, FCEV, and PHEV), EV Gear (worm and ball screw), off-highway (construction equipment and agricultural equipment), type (REPS, CEPS, and PEPS), and mechanism (rigid and collapsible).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the global electric power steering market. Apart from analysing the quantitative aspects, the report also covers qualitative aspects such as macroeconomic analysis for the global electric power steering market.
Reasons To Buy the Report:
The report provides insights into the following points:
- Market Penetration: The report provides comprehensive information about the electric power steering market and the top players in the market.
- Product Development/Innovation: The report gives detailed insights into upcoming technologies, R&D activities, and new product launches in the electric power steering market.
- Market Development: The report provides comprehensive information about electric power steering. The report analyses the electric power steering market across regions.
- Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the electric power steering market.