Automotive Electric Power Steering Market: Trends, Opportunities and Competitive Analysis

Automotive Electric Power Steering Market Trends and Forecast

The future of the global automotive electric power steering market looks promising with opportunities in the steering wheel, steering column, steering motor, and torque sensor markets. The global automotive electric power steering market is expected to grow with a CAGR of 6.0% from 2024 to 2030. The major drivers for this market are fuel efficiency and emissions, improved vehicle dynamics, and advanced driver assistance systems (ADAS).
In their structural components, automotive electric power steering systems used mainly steel, for housings – aluminum and motors are made with rare earth metals such as neodymium while for gears and bushings different polymers and composites are used. These materials guarantee reliability, energy-saving and weightiness. Due to the advanced technology employed and the materials that are used, automotive electric power steering systems are generally more expensive than hydraulic systems. Even so, they have a competitive price as it comes after taking into account the improvement in fuel efficiency and minimized maintenance costs.
• Lucintel forecasts that column assist eps will remain the largest segment over the forecast period due to increasing production of small and mid-size cars drive the demand for the column assist electric power steering , which would spur growth for this segment over the forecast period..
• Within this market, steering wheel will remain the largest segment.

Country Wise Outlook for the Automotive Electric Power Steering Market

The automotive electric power steering market is witnessing substantial growth globally, driven by increased demand from various industries . Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major automotive electric power steering producers in key regions: the USA, China, India, Brazil, and Germany.

Emerging Trends in the Automotive Electric Power Steering Market

Emerging trends in the automotive electric power steering market shaping its future applications and market dynamics:
• Advanced Sensor Integration: Motor technology has advanced so much that contemporary EPS systems are including additional sensors in order to give drivers more accurate feedback. This includes sensors that sense road conditions and tailor steering response accordingly. Better connectivity with complex driver-assistance systems (ADAS) that have enhanced lane-keeping and adaptive steering.
• Increased Electrification: A change from conventional 12 volt power systems to 48 volt technology is leading to better efficiency and performance. Energy consumption is lowered by 48 V systems resulting in a general improvement of the vehicle’s overall efficiency. Designing units that only rely on electric drives instead of hydraulics, which will reduce the weight and maintenance needs.
• Improved Software and Algorithms: Better algorithms are being developed for adjusting steering response based on driving conditions, vehicle speed, and road types, ensuring increased driving comfort as well as safety. The use of machine learning techniques in analyzing driving patterns leads to real-time optimization of steering dynamics.
• Integration with Autonomous Driving: Steer-by-wire technology continues to develop where the mechanical linkages between the steering wheel and wheels are being replaced by electronic controls. Autonomous driving demands this kind of technological support system because it facilitates flexible vehicle design while allowing integration into autonomous systems.
• Miniaturization and Lightweight Designs: New electric power assisted steering (EPS) systems are becoming smaller and lighter making vehicles weigh less while providing improved fuel efficiency across board. Using advanced materials and designing methods aimed at reducing size and weight of EPS components

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Recent Development in the Automotive Electric Power Steering Market

• Ongoing innovations and advancements in various sectors of the automotive electric power steering market which have been highlighted by recent developments:
ZF Friedrichshafen AG: ZF has introduced a new generation of its electric power steering (EPS) system, focusing on advanced driver assistance systems (ADAS) and autonomous driving. The modern EPS is meant to improve both performance of steering and safety.

• Bosch: In order to support higher levels of vehicle automation, the manufacturer has announced improvements in its EPS technology. The latest EPS systems have been paired with Bosch’s new software platform to ensure effective vehicle-to-everything (V2X) communication and adaptable steering capabilities.

• JTEKT Corporation: JTEKT has created a novel EPS system that improves fuel efficiency while reducing the mass. This company’s focus lies in enhancing the performance of EPSs for electric vehicles and hybrids.

• Nexteer Automotive: Nexteer introduces its newest electrical power steering solution which enhances the feel and precision of steering high-performance vehicles. Their recent addition in terms of an Electronic Power Steering comes complete with improved torque sensing as well as control algorithms.

• Continental AG: Continental is unveiling its next-generation electronic power steering (EPS) technology, which is designed for integration with ADAS and enhanced crash safety features. It makes driving more responsive since it reduces fatigue in drivers by providing services like adaptive cruise control that can maintain distance from other cars on highways or while driving through towns.

