Electric Power Steering (EPS) Systems Market to Surpass US$ 44,303.1 Mn by 2030 - Coherent Market Insights

SEATTLE, May 5, 2022 /PRNewswire/ -- According to Coherent Market Insights, The Global Electric Power Steering (EPS) System Market was valued at US$ 27,733.1 Million in 2021 and is expected to account for US$ 44,303.1 Million, in terms of value, by 2030.

Market Drivers

The governments of various countries have made stringent regulations regarding the use of fuel in vehicles

The governments of various countries have made stringent regulations regarding the use of fuel in vehicles. Air pollution emission standards have become increasingly stringent in recent years, especially in Europe and North America. Moreover, original equipment manufacturer (OEMs) across the globe are working to increase fuel efficiency of commercial and heavy duty vehicles. For instance, in 2016, Germany introduced fuel efficiency norms such as Exhaust gas emission legislation and others for heavy duty trucks.

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Market Opportunities

Evolution of 48V and Higher Voltage across Electric and Commercial Vehicles

In 2017, the 48V technology mild-electric vehicle was launched in North America and Europe by various engineering and technology companies such as Bosch, Continental, and others. 48V technology has significant market potential and the ability to drive vehicle electrification across the global marketplace. Imposition of emission and testing standards by various countries of North America and Europe have forced vehicle manufactures to deploy 48V electrifications systems into their new vehicle production lines to meet Greenhouse Gas (GHG) emissions and fuel economy regulatory standards. Therefore, this is expected to drive the market growth in North America and the Europe region.

Market Trends

Advanced Driving Assistance System (ADAS) Integrated Electric Power Steering System (EPS)

The steering system has undergone an evolution from manual steering to electric power steering (EPS). Currently, new vehicles are equipped with high-end technology that helps them to monitor the surrounding area and driving condition with higher accuracy. With increasing popularity of advanced driving assistance systems (ADAS) such as lane keep assist, lane departure warning, park assist, among others, the demand for ADAS equipped EPS systems is also increasing.

Competitive Landscape

Major companies operating in the Global Electric Power Steering (EPS) System Market include Continental AG, Danfoss, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., Infineon Technologies AG, JTEKT Corporation, Nexteer Automotive Corporation, Nissan Motor Corporation, NSK Ltd., Robert Bosch GmbH, STMicroelectronics, ThyssenKrupp AG, Zapi S.p.A., and ZF Friedrichshafen AG.

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Detailed Segmentation:

Global Electric Power Steering (EPS) System Market, By Type:

• Column Assist Type (C-EPS)
• Pinion Assist Type (P-EPS)
• Rack Assist Type (R-EPS)

Global Electric Power Steering (EPS) System Market, By Component:

• Steering Gear
• Electric Motor
• ECU
• Sensors
• Steering Column
• Others

Global Electric Power Steering (EPS) System Market, By Propulsion System:

• IC Engine
• Hybrid
• Electric

Global Electric Power Steering (EPS) System Market, By Vehicle Type:

• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles (Trucks, Others)
• Off-road Vehicles
• Sport Utility Vehicle

Global Electric Power Steering (EPS) System Market, By Regions:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights