Electric Power Steering System Market Summary
The Electric Power Steering System Market is set to gain high traction. Market Research Future (MRFR) foresees power steering to be the default in automobiles shortly, resulting in a massive demand across its end-user industries.Electric Steering Market is projected to be worth USD 46.37 billion by 2030, registering a CAGR of 6.76% during the forecast period (2022 to 2030)., the market was valued at USD 26.11 billion in 2021.
The growing demand for automobiles and various regulations are the prime drivers of the electric power steering system market size. Besides, the increasing speed & distance traveled by vehicles per day due to the construction of multi-lane expressways, enactment of safety standards, and others fostering the electric power steering system market value.
Additionally, the advantages of EPSs over hydraulic power steering are other drivers for the electric power steering system industry. Other factors propelling the electric power steering system market growth are demand for technically superior automobiles and greener cars with lower carbon footprint, better driving experience owing to the lesser driving effort, and others.
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Electric Power Steering System Market – Competitive Landscape
The electric power steering system market is fragmented and highly competitive due to the presence of players. Manufacturers use close service agreements, collaboration, and partnerships with large vehicle manufacturers to capture significant market share. The electric power steering system market is primarily a B2B market. Thus, the suppliers are highly dependent on the manufacturer, which reduces the profit margin of the manufacturers. Many automobile manufacturers are following backward integration and are acquiring suppliers.
Major Players:
Players leading the global electric power steering system market include
Global Electric Power Steering System Market – Segments
The report is segmented into types, vehicle type, mechanism, and regions. The type segment is sub-segmented into C-EPS, R-EPS, and P-EPS. The vehicle type segment is divided into passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The mechanism segment is sub-segmented into collapsible EPS and rigid EPS. The region segment is sub-segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Regional Insight
North America, Asia Pacific/APAC, Europe, and Rest of the World /ROW are the primary markets for electric steering.
The North American market could observe saturated growth in the coming years owing to the mature automobile industry and its expanding rate of 6.63% over the review period. Technological innovations along with the need for better fuel efficiency have significantly boosted the business in the region. The biggest market not only in the region but also globally is the U.S., after China. The market for electric steering in the region is quite robust as a result of the increasing industrialization, rising expenditure on up gradation and development of public transport as well as infrastructure. Canada ranks among some of the leading vehicle producers across the globe, while the country’s auto industry is the largest contributor to manufacturing GDP.
Europe has gained considerably over the years, emerging as the second-biggest market across the globe. The regional market is dependent on the massive customer base and the sound financial status of the end-users for vehicles. The expanding automotive industry in the region offers various opportunities for the electric steering system manufacturers. Germany is the second-highest lucrative market for electric steering in the world, while the UK is presumed to procure a robust growth rate in the years to come. The large-scale car production in these countries is the result of the financial stability and the presence of extremely skilled workforce. In the next few years, the market in France can be a significant performer, given the thriving automotive industry and the federal government imposing new policies and regulations backing the automobile industry.
APAC is the fastest gaining market, backed by the region’s highest vehicle production level in the world. The fast growing automotive industry in the region is the result of the expanding population and the surge in the disposable income of the consumers. People in APAC are increasingly adopting better living standards and prefer owing personal cars and other vehicles, which has been a major booster in the electric steering market. China leads the regional market as the country is known for its highest vehicle production
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