Electric Power Steering to Grow at 5.55% CAGR in Value Terms by 2026

Better fuel efficiency and increased electric vehicle sales to drive global electric power steering market through 2026.

According to TechSci Research report “Global Electric Power Steering Market by Type (C-EPS, P-EPS and R-EPS), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Company and By Region, Forecast & Opportunities, 2026”. Global electric power steering market was valued USD 37.71 Billion in 2020 and is estimated to reach around a total market value of 51.57 billion USD by 2026, registering a CAGR of 5.55% through the forecast periods. Automakers all throughout the history of automobile manufacturing have been perpetually putting efforts to reduce the overall weight of the vehicle without compromising the performance of the vehicle, since the reduced weight of the vehicle induces advantages like better fuel efficiency, etc. According to the US Department of Energy, for a person driving a vehicle running on flex fuel vehicle (FFV) for 54.717 Km per day for 5 days per week and does this for 49 weeks per year where twenty-five percent of this driving is done under highway conditions and the rest is city driving, the lifetime running cost of fuel totals around USD28,500. The lifetime running fuel cost of most of the vehicles is more than the vehicle itself, burning a hole in the pocket of customers. Traditionally, Hydraulic Power Steering is used as a power steering unit in automobiles, but the hydraulic power steering unit is heavy as well as fuel inefficient. A better alternative of hydraulic power steering unit is the electric power steering unit which provides steering assistance using an electric motor. The assistance is provided in accordance with the torque sensor that signals a control computer when to aid the power steering. The improved technology is extremely light in nature, reducing the overall weight of the vehicle and improving the fuel efficiency of the automobile up to 30% as compared to the traditional hydraulic power steering unit. Due to the factor that the electric power steering has fewer moving parts compared to the hydraulic power steering, the steering unit has less wear and tear issues, as a result less maintenance is required which lowers down the service cost of the steering unit. The installation of electric power steering unit saves money on major ownership costs such as fuel and maintenance. Owing to these factors, automobile manufacturers around the world are expected to increase the number of installations of electric power steering in their manufactured automobiles at a rapid rate in the forthcoming years. The growing global economy and the increasing global vehicle production is also among the driving factors of electric power steering sales in the world. The Global Electric Power Steering market is majorly dominated by the Asia-Pacific region. This region is comparatively dominating based on the net orders and fleet of the passenger vehicles and commercial vehicles across the globe.
Browse more than 118 market data Figures and spread through 110 Pages and an in-depth TOC on “Global Electric Power Steering Market."

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Global electric power steering market is segmented based on by type, by vehicle type, by mechanism, by company and by region. The global electric power steering market based on type of steering is majorly dominated by P-EPS and R-EPS, both sharing almost an equivalent share in 2020. The Column type Electric Power Steering units are majorly installed in medium to heavy duty commercial vehicles. Growing road infrastructure, connecting remote regions is inducing the sales of commercial vehicles and is resulting in increasing the number of Column type Electric Power Steering sales across the globe.

In terms of vehicle type, global electric power steering market is distinguished based on passenger cars, light commercial vehicles, medium and heavy commercial vehicles, and Off-the-road vehicles. Continuously increasing sales of passenger vehicles and increasing rate of replacements of existing fleet is driving the installation of electric power steering units in passenger cars, as a result passenger car holds maximum market share as compared to other vehicle types.

Based on mechanism, electric power steering is distinguished between Collapsible electric power steering and rigid electric power steering. Collapsible electric power steering holds a dominant market share due to the safety benefits of collapsible electric power steering.

Addition to that, by region, the market is segmented among Asia Pacific, North America, Europe, South America and Middle East and Africa. Majority of electric power steering demands come from Asia Pacific region, hence organizing them as leaders of the mainstream market in 2020. Electric power steering sales are briskly growing in North America, and the same is expected in the forecasting period.

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Due to the halt in manufacturing of passenger vehicles and commercial vehicles around the world, the sales of electric power steering have been predominantly affected due to COVID-19 pandemic. Nevertheless, the market is showing positive signs of recovery because of which the global electric power steering market is expected to recover from the COVID-19 impact in around three years.

Some of the major players operating in the global electric power steering market are JTEKT Corporation, NSK Ltd, Nexteer Automotive, Robert Bosch GMBH, ZF Friedrichshafen AG, Mando Corporation. Apart from these companies, other companies like Hitachi Astemo, Ltd., Hyundai Mobis, Showa Corporation, Delphi Technologies, Mitsubishi Electric, thyssenkrupp AG, Melrose Industries PLC, Denso Corporation etc. are also increasing their marketing activities and enriching their product portfolios to increase their customer outreach.

“In 2020, Asia Pacific accounted for the largest share, i.e., 61.73% in the global electric power steering market. The region is expected to maintain its dominance over the next five years as well. Asia Pacific is one of the leading electric power steering manufacturing regions in the world. Increase demand for passenger vehicles and growing global economy is boosting demand for electric power steering in the world.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Electric Power Steering Market By Type (C-EPS, P-EPS and R-EPS), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Company and By Region (Asia Pacific, North America, Europe, South America, Middle East and Africa) Forecast & Opportunities, 2026”, has evaluated the future growth potential of the global electric power steering market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric power steering market.

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