Electric Power Steering Market Will Reach USD 41250 Million By 2028 With A CAGR of 4.6% - Valuates Reports

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BANGALORE, India, May 23, 2022 /PRNewswire/ -- Electric Power Steering market is Segment by Type - CEPS, PEPS, REPS, by Application - Industrial vehicles, Commercial vehicles, Others. It is published in Valuates Reports under the  Energy & Utilities  Category.

Electric Power Steering market size is estimated to be worth USD 31590 million in 2022 and is forecast to be a readjusted size of USD 41250 million by 2028 with a CAGR of 4.6% during the review period.

Major Factors Driving The Growth of The Electric Power Steering Market are

Due to the rising safety and emission concerns, as well as the need to improve fuel efficiency, the global electric power steering (EPS) market is expected to grow significantly, owing to stringent government regulations regarding the integration of advanced driver assistance systems (ADAS) with various vehicle systems.

Measures taken by OEMs around the world to reduce vehicle weight and complexity, rising global vehicle production, and increasing demand for autonomous vehicles is expected to further propel the Electric Power Steering Market.

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TRENDS INFLUENCING THE GROWTH OF ELECTRIC POWER STEERING MARKET

Power steering systems supplement the torque that the driver applies to the steering wheel. Traditional power steering systems are hydraulic systems, but electric power steering (EPS) is becoming much more common. EPS eliminates many HPS components such as the pump, hoses, fluid, drive belt, and pulley. For this reason, electric steering systems tend to be smaller and lighter than hydraulic systems. They do not require any significant power to operate when no steering assistance is required. For this reason, they are more energy-efficient than hydraulic systems. These factors are expected to increase the adoption of Electric Power Steering thereby driving the Electric Power Steering market growth.

Furthermore, measures by OEMs to reduce the complexity and weight of vehicles are expected to further fuel the electric power steering market growth. Electric systems also have a physical weight advantage due to their far simpler setups, which reduce the weight over the front axle. Another advantage of electric vehicles is the marginally improved fuel economy. Because hydraulic systems use a belt-driven pump to move hydraulic fluid in the steering gear, this is the case. This puts additional strain on the engine, which electric setups do not. When it comes to performance cars, electric power steering allows for more steering adjustability, such as using a Sport mode to make the steering feel heavier and a Comfort mode to make the steering feel lighter around town.

The automotive electric power steering market is expected to grow as more advanced electric components are installed in vehicles to improve safety features. To improve the quality and driving experience of their vehicles, vehicle manufacturers are increasingly incorporating electronic components and systems. Electronic devices and systems are being used by automakers to improve vehicle efficiency and monitor the operation of all major components to detect faults early on before they become severe.

Because the power assist unit is positioned in the cabin, Column Assist EPS (CEPS) has proven to be the ideal choice for tiny vehicles with limited engine room space. The system electronics (motor, controller, and sensor) as well as the aid mechanism are integrated into the steering column in this system. CEPS steering systems are found in about 60% of vehicles with an EPS system. However, the arrival of steer-by-wire (SBW) technology, which is expected to hit passenger cars first and largely replace EPS systems in the near future, may slow the market's growth.

Moreover, the increasing demand for autonomous vehicles is expected to drive the market for electric power steering systems. For highly automated driving, electric power steering (EPS) is a crucial technology. In an autonomous vehicle, the steering is controlled by an electric motor in the EPS. However, it also allows the driver to take over control of the vehicle, whenever needed. The EPS controls and supports vehicle steering with an electric motor, providing an ideal and enjoyable steering sensation. Furthermore, the new generation of control units provides security in the event of a malfunction. The electric interface allows for highly automated driving while maintaining optimal safety.

Hydraulic power steering (HPS), which has a complicated structure, consumes a lot of power, leaks easily, and is difficult to control, currently dominates the commercial vehicle power steering market. Adjustable power, good steering, low fuel consumption, and no pollution are all advantages of EPS. As a result, commercial vehicles would gradually adopt it.

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ELECTRIC POWER STEERING MARKET SHARE ANALYSIS

The electric power steering market in the Asia Pacific is expected to grow at the fastest rate. The Asia Pacific is the largest and fastest-growing market for electric power steering, thanks to high volume markets and increased demand for electronic and fuel-efficient systems in passenger cars. Furthermore, existing and pending vehicle emission regulations in developing countries will fuel regional market growth.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• JteKT
• Nexteer
• ZF
• Bosch
• NSK
• Hyundai Mobis
• Showa
• Delphi
• Thyssenkrupp
• Mitsubishi Electric
• GKN
• Federal Mogul

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SIMILAR REPORTS

-  The global Electric Power Steering Motor market size is estimated to be worth USD 2479.5 million in 2022 and is forecast to be a readjusted size of USD 2808.8 million by 2028 with a CAGR of 2.1% during the review period.

-  Automotive Electric Power Steering market size is estimated to be worth USD 22730 million in 2022 and is forecast to be a readjusted size of USD 26820 million by 2028 with a CAGR of 2.8% during the review period.

-  Electric Power Steering System (EPS) market size is estimated to be worth USD 30660 million in 2022 and is forecast to be a readjusted size of USD 44740 million by 2028 with a CAGR of 6.5% during the review period.

-  The global electric motor market size was valued at USD 106.3 billion in 2020 and is expected to reach USD 207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030.

-  The global Electric Commercial Vehicle market size is projected to reach USD 178560 million by 2027, from USD 101270 million in 2020, at a CAGR of 8.3% during 2021-2027.

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