The global electric power steering system (EPS) market is anticipated to grow at a CAGR of 4.5% during the forecast period (2022- 2028). An electric power steering (EPS) system deletes the piston and pump altogether and instead utilizes a small, independent motor and torque sensor mounted directly to the steering column or gear. The sensor then monitors the force being applied to the wheel and gives the appropriate amount of support to the driver. The increase in the adoption of electric power steering in both passenger cars as well as commercial vehicles is the major factor that is expected to drive the growth of the market. The rise in demand for self-driving vehicles is also going to boost the market growth. Vehicles that are equipped with electric power steering have reduced the overall weight of the vehicles, which in turn, has increased fuel efficiency. However, the price of the electric power steering systems is costly when compared to conventional steering systems which can be a major restraining factor for the growth of the market.
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Some major players in the market include JTEKT Corp., NSK Ltd., and Robert Bosch GmbH, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in August 2021, Nexteer Automotive announced the expansion of its pinion electric steering (EPS) systems to meet the needs of heavier electric vehicles. The new high output solutions benefited the OEM customers to steer heavier EV loads without the need for traditional premium EPS technologies for heavy load vehicles. Additionally, in March 2019, NSK Steering Systems Pvt. Ltd had established a new plant in India to manufacture an electric power steering system. The major purpose of opening this new plant was to introduce new technology and expand the power steering products lineup.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- JTEKT Corp., NSK Ltd., and Robert Bosch GmbH, among others.
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?
Global Electric Power Steering System (EPS) Report by Segment
By Type
- C-EPS
- P-EPS
- R-EPS
By Application
- Passenger Vehicle
- Commercial Vehicle
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