Strategic Growth Opportunities for Automotive Electric Power Steering Market

Some key strategic growth opportunities for this market include:
• Technological Advancements: Technological inventions are causing the switch from hydraulic to electric power steering systems. The use of advanced motor control algorithms, incorporation into the driver assistance system (ADAS), and better sensor technology have improved EPS system performance and safety. A firm that invests in research and development with a view to integrating these technologies can gain a significant market share.
• Growing Vehicle Electrification: With an increasing focus on electric vehicles (EVs) and hybrid vehicles by the automotive industry, there is an expanding need for EPS systems. This makes them more suitable for electric drivetrains than traditional hydraulic systems which has led to their adoption in new EV models. Forming strategic alliances with EV manufacturers as well as investing in EPS technology designed specifically for electric vehicles could be a driving force behind growth in this sector.
• Regulatory Push for Fuel Efficiency: Governments worldwide are implementing regulations meant to enhance fuel efficiency while minimizing emissions. These systems are necessary since they reduce vehicle energy consumption during steering as compared to their hydraulic counterparts. Meeting these requirements while providing fuel efficient solutions creates opportunities for EPS suppliers.
• Enhanced Driving Experience: Improved driving comfort and safety functions are increasingly being demanded by consumers. Variable steering support is provided by EPS systems which enhance ride comfort and maneuverability. As carmakers prioritize driver experience, EPS systems offering advanced features like lane-keeping assistance or adaptive steering will be highly wanted.
• Integration with Autonomous Driving Technologies: EPS systems are vital for implementing more advanced steering functions as autonomous driving technology progresses. Such integration with autonomous driving systems such as lane keeping and adaptive steering creates an opportunity for growth. Partnerships between the EPS manufacturers and technology firms that focus on autonomous driving could place them in a better position to dominate this emerging market.
• Cost Reduction and Efficiency: Inventions that aim at reducing cost of EPS without compromising its performance matter most here. This may involve simplifying production processes, lowering component costs, enhancing system efficiency so that automotive manufacturers find EPS attractive resulting in increased adoption.

Automotive Electric Power Steering Market Driver and Challenges

The market for automotive electric power steering (EPS) globally is growing rapidly due to rising demand for fuel efficient and technologically advanced vehicles. EPS systems have various advantages than conventional hydraulic power steering such as better fuel economy, improved driver assistance functionality, and reduced maintenance costs. Furthermore, the market is driven by strict government policies aimed at cutting down vehicle emissions and increasing safety standards. Nevertheless, the high cost of EPS systems and integration complexity are major issues to be faced. Furthermore, dependency on electronic parts makes the EPS market vulnerable to chip shortages and supply chain disturbances.
The factors responsible for driving the automotive electric power steering market include:
Drivers:
• Fuel Efficiency and Emissions: EPS systems decrease the engine load and thus improve fuel efficiency vis-à-vis hydraulic traditional systems. This aligns with global regulatory standards, leading to reduced CO2 emissions.
• Advanced Driver Assistance Systems (ADAS): Lane keeping assistance, automated parking among others are some of the advanced driving features that can only be integrated using EPS for modern vehicles.
• Improved Vehicle Dynamics: EPS improves the handling and driving dynamics by allowing different steering responses depending on speed and road conditions, enhancing overall driving comfort and safety.
• Technological Advancements: The gradual advancement in motor technology, sensors and control algorithms is making EPS systems more efficient, reliable while at the same time reducing cost which promotes their adoption.
• Regulatory Pressure: Automakers have had to adopt EPS systems due to increasing stringency in fuel efficiency as well as emissions regulations required for compliance purposes.
Challenges:
• High Initial Costs: Some manufacturers might be discouraged by high initial costs of EPS surpassing other hydraulic traditional system especially when producing small cars for beginners.
• Complexity and Integration: Designing a vehicle around an EPS system requires complex electronics and software which increases vehicle complexity through integration requirements
• Reliability and Durability: It becomes difficult to guarantee long-term reliability plus durability of these EPS systems under various driving conditions since any failure could compromise vehicle safety immensely.
• Power Consumption: EPS consumes less energy than hydraulic traditional systems although issues surrounding power consumed by electric motor plus associated component remain critical particularly electric autos having inadequate battery storage capacities.
• Market Competition: This intense competition may drive up costs, result in fast technological shifts or changes including performance expectations concerning best available EPS technologies from supplier’s perspective within automotive industry.
• Consumer Acceptance: There are some motorists who would still prefer to employ the use of the old hydraulic steering as opposed to EPS thereby impacting on the pace of EPS technology integration in their vehicles.
• Technological Obsolescence: Given that technologies change at a fast rate, EPS systems can quickly become outdated and therefore need constant updates and improvements to remain competitive.
However, the future of this sector seems bright despite the challenges that it faces such as high cost of EPS systems and vulnerability of its supply chain. This is because continuous technological advancements and adoption of electrical or self-driven cars will contribute towards increased demand for EPS systems in order to enhance the efficiency of these vehicles’ operation. Taking care of integration issues and making a resilient supply chain would therefore be very vital towards ensuring that players in this dynamic motorcar industry take maximum advantage of growth prospects.

