Global Electric Power Steering Market is estimated to reach $41.9 billion by 2026, forecast to grow at a CAGR of 5.2% during 2021-2026. Increasing adoption of Electric Power Steering in passenger car as well as commercial vehicles is one of the major driving factor that is expected to drive the automotive Electric Power Steering market during the forecast period. Variable ratio steering changes the co-ordination between the driver’s actions. Global economic condition is growing day by day and disposable income of middle and upper middle class people. Since last half decade, the vehicle production has picked up drastically especially in China and India owing to low production costs. Increase in the vehicle production, the electric power steering market is getting momentum year on year. Steering wheels, and the ratio continuously change with vehicle speed and improving the steering condition in all condition that drives the growth of the steering market across the globe.
Electric Power Steering Market Segment Analysis- Type of Components
Sensor segment is estimated to grow at a highest CAGR of 6.1% during the forecast period 2021-2026. Sensor plays a critical role in the Electric Power Steering Market. Sensor is responsible for measuring two primary drivers in electric power steering industry. There are majorly three type of sensors used in such type of sensor includes torque sensor, steering wheel speed sensor and position sensor. Torque sensor is become one of the primary sensor among all the sensor used in electric power steering system.
An Electric Power Steering system is an alternative to the traditional steering system includes electro hydraulic system. This electric motor is offering power, when it is turned on, wheel is turned one way or the other, thus offering a better fuel economy. The torque sensor is worked based on the non-contact magnetic measurement principle. The torque sensor contains two independent coils of wire. These coils are responsible for the moment of the wheel of the vehicles. So going forward sensor segment is estimated to grow at a higher pace in the coming future during the forecast period.
Electric Power Steering Market Segment Analysis – By Vehicle Type
By Vehicle type Electric Power Steering segment is classified in to two different segment such as Passenger Car and Commercial Vehicle. Passenger Vehicles dominated the market with a share of 73% in 2020. The increasing adoption of passenger car across the globe is estimated to drive the market for a long term basis. In the current situation, 30% of the passenger cars are running and integrated with EPS technology worldwide, and this technology is likely to be implemented in the budget passenger car as well during the forecast period. In the coming future by next 1-2 years EPS systems are expected to be replaced by brushless DC motor. Brushless DC motor are highly efficiency, less maintenance and low electric noise generation over brushed DC motors. Passenger car segment is estimated to grow at a CAGR of 6.20% during the forecast period.
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Electric Power Steering Market Segment Analysis- By Geography
APAC region dominated the global Electric Power Steering market with a market share of more than 34% in 2020, followed by Europe and North America region. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive industries According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. In addition to this, in January 2019 the Chinese government unveiled number of initiatives to increase the sales of the vehicles.
Electric Power Steering Market Drivers
Servo-electric technology has the capacity to meet highly automated driving and safety standards
Servo-electric power steering system combines the appropriate automated driving system with a maximum safety for the driver. These electric power steering system combined of servo system with electric power offers maximum efficiency to the vehicle. The servo-electric technology for passenger car is able to deliver the highly automated driving and try to meet the highest safety standards with 20%-25% weight saving. This advanced technology meets all the requirements of all the passenger car and commercial vehicles. Bosch is one of the leading player in this servo-electric technology segment.
Increasing advancement in Vehicle Technology:
The development of various advanced steering technology is also the major factor that is boosting the electric power steering market. Automotive giants are investing huge amounts for the transformation of the automotive industry and leading to introduction of latest technology in the field of electric power steering for passenger and commercial vehicles. At present, countries such as Germany, China and India are looking towards the use the latest technology and are upgrading towards the use of passenger car and commercial vehicles which will further boost the adoption of electric power steering market.
Electric Power Steering Market Challenges
Critical to maintain Electric Power Steering system
Now a day’s drivers are pretty much aware about electric power steering and it is very easy to drive a muscular vehicle that was required to simply turn a car’s wheel only a few decades ago, and it will difficult to operate a luxury power steering in a vehicle. Power steering is combination of various components that makes the vehicle steer and turn smoothly without any difficulties. When the power steering system faces an issue, it can be highly problematic and even dangerous for the driver and passengers. Maintaining the power steering system is critical in order to prevent safety issues from occurring and to keep the vehicle in good working condition
Electric Power Steering Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electric Power Steering market. In 2020, the market of Electric Power Steering has been fragmented by the top five players accounting for 23% of the share. Major players in the Electric Power Steering market are, Robert Bosch, Hyundai Mobis, Delphi Technology, Thyssenkrupp, GKN, Mitsubishi, Federal Mogul, NSK, Electric and among others.
In March 2019, NSK Steering Systems Pvt. Ltd has established a new plant in India to manufacture electric power steering system. The major purpose of opening this new plant was to introduce new technology and expand the power steering products lineup. NSK Steering Systems Pvt. Ltd, made an investment of $70m to manufacture Electric Power Steering products. The company aims to manufacture 250,000 units of power steering products per year.
Asia-Pacific region is estimated to drive the electric power steering market growth during the forecast period from 2020 to 2025, owing to the growth of vehicle production, favorable government regulation, vehicle emission, electric vehicle penetration, growing disposable income and among other factors.
Global Electric power steering market is estimated to driven with the help of growth in sport and budget segment vehicles. In the other hand most of the OEMs are started focusing on implementing cost-effectiveness and EPS system in commercial vehicles, expected to drive the market growth in the long term prospective.
Some of the advantages offered by the electric power steering system offers better fuel efficiency, there is no assistance require to operate the power steering system manually.
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