Acumen research and consulting estimates that the global electric power steering market is anticipated to reach market size of around US$ 45,000 Mn by 2027 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period 2020 – 2027.
Electric power steering (EPS) is powered by a wheel controlled electric motor while the pump integrated with an oil tank is used to guide the hydraulic power steering system. The use of the pump in the hydraulic steering continuously raises the pressure on the car engine, impacting the fuel intake and efficiency of the vehicle. The torque is applied to the steering wheel to drive a car with power steering systems. EPS removes various pumps, fluid, hose, pulley and powertrain components. Electric steering systems are also lighter and smaller. EPS operates using an electric motor and control unit, which are combined with torque sensors. The electric motor runs on the battery and uses electric power to help drive when the driver turns the wheel.
Market Insights
The automotive industry mainly depends on the electric power steering market. Research and development activities of various automotive firms are also one of the main drivers of the global electrical power steering market. The advanced and robust steering system developments are likely to fuel the global electrical power steering market. However, the growing demand for power steering would spur increased competition to develop hybrid, self-driven or auto-pilot-enabled vehicles. Whereas a 100% reliable steering system desperately needs access and a lack of electrical power steering are significant limitations on the global electrical power steering market. In the projected market, development of electric power steering without a direct contact of connections is expected to trend, with exception of conventional steering, which has constant direct connections.
Government Initiatives and Growing Emphasis on Safer Automotive Systems are Driving the Market
On average, around 1.24 million people die every year in traffic accidents worldwide, with half being vulnerable road users, like pedestrians or motorcycles. 80% of vehicles sold around the world do not meet the most important safety standards according to the World Health Organization (WHO). In the seven most relevant automotive safety regulations, only 40 countries have adopted the full set of rules. The number of accidents has also grown significantly, prompting end consumers to adopt improved safety programs. Improved designs for roads and motor vehicles in all first world economies have constantly reduced injury and death rates. The accident rates in some developing countries, however, remain higher and governments focus entirely on implementing strict safety standards and support the adoption of different vehicle subsystems.
The global automotive electric power steering market is segmented into seven regions: North America, Europe, Asia Pacific Latin America and Middle East & Africa. Asia-Pacific has an estimated significant market share of the countries listed above due to increasing in adoption of commercial and passenger vehicles in countries such as China, Japan and South Korea. In addition, the most optimistic development on the global demand for electrical power steering is expected by Middle East & Africa, as luxury vehicle in the region will be on the rise. Europe is one of the key developing regions, with a significant automotive manufacturer creating credible opportunities in the global electrical power steering market during the forecasted period.
Key Players
Major players included in this report are Mitsubishi Electric Corporation, Robert Bosch Automotive Steering GmbH, ZF Friedrichshafen Group, NSK Global, Nexteer Automotive, JTEKT Corporation, thyssenkrupp Presta AG, SHOWA Corporation, Mando Corporation, Zhuzhou Elite Electro Mechanical Co. Ltd, Hyundai Mobis, and others. By launching modern EPS solutions with state-of-the-art technologies they concentrate on diversifying their product portfolio and consumers. JTEKT, for example, has expanded its EPS area of application and has developed EPS (intermediate EPS type assist) on multifunctional vehicles used in farming, off-road and other applications. The organization has set up production sites in four regions for dual pinion-type EPS in Japan, China, North America and Europe and for three regions for rack-type EPS in Japan, China and North America in order further to improve the global supply chain.
The global electric power steering market is segmented as below:
Market Segmentation
Electric Power Steering Market By Type
Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
Electric Power Steering Market By Components
Steering wheel
Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing
Electric Power Steering Market By Electric Motor
Brush motor
Brushless motor
Electric Power Steering Market By Application
Passenger Cars (PC)
Commercial Vehicles (CV)
Electric Power Steering Market By Geography
North America
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content:
CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Electric Power Steering
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Electric Power Steering Market By Type
1.2.2.1. Global Electric Power Steering Market Revenue and Growth Rate Comparison By Type (2020-2027)
1.2.2.2. Global Electric Power Steering Market Revenue Share By Type in 2019
1.2.2.3. Rack assist type (REPS)
1.2.2.4. Colum assist type (CEPS)
1.2.2.5. Pinion assist type (PEPS)
1.2.3. Electric Power Steering Market By Components
1.2.3.1. Global Electric Power Steering Market Revenue and Growth Rate Comparison By Components (2020-2027)
1.2.3.1.1. Steering wheel
1.2.3.1.2. Steering column
1.2.3.1.3. Sensors
1.2.3.1.4. Steering gear
1.2.3.1.5. Mechanical rack and pinion
1.2.3.1.6. Electronic control unit
1.2.3.1.7. Electric motor
1.2.3.1.8. Bearing
1.2.4. Electric Power Steering Market By Electric Motor
1.2.4.1. Global Electric Power Steering Market Revenue and Growth Rate Comparison By Electric Motor (2020-2027)
1.2.4.2. Brush motor
1.2.4.3. Brushless motor
1.2.5. Electric Power Steering Market By Application
1.2.5.1. Global Electric Power Steering Market Revenue and Growth Rate Comparison By Application (2020-2027)
1.2.5.2. Passenger Cars (PC)
1.2.5.3. Commercial Vehicles (CV)
1.2.6. Electric Power Steering Market By Geography
1.2.6.1. Global Electric Power Steering Market Revenue and Growth Rate Comparison by Geography (2020-2027)
1.2.6.2. North America Electric Power Steering Market Revenue and Growth Rate(2020-2027)
1.2.6.3. Europe Electric Power Steering Market Revenue and Growth Rate(2020-2027)
1.2.6.4. Asia-Pacific Electric Power Steering Market Revenue and Growth Rate(2020-2027)
1.2.6.5. Latin America Electric Power Steering Market Revenue and Growth Rate(2020-2027)
1.2.6.6. Middle East and Africa (MEA) Electric Power Steering Market Revenue and Growth Rate(2020-2027)
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2019
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
3.1. Capacity and Commercial Production Date of Global Electric Power Steering Major Manufacturers in 2019
3.2. Manufacturing Plants Distribution of Global Electric Power Steering Major Manufacturers in 2019
3.3. R&D Status and Technology Source of Global Electric Power Steering Major Manufacturers in 2019
3.4. Raw Materials Sources Analysis of Global Electric Power Steering Major Manufacturers in 2019
CHAPTER 4. Electric Power Steering MARKET By Type
4.1. Global Electric Power Steering Revenue By Type
4.2. Rack assist type (REPS)
4.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.3. Colum assist type (CEPS)
4.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.4. Pinion assist type (PEPS)
4.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 5. Electric Power Steering MARKET By Components
5.1. Global Electric Power Steering Revenue By Components
5.2. Steering wheel
5.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.3. Steering column
5.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.4. Sensors
5.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.5. Steering gear
5.5.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.5.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.2. Mechanical rack and pinion
5.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.3. Electronic control unit
5.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.4. Electric motor
5.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.5. Bearing
5.5.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.5.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 6. Electric Power Steering MARKET By Electric Motor
6.1. Global Electric Power Steering Revenue By Electric Motor
6.2. Brush motor
6.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
6.3. Brushless motor
6.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 7. Electric Power Steering MARKET By Application
7.1. Global Electric Power Steering Revenue By Application
7.2. Passenger Cars (PC)
7.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
7.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
7.3. Commercial Vehicles (CV)
7.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
7.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 8. NORTH AMERICA Electric Power Steering MARKET BY COUNTRY
