The Global Electric Power Steering Market is projected to grow at a CAGR of 6.27% from 2017 to 2025, to reach a market size of USD 42.01 Billion by 2025 from USD 25.83 Billion in 2017.
The major factors driving the growth of the electric power steering market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
The key players in this market 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), and Federal-Mogul (US).
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An electric power steering (EPS) system is an alternative to traditional steering systems such as hydraulic and electro-hydraulic systems. An EPS system uses an electric motor to assist the driver. This motor is turned on for the driver’s aid only when the steering wheel is turned one way or the other, thus offering better fuel economy. The electric motor is either mounted on to the steering column or gear and applies torque to the column to help the driver in smoothly turning the steering wheel. The EPS is comparatively very light to use, which results in the seamless movement of the wheel. Being computer controlled, it is possible to insert variable assistance programs to make the steering experience safer and more enjoyable.
The global electric power steering market has been segmented, on the basis of type, into column assist EPS (C-EPS), rack assist EPS (R-EPS) and pinion assist EPS (P-EPS). Rack EPS (R-EPS) is estimated to be the fastest-growing segment of the market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.
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The growth of this market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.