Automotive Electric Power Steering Suppliers and Their Market Shares

In this globally competitive market, several key players such as JTEKT Corporation, Robert Bosch Automotive Steering, NSK, Nexteer Automotive, ZF TRW Automotive, Holdings Corporation, Delphi Automotive, and China Automotive Systems , etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us.

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies automotive electric power steering companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the automotive electric power steering companies profiled in this report include-
• JTEKT Corporation

• Robert Bosch Automotive Steering

• NSK

• Nexteer Automotive

• ZF TRW Automotive Holdings Corporation

• Delphi Automotive

• China Automotive Systems









These companies have established themselves as leaders in the automotive electric power steering industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the automotive electric power steering market are evolving, with the entry of new players and the emergence of innovative automotive electric power steering technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.

Automotive Electric Power Steering Market by Segment

There is a significant growth in various segments of the automotive electric power steering (EPS) market. Column Assist EPS is growing as it is cost effective and best suited for small vehicles. On the other hand, Pinion Assist EPS has found popularity among mid-sized motor cars due to its improved sense of control when driving. Rack Assist EPS is also expanding especially in luxury and sports models because of its improved handling and grip. Furthermore, increasing adoption of steer-by-wire technology has spurred innovative and growth opportunities in all EPS segments enabling more advanced and flexible steering solutions in modern vehicles.
This automotive electric power steering market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including component type, product type, vehicle type. The report offers insights into regional dynamics, highlighting the major markets for automotive electric power steering and their growth potentials. The study includes trends and forecast for the global automotive electric power steering market by component type, product type, vehicle type, and region as follows:

Automotive Electric Power Steering Market by Component Type [Value from 2018 to 2030]:

• Steering Wheel 
• Steering Column
• Steering Motor
• Torque Sensor
• Others

Automotive Electric Power Steering Market by Product Type [Value from 2018 to 2030]:

• Column Assist Eps
• Single-Pinion Assist Eps                                 
• Dual-Pinion Assist Eps
• Rack Assist Eps

Automotive Electric Power Steering Market by Vehicle Type [Value from 2018 to 2030]:

• Small Car
• Mid-Size Car             
• Luxury Car
• Sports/Unclassified
• Light Commercial Vehicle (Lcv)

Automotive Electric Power Steering Market by Region [Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Features of the Global Automotive Electric Power Steering Market

Market Size Estimates: Automotive electric power steering market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Automotive electric power steering market size by component type, product type, vehicle type, and region in terms of value ($B).
Regional Analysis: Automotive electric power steering market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different component type, product type, vehicle type, and regions for the automotive electric power steering market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the automotive electric power steering market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

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FAQ

Q1. What is the growth forecast for automotive electric power steering market?
Answer: The global automotive electric power steering market is expected to grow with a CAGR of 6% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the automotive electric power steering market?
Answer: The major drivers for this market are fuel efficiency and emissions, improved vehicle dynamics, and advanced driver assistance systems (adas).
Q3. What are the major segments for automotive electric power steering market?
Answer: The future of the automotive electric power steering market looks promising with opportunities in the steering wheel, steering column, steering motor, and torque sensor markets.
Q4. Who are the key automotive electric power steering market companies?
Answer: Some of the key automotive electric power steering companies are as follows:
• JTEKT Corporation
• Robert Bosch Automotive Steering
• NSK
• Nexteer Automotive
• ZF TRW Automotive Holdings Corporation
• Delphi Automotive
• China Automotive Systems
Q5. Which automotive electric power steering market segment will be the largest in future?
Answer: Lucintel forecasts that column assist eps will remain the largest segment over the forecast period due to increasing production of small and mid-size cars drive the demand for the column assist electric power steering , which would spur growth for this segment over the forecast period..
Q6. In automotive electric power steering market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the automotive electric power steering market by component type (steering wheel , steering column, steering motor, torque sensor, and others), product type (column assist EPS , single-pinion assist EPS, dual-pinion assist EPS , and rack assist EPS), vehicle type (small car, mid-size car, luxury car, sports/unclassified, and light commercial vehicle (LCV)), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

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