What is Global Automotive Electronic Power Steering Market?
The Global Automotive Electronic Power Steering Market is a vast and dynamic sector that plays a crucial role in the automotive industry. This market revolves around the production, distribution, and use of electronic power steering systems in vehicles. These systems are designed to use an electric motor to reduce the driver's steering effort, thereby enhancing the vehicle's fuel efficiency and overall performance. The market's value was estimated at a whopping US$ 28930 million in 2022, and it's expected to grow exponentially to reach US$ 45190 million by 2029. This growth is primarily driven by the increasing demand for fuel-efficient vehicles and the rising trend of vehicle electrification. However, the market's growth is not evenly distributed, with the top three players accounting for about 60% of the global market shares.
C-EPS, P-EPS, R-EPS in the Global Automotive Electronic Power Steering Market Market:
The Global Automotive Electronic Power Steering Market is segmented into three main types based on the system's design and functionality: C-EPS, P-EPS, and R-EPS. C-EPS, or Column-Electric Power Steering, is the most prevalent type, accounting for over 50% of the market share. This system is typically used in small to medium-sized vehicles due to its compact design and lower cost. P-EPS, or Pinion-Electric Power Steering, is another popular type used in larger vehicles due to its higher power output. Lastly, R-EPS, or Rack-Electric Power Steering, is a newer and more advanced system that offers better steering feel and precision. However, its market share is relatively small due to its higher cost and complexity.
Passenger Vehicle, Commercial Vehicle in the Global Automotive Electronic Power Steering Market Market:
The usage of electronic power steering systems varies significantly between passenger vehicles and commercial vehicles. Passenger vehicles are the primary users of these systems, accounting for over 90% of the market share. This is mainly due to the increasing demand for fuel-efficient and comfortable vehicles among consumers. Electronic power steering systems not only improve the vehicle's fuel efficiency but also enhance its handling and comfort, making them an ideal choice for passenger vehicles. On the other hand, the use of these systems in commercial vehicles is relatively low. This is primarily due to the higher cost and complexity of these systems, which may not be justified by the potential fuel savings in commercial vehicles. However, the market's growth potential in this segment is significant, given the increasing trend of vehicle electrification and the rising demand for fuel-efficient commercial vehicles.
Global Automotive Electronic Power Steering Market Market Outlook:
To recap, the Global Automotive Electronic Power Steering Market is a rapidly growing sector with a significant impact on the automotive industry. The market's value is expected to reach US$ 45190 million by 2029, driven by the increasing demand for fuel-efficient vehicles and the rising trend of vehicle electrification. The market is dominated by the top three players, with C-EPS being the most popular type of electronic power steering system. Passenger vehicles are the primary users of these systems, but the market's growth potential in the commercial vehicle segment is significant.
| Report Metric | Details |
| Report Name | Automotive Electronic Power Steering Market |
| Accounted market size in 2022 | US$ 28930 million |
| Forecasted market size in 2029 | US$ 45190 million |
| CAGR | 6.5% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | JTEKT, Bosch, Nexteer Automobile, ZF, NSK, Mobis, Showa, Thyssenkrupp, Mando, CAAS |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
