The global electronic power steering market is expected to be valued at US$ 25,234.0 Million in 2022. The electronic power steering market size is set to expand at a 5.2% CAGR during the projection period to US$ 41,893.2 Million by 2032.
| Report Attribute | Details |
|---|---|
| Electronic Power Steering Market Value (2022) | US$ 25,234.0 Million |
| Electronic Power Steering Market Forecast Value (2032) | US$ 41,893.2 Million |
| Electronic Power Steering Projected Growth Rate (2022 to 2032) | 5.2% |
The electronic power steering market is likely to expand rapidly over the forecast period (2020 to 2022) due to rising security and CO2 concerns. And, rising rivalry to produce electronic, self-driving, or autopilot-capable automobiles is likely to enhance the worldwide power steering market.
The rising number of regulatory standards and obligations linked to fuel-efficient technology, steps made by OEMs globally to decrease the weight and complexity of their cars, and global vehicle supply are the primary growth factors for the electronic power steering industry.
A growing awareness of technologically sophisticated automotive systems and the growing acceptance of luxury vehicles with ADAS are boosting the electronic power steering market growth and providing significant possibilities for industry participants to expand their product portfolio and client base.
According to the electronic power steering market research report, the system price had been increasing at a CAGR of 3.1% from 2016 to 2021. However, the growth rate dropped significantly in the following years, particularly after the slowdown of the automobile industry.
In the past couple of decades, the automotive sector has gone through different stages of design, power, and efficiency advances. The selection of a proper steering design gives a vehicle steadiness and maneuverability in any landscape. Therefore, the market is still expanding rapidly and is expected to continue at a rate of 5.2% during the projection period.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The factors fueling the demand for electronic power steering in the global forum are:
Some of the key curbing factors that are likely to deter the growth of the forum are identified below:
| Segment | Automotive Industry - By End-use |
|---|---|
| Description | The electronic power steering industry is overly reliant on the auto market. Research and Development initiatives by major automotive businesses are one of the leading drivers in the worldwide electronic steering market. It is predicted to be fueled by the creation of advanced and durable steering systems. |
| Segment | Conventional Steering - By Type |
|---|---|
| Description | The conventional steering segment in the automobile sector is constantly improving in response to the shifting dynamics of the sector. Original equipment manufacturers are upgrading their traditional steering mechanisms in response to the launch of self-driving vehicles. Steer-by-wire technology is an invention that will change the entire steering mechanism in self-driving vehicles. This form of steering mechanism eliminates the steering connection found in conventional electronic power steering systems. |
Principal Consultant
| Region | Asia-Pacific |
|---|---|
| Statistics | The Asia Pacific market is projected to grow at a CAGR of 8% through 2032. Current Market Valuation: US$ 39.83 Billion. |
| Description | The Asia Pacific electronic power steering market is likely to develop at the fastest CAGR during the projected period. Asia-Pacific is the biggest and fastest growing market due to high volume markets and increasing adoption of electronic and fuel-efficient technologies in commercial vehicles. Current and future automobile energy restrictions in emerging regions are also expected to stimulate regional market expansion. |
| Region | Europe |
|---|---|
| Statistics | Europe is projected to have a steady growth rate over the forecast period. The market is projected to advance at a CAGR of 3.95% through 2032. The market valuation is estimated to reach US$ 8.28 Billion by 2032. |
| Description | The increased production of automobiles, constant technological advancements in the European automotive sector, and the increasing demand for fuel-efficient vehicles with effective steering systems are expected to propel the growth of the market over the forecast period. |
Start-ups Giving a New Face to the Electronic Power Steering Market
The electronic power steering market start-ups are making frequent innovations to existing products. The conventional methods would motivate start-up enterprises to develop new technologies that will support the growth of the global electronic power steering market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Key Market Players and their Take on the EPS Market
Players operating at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry.
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2022 to 2032 |
| Market Value in 2022 | US$ 25,234.0 Million |
| Market Value in 2032 | US$ 41,893.2 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The growth outlook for the electronic power steering market is predicted to advance at a CAGR of 5.2% from 2022 to 2032.
The Asia Pacific region is anticipated to lead the electronic power steering market during the forecast period.
The market valuation of the electronic power steering market stands at US$ 25,234.0 Million in 2022.
