Europe Electric Steering Market Size, Share, Growth Trends, and Forecast 2025 to 2032

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The electric steering market is undergoing a significant transformation, propelled by a confluence of factors including stringent emission regulations, increasing consumer demand for enhanced vehicle safety and performance, and the relentless pursuit of autonomous driving technologies. Electric steering systems, also known as electric power steering (EPS), offer superior fuel efficiency compared to traditional hydraulic systems, contributing directly to reduced carbon emissions and aligning with global sustainability goals. These systems also enable advanced driver-assistance systems (ADAS) features such as lane keeping assist and parking assist, further driving their adoption. Technological advancements in motor design, sensor technology, and control algorithms are continually improving the responsiveness and precision of electric steering, enhancing the overall driving experience. The market is playing a pivotal role in addressing global challenges related to environmental sustainability and road safety, facilitating the transition towards cleaner and more intelligent transportation solutions. The demand for enhanced vehicle maneuverability and comfort, particularly in urban environments, is also fueling the growth of the electric steering market. Furthermore, the increasing electrification of the automotive industry is a major catalyst, as electric vehicles almost exclusively rely on electric steering systems. In essence, the electric steering market is at the forefront of automotive innovation, driving improvements in vehicle performance, safety, and environmental impact.

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Market Size:

The Electric Steering Market size is estimated to reach over USD 43,561.82 Million by 2031 from a value of USD 28,650.50 Million in 2023 and is projected to grow by USD 29,680.77 Million in 2024, growing at a CAGR of 5.4% from 2024 to 2031.

Definition of Market:

The Electric Steering Market encompasses the production, distribution, and sale of electric power steering (EPS) systems designed to assist drivers in steering vehicles. EPS systems replace traditional hydraulic power steering (HPS) or electro-hydraulic power steering (EHPS) systems with an electric motor that provides steering assistance.
Key components within the electric steering market include:

Column Electric Power Steering (C-EPS): Systems where the electric motor is located on the steering column.
Rack Electric Power Steering (R-EPS): Systems where the electric motor is mounted on the steering rack.
Pinion Electric Power Steering (P-EPS): Systems where the electric motor is mounted on the pinion gear.
Direct Drive Electric Power Steering: Systems with a more direct connection between the motor and the steering mechanism.
Steering Motor: The core component that provides the power assistance.
Steering Column: The shaft that connects the steering wheel to the steering mechanism.
Sensors: Devices that measure steering wheel angle, torque, and vehicle speed to provide feedback to the control unit.
Electronic Control Unit (ECU): The computer that processes sensor data and controls the steering motor.

Related terms often encountered in this market are: ADAS (Advanced Driver-Assistance Systems), CAN bus (Controller Area Network), torque overlay, and active steering. The market includes sales to both OEMs (Original Equipment Manufacturers) for installation in new vehicles and to the aftermarket for replacement or upgrade purposes.

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Market Scope and Overview:

The electric steering market's scope encompasses a broad range of technologies, applications, and industries. It includes various types of EPS systems, such as C-EPS, R-EPS, and P-EPS, each tailored to specific vehicle architectures and performance requirements. These systems are employed in passenger vehicles, commercial vehicles, and increasingly in electric vehicles. The market also includes the individual components of EPS systems, such as electric motors, sensors, ECUs, and steering columns. The applications of electric steering extend beyond simple steering assistance to enabling advanced safety features and autonomous driving capabilities. Industries served include automotive manufacturers (OEMs), aftermarket parts suppliers, and technology developers specializing in ADAS and autonomous driving systems. The electric steering market is intertwined with the broader trends of vehicle electrification, autonomous driving, and enhanced safety. As the automotive industry shifts towards electric vehicles, the demand for EPS systems is surging due to their superior energy efficiency and integration capabilities with electric powertrains. The rise of ADAS and autonomous driving technologies further fuels market growth, as electric steering systems are essential for implementing features like lane keeping assist, adaptive cruise control, and automated parking. This market is essential for improved safety by providing precision steering and enhanced stability control.

In the larger context of global trends, the electric steering market is contributing to several key areas. Firstly, it supports efforts to reduce carbon emissions and improve fuel efficiency in the transportation sector. Secondly, it enhances road safety by enabling advanced driver assistance systems and improving vehicle handling. Thirdly, it facilitates the development of autonomous driving technologies, which have the potential to revolutionize transportation and improve mobility for all. Furthermore, the market fosters innovation in automotive engineering, driving advancements in motor technology, sensor technology, and control algorithms. In essence, the electric steering market is playing a vital role in shaping the future of the automotive industry and addressing some of the most pressing global challenges related to sustainability, safety, and mobility. As vehicles become more sophisticated and environmentally conscious, the importance of electric steering systems will only continue to grow, making this market a key area of focus for automotive manufacturers, technology developers, and policymakers alike.

Top Key Players in this Market

JTEKT Corporation (Japan) ZF Friedrichshafen AG (Germany) NSK Ltd. (Japan) Mitsubishi Electric Corporation (Japan) Nexteer Automotive (USA) Thyssenkrupp AG (Germany) Bosch Group (Germany) Mando Corporation (South Korea) Showa Corporation (Japan) Hyundai Mobis (South Korea)

Market Segmentation:

The Electric Steering Market is segmented based on several factors:
By Type: Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS), Pinion Electric Power Steering (P-EPS), and Direct Drive Electric Power Steering. Each type offers varying levels of performance and is suitable for different vehicle types and applications.

By Component: Steering Motor, Steering Column, Sensors, Electronic Control Unit (ECU), and Others. These components collectively enable the functionality of the EPS system.

By Vehicle Type: Passenger Vehicles and Commercial Vehicles. Each vehicle type has unique requirements, impacting the design and specifications of the EPS system.

By Technology: Electric Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS). While EPS is fully electric, EHPS combines hydraulic and electric components.

By End-User: OEMs (Original Equipment Manufacturers) and Aftermarket. OEMs integrate EPS systems into new vehicles, while the aftermarket provides replacement or upgrade options. Each segment contributes to market growth by catering to specific needs and applications within the automotive industry.

Market Drivers:

Several factors are driving growth in the electric steering market:

Technological Advancements: Continuous improvements in motor technology, sensor accuracy, and control algorithms are enhancing the performance and efficiency of EPS systems.
Government Policies: Increasingly stringent emission regulations and fuel efficiency standards are pushing automotive manufacturers to adopt EPS systems.
Increasing Demand for Sustainability: Growing consumer awareness and demand for environmentally friendly vehicles are driving the adoption of EPS systems, which offer superior fuel efficiency compared to hydraulic systems.
Rise in ADAS and Autonomous Driving: Electric steering is a crucial enabler for advanced driver-assistance systems (ADAS) and autonomous driving technologies, further fueling its demand.
Vehicle Electrification: The increasing adoption of electric vehicles is driving the demand for EPS systems, as they are essential components in electric powertrains.
Enhanced Performance and Safety: Electric steering systems improve vehicle handling, stability, and safety, attracting more customers.
Market Key Trends:

Significant trends in the electric steering market include:

Innovation in Motor Design: Development of more compact and efficient electric motors for EPS systems.
Advanced Sensor Technology: Integration of high-precision sensors to enhance steering accuracy and responsiveness.
Integration with ADAS and Autonomous Systems: Seamless integration of EPS systems with advanced driver-assistance systems (ADAS) and autonomous driving technologies.
Software-Defined Steering: The development of advanced software and algorithms to optimize steering performance and customize driving experience.
Increased Adoption in Commercial Vehicles: Growing use of electric steering in commercial vehicles to improve fuel efficiency and driver comfort.
Shift towards Steer-by-Wire Systems: Increasing interest and investment in steer-by-wire technology, which eliminates the mechanical linkage between the steering wheel and the wheels.
Market Opportunities:

The electric steering market presents several growth opportunities:

Expansion into Emerging Markets: Growing automotive production and sales in developing countries offer significant market potential.
Development of Advanced Features: Innovation in features such as active steering, torque overlay, and variable steering ratios can create new market opportunities.
Partnerships and Collaborations: Strategic alliances between EPS manufacturers, automotive OEMs, and technology developers can accelerate innovation and market penetration.
Aftermarket Growth: Increasing demand for EPS system upgrades and replacements in the aftermarket provides opportunities for growth.
Integration with Vehicle Connectivity: Connecting EPS systems to vehicle networks and cloud platforms can enable advanced features such as over-the-air updates and remote diagnostics.
Increased focus on safety: Development of safety features related to steering systems
Market Restraints:

The electric steering market faces several challenges:

High Initial Costs: The cost of EPS systems can be higher compared to traditional hydraulic systems, potentially hindering adoption in price-sensitive markets.
Complexity of Integration: Integrating EPS systems into vehicle architectures can be complex, requiring specialized expertise and resources.
Dependence on Electronic Components: EPS systems rely on electronic components, making them susceptible to failures caused by electrical issues or software glitches.
Geographic Limitations: Market growth may be limited in regions with underdeveloped automotive industries or lack of infrastructure for supporting advanced vehicle technologies.
Consumer Perception: Some consumers may be hesitant to adopt electric steering due to concerns about reliability or performance.
Skilled Workforce: Shortage of workers skilled in design, manufacture and maintenance
Market Challenges:

The electric steering market, despite its growth potential, faces a complex array of challenges that could impede its progress. One of the primary hurdles is the high initial cost associated with EPS systems. While the long-term benefits, such as improved fuel efficiency and reduced maintenance, are compelling, the upfront investment can be a significant barrier, especially for budget-conscious consumers and automotive manufacturers operating in price-sensitive markets. This cost factor necessitates ongoing research and development efforts to drive down production expenses without compromising on performance or reliability.

Another significant challenge lies in the complexity of integrating EPS systems into existing vehicle architectures. Automotive designs are intricate and require careful consideration of various factors, including weight distribution, safety regulations, and compatibility with other vehicle systems. Integrating EPS requires a deep understanding of these complexities and the ability to overcome potential compatibility issues. Additionally, EPS systems are inherently reliant on electronic components, making them vulnerable to failures caused by electrical issues, software glitches, or sensor malfunctions. Ensuring the robustness and reliability of these systems is crucial to maintaining consumer confidence and preventing safety hazards.

Furthermore, the market faces challenges related to consumer perception. Some drivers may be hesitant to embrace electric steering due to concerns about its responsiveness, feedback, or overall driving experience. Overcoming these reservations requires effective marketing and education efforts to highlight the benefits of EPS, such as improved handling, enhanced safety features, and customizable driving modes. The market is also subject to regulatory uncertainties, as governments around the world may implement varying standards for vehicle safety, fuel efficiency, and emissions. Adapting to these diverse regulatory landscapes can be challenging for EPS manufacturers.

Finally, the electric steering market demands a highly skilled workforce capable of designing, manufacturing, and maintaining these sophisticated systems. Addressing the shortage of qualified engineers, technicians, and software developers is essential to ensuring the continued innovation and success of the market. Investing in education and training programs to cultivate a skilled workforce will be crucial in overcoming this challenge and sustaining long-term growth.

Market Regional Analysis:

The electric steering market exhibits varying dynamics across different regions, influenced by factors such as automotive production rates, regulatory environments, and consumer preferences. North America and Europe are mature markets with a strong emphasis on vehicle safety and fuel efficiency, driving the adoption of EPS systems in passenger vehicles and commercial vehicles. These regions are also at the forefront of ADAS and autonomous driving technology development, further fueling the demand for EPS. The Asia-Pacific region, particularly China and India, represents a high-growth market for electric steering. The increasing automotive production, coupled with stringent emission regulations and growing consumer awareness of vehicle safety, is driving the adoption of EPS systems. Latin America and the Middle East & Africa are emerging markets with relatively lower adoption rates of EPS compared to developed regions. However, growing automotive production and increasing awareness of vehicle safety are expected to drive market growth in these regions. Each region presents unique opportunities and challenges for EPS manufacturers, requiring tailored strategies to address specific market needs and dynamics. Furthermore, government incentives and policies promoting the adoption of electric vehicles and fuel-efficient technologies are playing a crucial role in shaping the regional landscape of the electric steering market.

Frequently Asked Questions:
What is the projected growth of the Electric Steering Market? The Electric Steering Market is projected to grow at a CAGR of 5.4% from 2024 to 2031, reaching over USD 43,561.82 Million by 2031.
What are the key trends in the Electric Steering Market? Key trends include innovation in motor design, advanced sensor technology, integration with ADAS and autonomous systems, and increased adoption in commercial vehicles.
What are the most popular Electric Steering Market types? Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS), and Pinion Electric Power Steering (P-EPS) are among the most popular types, each suited to different vehicle architectures and performance requirements.

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