- Rapid vehicle electrification in China is propelling the growth of Asia Pacific market.
- Collapsible steering column to hold the largest share of electric power steering market.
- Global Measures by OEM to Reduce Complexity and Weight of Vehicles.
The Electric Power Steering Market is estimated to grow at a CAGR of 6.27% during the forecast period, to reach $42.01 billion by 2025. Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the electric power steering market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the electric power steering market.
Increased demand for high-end vehicles and growing stringency of emission regulations have changed the market dynamics for electric power steering manufacturers. In addition, the leading OEMs are also collaborating with numerous other players to expand their product portfolio and customer base.
North America and Europe: Modest Growth in Electric Power Steering Market
The North American and European automotive markets are known for their highly sophisticated technology and safety regulations. The major Tier I suppliers of electric power steering in these regions are Robert Bosch (Germany), Delphi (UK), Nexteer (US), ZF TRW (Germany), and Federal-Mogul (US). These companies have already planned to expand their manufacturing facilities in the electric power steering segment. As the North American and European markets are set to attain maturity in the near future, they would grow at a modest rate in the next five years.
Major players profiled in the report are:
- Robert Bosch (Germany)
- Delphi (UK)
- Mitsubishi Electric (Japan)
- JTEKT (Japan)
- Nexteer (US)
- ZF TRW (Germany)
- ThyssenKrupp (Germany)
- NSK (Japan)
- Showa (Japan)
- Hyundai Mobis (South Korea)
- GKN (UK)
- Federal-Mogul (US)
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Column assist EPS (CEPS) holds the largest market share in 2017
The column assist EPS (CEPS), which incorporates the steering assist mechanism on the column, holds the largest share of the electric power steering market. 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– Largest share of electric power steering market in 2017
The collapsible steering column 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.
Asia Pacific: Dominating the Market for Electric Power Steering from 2017 to 2025
The Asia Pacific is estimated to account for the largest share of the electric power steering market in 2017. The market growth in the Asia Pacific region can be attributed to the boom in vehicle production and sales in countries such as China and India. In recent years, the Asia Pacific region has become the largest producer of vehicles in the world. It is thus the largest consumer of electric power steering across the globe. The continuous growth of domestic players along with Tier I companies, newer innovations, and developments such as ADAS integration and increasing mandates for a reduction in emission levels and an increase in fuel economy are fostering the growth of the electric power steering market in the Asia Pacific region.