Electric Power Steering Market - Forecast(2020 - 2025)

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Global Electric Power Steering (EPS) Market is forecast to reach $37.3 billion by 2025, growing at a CAGR of 6.9% during the forecast period from 2020 to 2025. The Electric Power Steering market is driven primarily by the factors such as increasing demand of automated driving vehicles and the need towards green environment. Moreover, rising investments towards research and development for new technologies are estimated to penetrate the market growth in various countries during the forecast period. Adoption of electric power steering systems in commercial vehicles are also expected to mark a huge growth in the power steering systems during the forecast period.

Key Takeaways
  • The Rack -assist type of electric power steering systems are forecast to have high market growth with CAGR of yz% during forecast period from 2020 to 2025. The rise in demand of commercial vehicles adopting EPS are expected to fuel the market growth in the near future.
  • APAC region is anticipated to have a major growth rate for electric power steering system market during the forecast period. Major players such as JTEKT Corporation and Hyundai Mobis Co. Ltd have been highly dominating the market for electric power steering systems.
  • With the rising demand towards automation EPS systems  in automobiles offering automation features are seen highly attracting the market 

Product type - Segment Analysis
Based on product type segmentation, Electric Power Steering (EPS) system can be classified into Column-assist EPS, Rack-Assist EPS and Pinion-assist EPS. With automotive companies rising adoption for EPS systems, market for Rack- and Pinion- EPS systems are expected to dominate the automotive market in the near future. Rack EPS market is expected to grow at a CAGR of 9.9% during forecast period from 2020 to 2025, due to increasing demand of commercial vehicles adopting EPS across different manufactures. Rack-type EPS are specifically designed for heavy commercial vehicles, which can fuel the electric power steering market with popularity of Rack type systems in heavy automobiles. Advancement of technology in electric power steering systems such as fuel consumption and safety systems, has led the automotive market register high market shares and profits than the traditional hydraulic steering systems.

Geography - Segment Analysis
APAC is expected to have a major growth in the global Electric Power Steering market during the forecast period from 2020 to 2025. North America is also anticipated to hold a major share in 2019 at 38.2% due to rising demand for self-driving vehicles and investments in research and development strategies. As of 2019, the region accounts for a leading share of 38.2% in the field of electric power steering systems. Heavy investment towards technology advancement and Government initiatives have helped the APAC market to grow at a rapid rate. Key players like JTEKT Corporation and Hyundai Mobis Co. Ltd have contributed for a major market share in the APAC region. Consequently, with increasing demand of automotive industry adopting electric power steering system is acting as a major driver for the electric steering market. 

Drivers – Electric Power Steering Market

  • Increasing demand for automated driving
The Electric Power Steering market is set to be one of the fastest growing markets during the forecast period. The rising demand of electric power steering systems are growing prior to the high demands for self- driving vehicles in the market. The Servolectric EPS launched by Bosch, is helping to trigger the market growth of electric power steering systems due to its claims of providing highly automated driving and optimum safety in passenger cars and light commercial vehicles. Compared to the conventional power steering systems, use of Servolectric electric power steering systems has helped reduce the product weight leading to 20% savings. According to the company, about more than 70 million passenger cars with Servolectric technology are already in the market which is going to fuel the electric power steering market in the near future. With adoption of automated driving in steering systems, market is anticipated to grow at a rapid rate.am Assist, Parking Maneuver Assist.

  • Development for a green environment 
With the technology advancement and the need to make a green environment, electric power steering market is forecast to grow with x% in the forecast period 2020-2025. Adoption of Electric power steering systems in automated vehicles are in high demand due to their contribution towards fuel efficiency and reduction in C02 emissions. As the automobile growth is rising, there is a need to safeguard the environment from those harmful emissions which are ultimately causing global warming. A step towards green environment is the need of the hour and to which, automotive industries have shifted their focus towards environment-friendly technologies. Government regulations and initiatives are also encouraging the automotive companies to shift their focus towards green technologies 

Challenges – Electric Power Steering Market

  • Chances of operational failure
As the technology is advancing at a rapid pace, automation is getting more and more popular. With the use of electric power steering systems, driving process has become more smooth and efficient. With providing automated driving, these steering systems helps the driver in parking assist, traffic jam assist and other ADAS features. Since power steering systems are developed using various types of components, there are chances of operational failure. In case the steering system has a problem, it becomes dangerous for the driver as well as passengers. This is a major challenge faced in this market and thus, proper maintenance is highly essential in order to prevent any critical conditions.

Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Electric Power Steering Market. The major key players in the Electric Power Steering Market include Nexteer Automotive, JTEKT Corporation, Hyundai Mobis Co. Ltd., NSK Global, Robert Bosch Automotive Steering, Denso Corporation, ZF Friedrichshafen AG, Thyssenkrupp Mitsubishi Electric, Showa Corporation, Mando Corporation, Hitachi Automotive Systems Ltd., Delphi Automotive Systems, Automation Tooling Systems (ATS) and Federal Mogul.

