Global Electronic Power Steering Market Size, Share and Trends Analysis Report, By Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Bearing), By Type (Colum Assist Type, Pinion Assist Type, and Rack Assist Type), and By Application (Industrial vehicles, Commercial vehicles, others) Forecast Period(2022-2028)

The global Electronic Power Steering market is anticipated to grow at a CAGR of 5.2 % during the forecast period (2022-2028). Traditional steering systems, such as hydraulic and electro-hydraulic systems, can be replaced with an electric power steering (EPS) system. The growing popularity of self-driving vehicles is fueling demand growth in the global electric power steering system market. Vehicles with electric power steering have a lower overall weight, which improves fuel efficiency even further.

A significant increase in the number of accidents has also prompted end-users to implement improved safety systems. Roadway and vehicle design advancements have steadily reduced injury and death rates across the globe. However, accident rates remain higher in some developing countries, and governments are focusing on implementing stringent safety standards and encouraging the adoption of various vehicle subsystems. Consumers are becoming more concerned about safety systems and technologies, and as a result, they are more interested in purchasing vehicles that have better safety systems. These benefits associated with the electronic power steering are pushing end-users to switch on this steering over traditional.

Some major players in the market include JteKT, Nexteer, ZF Friedrichshafen AG, Bosch, NSK, Hyundai Mobis, Showa, Delphi, Thyssenkrupp, Mitsubishi Electric, and others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, Nexteer Automotive announced the expansion of its Electric Power Steering (EPS) portfolio with its new Modular Column-Assist EPS System (mCEPS). Offered in three models – Standard, Enhanced and Pro, the mCEPS system supports various load capacities and other requirements. Moreover, in September 2020, Denso Corp. announced it has developed a new Electric Power Steering Motor Control Unit (EPS-MCU), delivering improved handling and safety to vehicles. It is featured in TOYOTA NEW HARRIER, and will be featured in cars of various automakers.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Components
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- JteKT, Nexteer, ZFFriedrichshafen AG, Bosch, NSK, Hyundai Mobis, Showa, Delphi, Thyssenkrupp, Mitsubishi Electric, and

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Electronic Power Steering Market Report by Segment

By Components

• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing

By Type

• Colum Assist Type (CEPS)
• Pinion Assist Type (PEPS)
• Rack Assist Type (REPS)

By Application

• Industrial vehicles
• Commercial vehicles
• Others

Global Electronic Power Steering Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa