Automotive Electric Power Steering Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Column Type, Pinion Type, and Dual Pinion Type), By Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Region, Competition, 2019-2029F
Published Date: March - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 22.75 Billion |
| CAGR (2024-2029) | 6.21% |
| Fastest Growing Segment | Passenger Cars |
| Largest Market | Asia-Pacific |
| Market Size (2029) | USD 32.54 Billion |
Market Overview
Global Automotive Electric Power Steering Market worth USD 22.75 Billion in 2023 and is expected to foresee strong growth in the forecast period with a CAGR of 6.21% from 2023 to 2029.
Increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies in new-age vehicles is another driver of the Global Automotive EPS Market. EPS systems are pivotal to the activation of features like lane-keeping assistance, automatic parking, and adaptive cruise control through the provision of accurate and adjustable steering assistance. With more automobile manufacturers putting investments into developing semi-autonomous and autonomous cars, the demand for EPS systems with sophisticated functionality will increase considerably. This trend is also strengthened by the increasing consumer demand for cars with high-end safety and convenience features.
Regulatory moves to enhance vehicle safety and reduce the environmental footprint of cars are propelling EPS systems adoption worldwide. Governments and regulatory agencies are enforcing strict standards for vehicle safety and emissions, prompting automakers to integrate EPS technology into their fleets of vehicles. Furthermore, EPS systems play a role in vehicle weight reduction efforts, since they rule out the use of large hydraulic components, resulting in better fuel economy and lower greenhouse gas emissions.
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Key Market Drivers
Fuel Efficiency and Performance Enhancement
The quest for improved fuel efficiency and enhanced vehicle performance stands out as a fundamental driver for the adoption of Automotive Electric Power Steering. EPS systems offer significant advantages over traditional hydraulic power steering systems in terms of energy efficiency. By eliminating the constant power draw of hydraulic pumps, EPS contributes to fuel savings and overall vehicle efficiency.
The electrically assisted steering mechanisms allow for dynamic adjustment of steering assistance based on driving conditions. At higher speeds, the system can reduce assistance, providing a more direct and responsive steering feel. Conversely, at lower speeds, increased assistance ensures smoother and more effortless maneuvering, enhancing the overall driving experience. As automakers prioritize fuel economy and performance, the integration of EPS becomes instrumental in achieving these objectives.
Integration with Advanced Driver Assistance Systems (ADAS)
The proliferation of Advanced Driver Assistance Systems (ADAS) has become a significant driver for the Automotive EPS Market. ADAS technologies, such as lane-keeping assist, automated parking, and adaptive cruise control, rely on precise and responsive steering control. EPS systems, with their electronic control and feedback capabilities, seamlessly integrate with ADAS to enhance vehicle safety and automation.
Electric Power Steering enables functionalities like lane-keeping, where the system can provide steering input to keep the vehicle within its lane. Moreover, EPS facilitates the implementation of semi-autonomous and autonomous driving features by allowing for electronic control of steering inputs. The drive toward increased vehicle automation and safety standards positions EPS as a critical component in the realization of these advancements.
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Weight Reduction and Space Efficiency
Automotive manufacturers are under constant pressure to improve fuel efficiency and reduce vehicle weight to meet stringent emission standards. EPS systems contribute to this objective by replacing the heavier and bulkier hydraulic components associated with traditional power steering systems. The use of lightweight electronic components and the absence of hydraulic fluids result in a significant reduction in overall vehicle weight.
Additionally, the compact design of EPS systems enhances space efficiency within the vehicle. The elimination of bulky hydraulic components creates more flexibility in vehicle design and layout, allowing for improved packaging and utilization of interior space. As automakers strive for lightweighting and design optimization, the weight reduction and space efficiency offered by EPS systems become compelling factors in their adoption.
Enhanced Driving Comfort and Customization
Electric Power Steering contributes to an enhanced driving experience by offering superior comfort and customization options. The electronic control of steering assistance allows for the adjustment of steering feel and responsiveness based on driver preferences and driving conditions. Drivers can benefit from lighter steering at low speeds for ease of parking and maneuvering, while the system can provide increased resistance at higher speeds for stability and control.
Moreover, EPS systems enable the integration of features such as variable steering ratios, allowing for a more direct response during spirited driving and a more relaxed feel during highway cruising. The ability to tailor steering characteristics to individual preferences enhances overall driver satisfaction and contributes to the appeal of vehicles equipped with EPS.
Regulatory Requirements and Environmental Sustainability
Stringent regulatory requirements related to vehicle emissions and fuel efficiency drive the adoption of technologies that contribute to environmental sustainability. Automotive EPS aligns with these regulatory imperatives by promoting fuel efficiency and reducing the environmental impact of vehicle operation. As governments worldwide implement stricter emission standards, automakers prioritize technologies that enable compliance while maintaining or enhancing vehicle performance.
The environmental benefits of EPS extend beyond fuel efficiency. The elimination of hydraulic fluids and the associated leaks common in traditional power steering systems reduces the risk of environmental contamination. Additionally, the energy-efficient operation of EPS systems aligns with broader sustainability goals. As regulatory frameworks evolve, Automotive EPS emerges as a key enabler for automakers to meet environmental standards and reduce the carbon footprint of their vehicle fleets.
Key Market Challenges
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Cybersecurity Concerns and Electronic Vulnerabilities
As vehicles become more electronically sophisticated, the Automotive EPS Market encounters challenges related to cybersecurity. Electronic control units (ECUs) and sensors integral to EPS systems are potential targets for cyber threats. Unauthorized access to these components can compromise the safety and reliability of steering functions, posing serious risks to vehicle occupants.
The increasing connectivity of modern vehicles, often referred to as the "connected car," opens avenues for cyberattacks. As EPS systems become more integrated with in-vehicle networks and external communication interfaces, the industry must prioritize robust cybersecurity measures. Ensuring the integrity and security of electronic components is paramount, requiring continuous investment in advanced encryption technologies, secure communication protocols, and vigilant monitoring to detect and mitigate potential cyber threats.
Complexity and Cost of Repair and Maintenance
While EPS systems offer numerous benefits, their complexity poses challenges in terms of repair and maintenance. Traditional hydraulic power steering systems are often simpler to repair, with well-established procedures and a broad network of skilled technicians. In contrast, EPS systems involve intricate electronic components, sensors, and control modules that require specialized knowledge and tools for diagnosis and repair.
The cost of repairing or replacing EPS components can be higher than that of traditional systems. Repairing electronic components often involves the replacement of entire modules rather than individual parts. This complexity can result in increased repair costs and longer downtime for vehicle owners. Addressing these challenges requires ongoing efforts to develop standardized repair procedures, training programs for technicians, and the availability of affordable replacement components.
Reliability and Durability in Harsh Conditions
Automotive components, including EPS systems, operate in diverse and often challenging environments. Factors such as extreme temperatures, exposure to moisture, road salt, and vibration can impact the reliability and durability of EPS components. Ensuring that EPS systems can withstand these harsh conditions is crucial for maintaining vehicle performance and safety.
One specific concern is the potential for water ingress, which can compromise the functionality of electronic components. Sealing and protecting EPS components against moisture intrusion is a critical aspect of design and manufacturing. Additionally, durability testing under varied environmental conditions is essential to identify and address potential weaknesses in EPS systems. Achieving high levels of reliability in real-world driving scenarios contributes to consumer confidence and the overall success of Automotive EPS technology.
Consumer Perception and Trust
The successful adoption of Automotive Electric Power Steering hinges on consumer acceptance and trust in the technology. Consumer perception plays a significant role, and misconceptions or negative experiences with EPS systems can impact market penetration. Some drivers may associate electronic systems with increased complexity and potential reliability issues, contributing to skepticism about the long-term durability of EPS-equipped vehicles.
Addressing consumer perception challenges requires transparent communication about the benefits of EPS technology, including improved fuel efficiency, enhanced driving experience, and integration with advanced safety features. Providing clear information about maintenance procedures, repair costs, and the reliability of EPS systems can help build trust among consumers. Automakers and industry stakeholders must prioritize consumer education to foster a positive perception of EPS technology.
Integration with Autonomous Driving Technologies
The development and integration of autonomous driving technologies pose challenges for the Automotive EPS Market. As vehicles transition to higher levels of automation, the role of the steering system becomes more complex. While EPS systems are well-suited for integrating with advanced driver assistance systems (ADAS), achieving seamless integration with fully autonomous driving capabilities requires additional considerations.
Autonomous vehicles may not require traditional steering mechanisms, leading to a shift in the design and functionality of EPS systems. The industry must adapt EPS technology to meet the unique requirements of autonomous driving, including redundant systems for safety, fail-safe mechanisms, and integration with sophisticated sensor arrays. Balancing the demands of autonomous driving with the existing infrastructure of EPS systems presents both technical and regulatory challenges that need careful consideration.
Key Market Trends
Shift towards Steer-by-Wire Technology
One of the major trends in the Automotive EPS Market is the growing use of steer-by-wire technology. Steer-by-wire is a revolutionary shift from conventional mechanical steering systems, which dispense with the physical link between the steering wheel and the wheels. Steer-by-wire systems, on the other hand, use electronic control units (ECUs) and sensors to decode steering inputs and talk to the steering components of the vehicle.
Steer-by-wire technology has a number of benefits, such as increased design freedom, improved safety features, and the possibility of more sophisticated driver assistance systems (ADAS). Decoupling the steering wheel from the mechanical connection, steer-by-wire allows for creative interior design possibilities, such as the potential for a retractable steering wheel or the development of roomy and configurable cabin arrangements. The technology also provides the basis for the integration of autonomous driving capabilities, as steering inputs are completely electronic.
Incorporation with Driver Monitoring Systems
The combination of Electric Power Steering (EPS) with driver monitoring systems is on the rise as manufacturers prioritize vehicle safety and driver health. Driver monitoring systems use sophisticated sensors and cameras to monitor driver behavior, watch for attentiveness, and identify fatigue or distraction. Through the combination of EPS with such systems, vehicles can offer adaptive steering support according to the driver's condition and the driving scenario.
For example, if a driver exhibits signs of drowsiness or decreased attentiveness, the EPS system can adjust steering sensitivity or issue haptic feedback to urge the driver to stay alert. This incorporation adds both safety and comfort to the driving experience, engaging in a dynamic environment that is responsive to the state of the driver in real time. As the automobile market moves toward semi-automatic and autonomous driving, the contribution of EPS toward increasing the monitoring capabilities of the driver becomes more critical.
Development of Energy-Efficient EPS Systems
Energy efficiency is a key concern in the Automotive EPS Market due to the commitment of the industry towards sustainability and the maximization of electric vehicle (EV) performance. The industry is making investments in creating energy-efficient EPS systems to reduce power consumption and enhance the overall efficiency of electric and hybrid cars. Energy-efficient EPS not only supports environmental objectives but also maximizes the range of electric vehicles by saving electrical energy.
The trend of energy efficiency includes advancements in EPS motor design, control algorithms, and power management. Focus is geared toward reducing the losses of energy during steering actuation and extracting the maximum capabilities of regeneration to store or recover energy on braking or deceleration. As the vehicle industry further embraces electrification, the innovation in energy-efficient EPS systems is slated to become more significant in further enhancing the general efficiency and eco-friendliness of electric and hybrid vehicles.
Improved Haptic Feedback and Steering Sensation
In pursuit of the ultimate driving experience, manufacturers have moved toward developing vehicles that cater to this ideal. Improving haptic feedback and steering feel in vehicles that come equipped with EPS is part of the drive toward enhanced overall driving dynamics. Haptic feedback is what drives the sense of contact and association between driver, steering, road, and car movement. Vehicle manufacturers are investing in sophisticated EPS systems that can emulate realistic and varied haptic feedback to increase the driver's involvement and awareness of the road environment.
Advances in EPS technology allow the customization of steering feel according to driving modes, vehicle settings, or driver taste. Drivers are able to feel different levels of resistance, responsiveness, and feedback, leading to a more engaging and enjoyable driving experience. This trend is in line with the wider industry move towards developing vehicles that are not just driven by performance and efficiency but also provide a fulfilling and personal driving experience.
Use of Artificial Intelligence (AI) in EPS Systems
The use of Artificial Intelligence (AI) in EPS systems is a revolutionary trend that increases the intelligence and adaptability of steering technologies. AI algorithms are being used more and more to process information from different sensors, cameras, and vehicle dynamics systems to enable EPS systems to adjust in real time depending on driving conditions, road types, and driver behavior. This trend supports the evolution of "smart" EPS systems that learn and refine steering responses all the time.
