According to UnivDatos Market Insights (UMI)’ research report “Automotive Electric Power Steering Market”, the market is expected to witness a significant growth during the forecast period 2021-2027F. Automotive Electric Power Steering Market is experiencing significant growth due to Rising demand for safety and convenience paired with initiatives by OEMs to reduce complexity and weight of vehicles, Growing adoption of vehicle equipped with advanced automation systems, Increasing production and sale of vehicles owing to rising disposable income, and Growing adoption and government initiatives for Electric vehicles. However, fluctuating prices of raw materials and high cost associated with the technology is expected to limit the market growth. In addition, Growing penetration of Electric Power Steering in Penetration in commercial vehicles paired with Electrification of commercial vehicles would provide ample growth opportunity for the players operating in the market. 

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Based on Type, the Automotive Electric Power Steering Market is segmented into Column-EPS, Pinion-EPS, Rack-EPS. Currently, Column-EPS dominates the market and is expected to maintain its dominance throughout the forecast period. Major automotive manufacturers globally are leveraging autonomous driving systems to provide a seamless experience to automobile users.

Based on Component, the Automotive Electric Power Steering Market is segmented into EPS Control Module, Electric Motor, Rack & Pinion, Steering Column. In 2020, EPS Control Module segment dominated the market. Growth of the segment is expected to be driven by increasing demand for vehicles equipped with power steering and rising popularity for Electric vehicles in major developed economies.

Based on Mechanism, the Automotive Electric Power Steering Market is segmented into Collapsible EPS, Rigid EPS. Currently, Collapsible EPS segment dominated the market. EPS variants offered by Bosch, meet the requirements for small, mid-range, sports cars as well as light commercial vehicles. The EPS has an electric motor which controls the vehicle steering to provide an optimal and enjoying steering feel to the driver.

Based on Technology, the Automotive Electric Power Steering Market is segmented into Collapsible EPS, Rigid EPS. Currently, Collapsible EPS segment dominated the market and is expected to maintain its dominance throughout the forecast period 2021-2027. As per Nexteer estimation EPS systems have helped save almost 3 billion gallons of gas since 1999.

Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle. Owing to high production volume the Passenger Vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Global all vehicle sales in 2020 accounted to 77.98 million, compared to 90.4 million sales in 2019. Sales of passenger vehicle stood at 53.6 million in 2020, compared to 24.37 million commercial vehicles.

Based on Sales Channel, the market is segmented into OEM, Aftermarket. Automotive Electric Power Steering is majorly supplied to the OEMs. In 2020, Toyota managed to produce about 10.5 million vehicles to become the second most valuable car manufacturing company behind Tesla.

Asia-Pacific dominates the market

Based on regions, the report provides detailed analysis for overall demand of Automotive Electric Power Steering for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. China Society of Automotive Engineers set a goal of over 50% EV sales by 2035. Hence, increased adoption of electric vehicle would propel the overall demand for Electronic power steering market in China.

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 According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive Electric Power Steering Market are Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., Mando Corporation etc. These companies are investing heavily on Automotive Electric Power Steering to increase their customer base.

  • In August 2021: Nexteer Automotive expands the output capabilities of its pinion electric power steering (EPS) systems to meet the needs of heavier electric vehicles (EVs). Company’s new high-output options for DPEPS and SPEPS systems increase the steering capability by 12 to 20%, up to 14.5 kilonewtons (kN) for DPEPS and up to 12.5kN for SPEPS
  • In June 2021: Indian Auto component maker ANAND Group entered partnership with South Korea's Mando Corporation to cater to the growing electric vehicles segment in India. The new entity “ANAND Mando eMobility Pvt Ltd” would manufacture and market electric vehicle (EV) components for the two and three-wheelers
  • In September 2020: Schaeffler entered partnership with Robert Bosch Automotive Steering GmbH to expand its intelligent Rear Wheel Steering (iRWS) portfolio. Under the partnership, Schaeffler is providing mechatronic iRWS systems, and Bosch Automotive Steering is contributing software and electronics in the form of steering control units

“Automotive Electric Power Steering Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.  

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Market Segmentation:

  1. By Type (Column-EPS, Pinion-EPS, Rack-EPS)
  2. By Component (EPS Control Module, Electric Motor, Rack & Pinion, Steering Column)
  3. By Mechanism (Collapsible EPS, Rigid EPS)
  4. By Technology (Conventional EPS, EPS with ADAS)
  5. By Vehicle Type (Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle)
  6. By Sales Channel (OEMs, Aftermarket)
  7. By Region (North America, Europe, Asia-Pacific, Rest of World)
  8. By Company (Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., Mando Corporation)

Key questions answered in the study:

  1. What are the current and future trends of the Automotive Electric Power Steering industry?
  2. How the industry has been evolving in terms of end-user demand and product category?
  3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the Automotive Electric Power Steering industry?
  5. What is the customer orientation, purchase behavior, and expectations from the Automotive Electric Power Steering suppliers across various countries?

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