What is Electric Power Steering System (EPS) - Global Market?
The Electric Power Steering System (EPS) - Global Market is a fascinating area of study, with its roots deeply embedded in the automotive industry. The EPS system is a significant advancement in automotive technology, replacing the traditional hydraulic power steering systems with an electrically powered system. This innovative technology offers numerous benefits, including improved fuel efficiency, enhanced steering response, and reduced vehicle weight. The global EPS market is a dynamic and rapidly evolving sector, with significant growth potential. The EPS market is segmented into four main types: C-EPS, P-EPS, DP-EPS, and R-EPS. Each of these types has its unique features and applications. The C-EPS, or Column Electric Power Steering, is a system where the electric motor is mounted on the steering column. This type is commonly used in small and medium-sized vehicles due to its compact design and lower cost. The P-EPS, or Pinion Electric Power Steering, is a system where the electric motor is mounted on the steering gear. This type is typically used in larger vehicles due to its higher power output. The DP-EPS, or Dual Pinion Electric Power Steering, is a system that uses two electric motors to provide more precise steering control. This type is used in high-performance vehicles. The R-EPS, or Rack Electric Power Steering, is a system where the electric motor is mounted on the steering rack. This type is used in luxury vehicles due to its superior steering feel and response.
C-EPS, P-EPS, DP-EPS, R-EPS in the Electric Power Steering System (EPS) - Global Market:
The EPS system is widely used in both passenger cars and commercial vehicles. In passenger cars, the EPS system provides a smoother and more comfortable driving experience. It reduces the effort required to steer the vehicle, making it easier for the driver to maneuver in tight spaces and at low speeds. In commercial vehicles, the EPS system offers improved fuel efficiency and reduced maintenance costs. It eliminates the need for a hydraulic pump and fluid, reducing the vehicle's weight and improving its fuel economy. The EPS system also reduces the strain on the engine, extending its lifespan and reducing maintenance costs.
Passenger Car, Commercial Vehicle in the Electric Power Steering System (EPS) - Global Market:
The global Electric Power Steering System (EPS) market has shown significant growth in recent years. In 2022, the market was valued at US$ 15900 million and is expected to reach US$ 18730 million by 2029. This growth is driven by the increasing demand for fuel-efficient vehicles and the rising adoption of advanced automotive technologies. The market is dominated by five major players: JTEKT, Bosch, NSK, Nexteer, and ZF, who collectively hold about 80% of the market shares. China is the leading producer of automotive electric power steering systems, accounting for more than 30% of the global production. In terms of type, P-EPS holds the largest market share, accounting for about 40% of the market. In terms of application, passenger vehicles dominate the market, accounting for more than 95% of the market.
| Report Metric | Details |
| Report Name | Electric Power Steering System (EPS) - Market |
| Forecasted market size in 2029 | US$ 20380 million |
| CAGR | 2.7% |
| Forecasted years | 2023 - 2029 |
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| Global Electric Power Steering System (EPS) market, Segment by Type: |
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| Global Electric Power Steering System (EPS) market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