AI-based EPS can also learn and accommodate the unique driving habits of drivers, offering personalized steering behavior to each driver. In addition, the systems can predict and react to road condition changes, further improving vehicle stability and safety. The use of AI also contributes to the overall industry objectives towards autonomous driving since intelligent steering becomes part of the complete autonomous vehicle architecture.
Segmental Insights
Type Analysis
The global automotive electric power steering market is experiencing significant growth, driven by advancements in automotive technology and increasing demand for fuel-efficient vehicles. Electric power steering systems have gained popularity due to their superior performance, efficiency, and enhanced driving experience compared to traditional hydraulic systems. The market is segmented based on the type of electric power steering systems, including column type, pinion type, and dual pinion type.
Column type electric power steering systems are commonly used in compact and mid-size vehicles. This type of system integrates the electric motor directly into the steering column, providing seamless assistance to the driver in steering control. Column type electric power steering offers advantages such as compact design, easy integration into existing vehicle architectures, and cost-effectiveness. These systems are preferred for their simplicity and reliability in various driving conditions.
Pinion type electric power steering systems feature an electric motor mounted on the steering gear mechanism, offering precise control and responsiveness. This type of system is commonly found in larger vehicles and provides superior steering feel and feedback to the driver. Pinion type electric power steering offers advantages such as improved energy efficiency, reduced weight, and enhanced vehicle dynamics. These systems are designed to deliver optimal performance and safety across different vehicle platforms.
Dual pinion type electric power steering systems utilize two electric motors to assist the driver in steering control, offering enhanced stability and responsiveness. This advanced steering system is designed to improve handling and maneuverability, especially in high-speed driving conditions and challenging road surfaces. Dual pinion type electric power steering provides benefits such as reduced steering effort, enhanced safety, and improved vehicle stability control. These systems are increasingly adopted in premium and luxury vehicle segments for their superior performance and driving experience.
Regional Insights
In North America, the automotive electric power steering market has been witnessing steady growth due to the presence of established automotive manufacturers and the increasing demand for passenger vehicles in the region. Moreover, stringent regulations regarding vehicle emissions and fuel efficiency standards have further propelled the adoption of electric power steering systems in the region.
Similarly, in Europe & CIS, the automotive electric power steering market has been expanding rapidly, driven by the growing automotive industry and the rising demand for electric vehicles. Government initiatives aimed at promoting sustainable transportation and reducing carbon emissions have also played a significant role in fueling market growth in this region.
The Asia Pacific region has emerged as a lucrative and largest market for automotive electric power steering, owing to the rapid industrialization, urbanization, and increasing disposable income levels in countries such as China, India, and Japan. Moreover, the presence of key automotive manufacturers and the growing adoption of electric vehicles have contributed to the market's growth in the region.
In South America, the automotive electric power steering market is witnessing steady growth, supported by the growing automotive industry and the increasing demand for passenger vehicles. Economic development and infrastructure investments in countries like Brazil and Argentina have further boosted market growth in the region.
In the Middle East & Africa, the automotive electric power steering market is experiencing gradual growth, driven by the expanding automotive sector and the rising demand for commercial vehicles. However, challenges such as economic instability and political uncertainties may hinder market growth to some extent in this region.
Recent Developments
- In February 2024, HL Mando initiated a joint venture focused on power steering. This new partnership unfolded in China alongside Tianrun Industrial Technology. HL Mando, known for its automotive component manufacturing in South Korea, aimed to manufacture components for commercial vehicles through this collaboration.
- In September 2023, Titan unveiled a fresh electric steer-by-wire system. The UK-headquartered firm, specializing in electric vehicle steering systems, introduced this new technology. This addition expands Titan's range, suitable for various low-volume vehicles, spanning from light commercial trucks to supercars, alongside their existing assortment of power steering systems.
Key Market Players
- DensoCorporation
- GKN Automotive Limited
- Hitachi Astemo, Ltd.
- Hyundai Mobis Co., Ltd.
- JTEKTCorporation
- MitsubishiElectric Corporation
- Nexteer Automotive Corporation
- NSKLtd.
- RobertBosch GmbH
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