The electronic power steering market is likely to hold a valuation of US$ 41,893.2 Million by 2032.
1. Executive Summary | Electronic Power Steering Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyers 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By EPS type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By EPS type, 2017 to 2021 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By EPS type, 2022 to 2032 5.3.1. Column-assisted electronic power steering 5.3.2. Pinion-assisted electronic power steering 5.3.3. Rack-assisted power steering system 5.3.4. Electronic hydraulic power steering 5.4. Y-o-Y Growth Trend Analysis By EPS type, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By EPS type, 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle application, 2017 to 2021 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle application, 2022 to 2032 6.3.1. Light motor vehicles 6.3.2. Passenger cars 6.3.3. Heavy motor vehicles 6.3.4. Agricultural tractors 6.3.5. Special utility vehicles 6.4. Y-o-Y Growth Trend Analysis By Vehicle application, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Vehicle application, 2022 to 2032 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2017 to 2021 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 8.2.1. By Country 8.2.1.1. United States of America 8.2.1.2. Canada 8.2.2. By EPS type 8.2.3. By Vehicle application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By EPS type 8.3.3. By Vehicle application 8.4. Key Takeaways 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By EPS type 9.2.3. By Vehicle application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By EPS type 9.3.3. By Vehicle application 9.4. Key Takeaways 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. United Kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By EPS type 10.2.3. By Vehicle application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By EPS type 10.3.3. By Vehicle application 10.4. Key Takeaways 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Malaysia 11.2.1.5. Singapore 11.2.1.6. Australia 11.2.1.7. New Zealand 11.2.1.8. Rest of Asia-Pacific 11.2.2. By EPS type 11.2.3. By Vehicle application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By EPS type 11.3.3. By Vehicle application 11.4. Key Takeaways 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of Middle East and Africa 12.2.2. By EPS type 12.2.3. By Vehicle application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By EPS type 12.3.3. By Vehicle application 12.4. Key Takeaways 13. Key Countries Market Analysis 13.1. United States of America 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2021 13.1.2.1. By EPS type 13.1.2.2. By Vehicle application 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2021 13.2.2.1. By EPS type 13.2.2.2. By Vehicle application 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2021 13.3.2.1. By EPS type 13.3.2.2. By Vehicle application 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2021 13.4.2.1. By EPS type 13.4.2.2. By Vehicle application 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2021 13.5.2.1. By EPS type 13.5.2.2. By Vehicle application 13.6. United Kingdom 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2021 13.6.2.1. By EPS type 13.6.2.2. By Vehicle application 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2021 13.7.2.1. By EPS type 13.7.2.2. By Vehicle application 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2021 13.8.2.1. By EPS type 13.8.2.2. By Vehicle application 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2021 13.9.2.1. By EPS type 13.9.2.2. By Vehicle application 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2021 13.10.2.1. By EPS type 13.10.2.2. By Vehicle application 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2021 13.11.2.1. By EPS type 13.11.2.2. By Vehicle application 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2021 13.12.2.1. By EPS type 13.12.2.2. By Vehicle application 13.13. Malaysia 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2021 13.13.2.1. By EPS type 13.13.2.2. By Vehicle application 13.14. Singapore 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2021 13.14.2.1. By EPS type 13.14.2.2. By Vehicle application 13.15. Australia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2021 13.15.2.1. By EPS type 13.15.2.2. By Vehicle application 13.16. New Zealand 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2021 13.16.2.1. By EPS type 13.16.2.2. By Vehicle application 13.17. GCC Countries 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2021 13.17.2.1. By EPS type 13.17.2.2. By Vehicle application 13.18. South Africa 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2021 13.18.2.1. By EPS type 13.18.2.2. By Vehicle application 13.19. Israel 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2021 13.19.2.1. By EPS type 13.19.2.2. By Vehicle application 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By EPS type 14.3.3. By Vehicle application 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Robert Bosch Automotive Steering GmbH 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Mitsubishi Electric Corporation 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. ZF Friedrichshafen Group 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Nexteer Automotive 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. NSK Global 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. JTEKT Corporation 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. SHOWA Corporation 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Thyssenkrupp Presta AG 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Mando Corporation 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. Hyundai Mobis 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
Explore Automotive Insights
View Reports
Electronic Power Steering Market