8.1. North America Electric Power Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
8.2. North America Electric Power Steering Market Revenue Share Comparison, 2020 & 2027 (%)
8.3. U.S.
8.3.1. U.S. Electric Power Steering Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
8.3.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
8.3.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
8.3.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
8.4. Canada
8.4.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
8.4.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
8.4.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
8.4.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
CHAPTER 9. EUROPE Electric Power Steering MARKET BY COUNTRY
9.1. Europe Electric Power Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
9.2. Europe Electric Power Steering Market Revenue Share Comparison, 2020 & 2027 (%)
9.3. UK
9.3.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
9.3.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
9.3.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
9.3.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
9.4. Germany
9.4.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
9.4.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
9.4.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
9.4.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
9.5. France
9.5.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
9.5.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
9.5.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
9.5.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
9.6. Spain
9.6.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
9.6.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
9.6.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
9.6.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
9.7. Rest of Europe
9.7.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
9.7.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
9.7.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
9.7.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
CHAPTER 10. ASIA-PACIFIC Electric Power Steering MARKET BY COUNTRY
10.1. Asia-Pacific Electric Power Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
10.2. Asia-Pacific Electric Power Steering Market Revenue Share Comparison, 2020 & 2027 (%)
10.3. China
10.3.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.3.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.3.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.3.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
10.4. Japan
10.4.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.4.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.4.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.4.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
10.5. India
10.5.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.5.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.5.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.5.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
10.6. Australia
10.6.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.6.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.6.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.6.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
10.7. South Korea
10.7.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.7.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.7.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.7.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
10.8. Rest of Asia-Pacific
10.8.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
10.8.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
10.8.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
10.8.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
CHAPTER 11. LATIN AMERICA Electric Power Steering MARKET BY COUNTRY
11.1. Latin America Electric Power Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
11.2. Latin America Electric Power Steering Market Revenue Share Comparison, 2020 & 2027 (%)
11.3. Brazil
11.3.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
11.3.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
11.3.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
11.3.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
11.4. Mexico
11.4.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
11.4.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
11.4.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
11.4.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
11.5. Rest of Latin America
11.5.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
11.5.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
11.5.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
11.5.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
CHAPTER 12. MIDDLE EAST & AFRICA Electric Power Steering MARKET BY COUNTRY
12.1. Middle East & Africa Electric Power Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
12.2. Middle East & Africa Electric Power Steering Market Revenue Share Comparison, 2020 & 2027 (%)
12.3. GCC
12.3.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
12.3.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
12.3.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
12.3.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
12.4. South Africa
12.4.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
12.4.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
12.4.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
12.4.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
12.5. Rest of Middle East & Africa
12.5.1. Market Revenue and Forecast By Type, 2020 - 2027 ($Million)
12.5.2. Market Revenue and Forecast By Components, 2020 - 2027 ($Million)
12.5.3. Market Revenue and Forecast By Electric Motor, 2020 - 2027 ($Million)
12.5.4. Market Revenue and Forecast By Application, 2020 - 2027 ($Million)
CHAPTER 13. COMPANY PROFILE
13.1. Mitsubishi Electric Corporation
13.1.1. Company Snapshot
13.1.2. Overview
13.1.3. Financial Overview
13.1.4. Type Portfolio
13.1.5. Key Developments
13.1.6. Strategies
13.2. Robert Bosch Automotive Steering GmbH
13.2.1. Company Snapshot
13.2.2. Overview
13.2.3. Financial Overview
13.2.4. Type Portfolio
13.2.5. Key Developments
13.2.6. Strategies
13.3. ZF Friedrichshafen Group
3.3.1. Company Snapshot
13.3.2. Overview
13.3.3. Financial Overview
13.3.4. Type Portfolio
13.3.5. Key Developments
13.3.6. Strategies
13.4. NSK Global
13.4.1. Company Snapshot
13.4.2. Overview
13.4.3. Financial Overview
13.4.4. Type Portfolio
13.4.5. Key Developments
13.4.6. Strategies
13.5. Nexteer Automotive
13.5.1. Company Snapshot
13.5.2. Overview
13.5.3. Financial Overview
13.5.4. Type Portfolio
13.5.5. Key Developments
13.5.6. Strategies
13.6. JTEKT Corporation
13.6.1. Company Snapshot
13.6.2. Overview
13.6.3. Financial Overview
13.6.4. Type Portfolio
13.6.5. Key Developments
13.6.6. Strategies
13.7. thyssenkrupp Presta AG
13.7.1. Company Snapshot
13.7.2. Overview
13.7.3. Financial Overview
13.7.4. Type Portfolio
13.7.5. Key Developments
13.7.6. Strategies
13.8. SHOWA Corporation
13.8.1. Company Snapshot
13.8.2. Overview
13.8.3. Financial Overview
13.8.4. Type Portfolio
13.8.5. Key Developments
13.8.6. Strategies
13.9. Mando Corporation
13.9.1. Company Snapshot
13.9.2. Overview
13.9.3. Financial Overview
13.9.4. Type Portfolio
13.9.5. Key Developments
13.9.6. Strategies
13.10. Zhuzhou Elite Electro Mechanical Co. Ltd
13.10.1. Company Snapshot
13.10.2. Overview
13.10.3. Financial Overview
13.10.4. Type Portfolio
13.10.5. Key Developments
13.10.6. Strategies
13.11. Hyundai Mobis
13.11.1. Company Snapshot
13.11.2. Overview
13.11.3. Financial Overview
13.11.4. Type Portfolio
13.11.5. Key Developments
13.11.6. Strategies
13.12. Others
13.12.1. Company Snapshot
13.12.2. Overview
13.12.3. Financial Overview
13.12.4. Type Portfolio
13.12.5. Key Developments
13.12.6. Strategies
CHAPTER 14. RESEARCH APPROACH
14.1. Research Methodology
14.1.1. Initial Data Search
14.1.2. Secondary Research
14.1.3. Primary Research
14.2. Assumptions and Scope