Partnerships/Product Launches/Acquisition
  • On July 25th, Hyundai Mobis had claimed towards developing a dual-mode electronic steering system, which will be providing autonomous driving. The new product has a redundant control mode which causes prevention to accidents with steering errors. The company stated that it is aiming for the mass production of the product in 2020.
  • On 2018, ZF had announced the first prototype of electric power steering systems. The launched product ReAx EPS has claimed to provide automated driving with safety features and reduction in energy consumption.

1. Electric Power Steering- Market Overview
    1.1 Definitions and Scope
2. Electric Power Steering- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type 
3. Electric Power Steering Market- Comparative analysis 
    3.1 Product Benchmarking
    3.2 Top 5 Financials Analysis
    3.3 Patent Analysis 
    3.4 Pricing Analysis 
    3.5 Technology Roadmap
4. Electric Power Steering Market - Startup companies Scenario Premium (Premium)
    4.1 Top 5 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Electric Power Steering Market - Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 5 companies
6. Electric Power Steering Market Forces
    6.1 Drivers
    6.2 Constraints
    6.3 Challenges
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes
7. Electric Power Steering Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Market Share
8. Electric Power Steering Market – By Product Type
    8.1 Column-Assist Type (CEPS)
    8.2 Rack-Assist Type (REPS)
    8.3 Pinion-Assist Type (PEPS)
9. Electric Power Steering Market-By Application
    9.1 Passenger cars
    9.2 Commercial vehicles 
10. Electric Power Steering Market-By Motor type
    10.1 Brushed motors 
    10.2 Brush-less motors
11. Electric Power Steering Market – By Geography
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Rest of South America
    11. 3 Europe
        11.3.1 U.K
        11.3.2 Germany
        11.3.3 France
        11.3.4 Italy
        11.3.5 Spain
        11.3.6 Rest of Europe
    11.4 APAC
        11.4.1 China
        11.4.2 Japan
        11.4.3 South Korea
        11.4.4 India
        11.4.5 Australia
        11.4.6 Rest of APAC
    11.5 Middle East and Africa
        11.5.1 Middle East
        11.5.2 Africa
12. Electric Power Steering Market- Entropy
    12.1 New product launches
    12.2 M&A s, collaborations, JVs and partnerships
13. Electric Steering Market - Industry / Segment Competition landscape Premium (Premium)
    13.1 Market Share Analysis
        13.1.1 Market Share by Country- Top companies
        13.1.2 Market Share by Region- Top 5 companies
        13.1.3 Market Share by type of Application - Top 5 companies
        13.1.4 Market Share by type of Product / Product category- Top 5 companies
        13.1.5 Market Share at a global level - Top 5 companies
        13.1.6 Best Practices for companies
14. Electric Steering Market - Key Company List by Country Premium (Premium) 
15. Electric Power Steering Market Company Analysis
    15.1 Market Share, Company Revenue, Solution & Services, M&A, Development
    15.1 JTEKT Corporation
    15.2 Hyundai Mobis Co., Ltd.
    15.3 NSK Global
    15.4 Robert Bosch Automotive Steering 
    15.5 Denso Corporation 
    15.6 ZF Friedrichshafen AG
    15.6 Thyssenkrupp
    15.7 Mitsubishi Electric
    15.8 Showa Corporation
    15.9 Mando Corporation
    15.10 Hitachi Automotive Systems Ltd.
    15.11 Delphi Automotive Systems
    15.12 Automation Tooling Systems (ATS)
    15.13 Federal Mogul
    15.14 Nexteer Automotive
16. Electric Power Steering Market - Appendix
    16.1 Abbreviations
    16.2 Sources
17. Electric Power Steering Market - Methodology
    17.1 Research Methodology
        17.1.1 Company Expert Interviews
        17.1.2 Industry Databases
        17.1.3 Associations
        17.1.4 Company News
        17.1.5 Company Annual Reports
        17.1.6 Application Trends
        17.1.7 New Products and Product database
        17.1.8 Company Transcripts
        17.1.9 R&D Trends
        17.1.10 Key Opinion Leaders Interviews
        17.1.11 Supply and Demand Trends

List of Tables

1 US Electric Power Steering Market Size 2018
2 Canada Electric Power Steering Market Share 2018
3 Brazil Electric Power Steering Market Outlook 2019 - 2023
4 Mexico Electric Power Steering Market Research 2018
5 Germany Electric Power Steering Market Trends 2019 - 2023 
6 France Electric Power Steering Market Growth 2019 - 2023 
7 UK Electric Power Steering Market Demand 2019 - 2023 
8 Italy Electric Power Steering Market Segmentation 2018
9 Russia Electric Power Steering Market Analysis 2019 - 2023
10 China Electric Power Steering Market Revenue 2019 - 2023
11 Japan Electric Power Steering Market Volume 2019 - 2023
12 South Korea Electric Power Steering Market Potential 2019 - 2023
13 India Electric Power Steering Market Leaders 2018
14 Saudi Arabia Electric Power Steering Market Forecast 2019 - 2023 
15 Kuwait Electric Power Steering Market Value 2018

List of Figures

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