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Global Electric Power Steering Market (2021 to 2027) - Adoption of Steer-by-wire Technology Presents Opportunities
Global Electric Power Steering Market
Dublin, May 10, 2022 (GLOBE NEWSWIRE) -- The "Electric Power Steering Market by Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Electric Motor Type, Application, Off-Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), EV Gear Type and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global electric power steering market is estimated to be at USD 24.3 billion in 2021 and is projected to grow at a CAGR of 5.0% during the forecast period to, USD 33.4 billion by 2027.
Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.
BEV market of electric power steering is estimated to experience the highest market share during the forecast period
The electric power steering market for Battery Electric Vehicles BEV is estimated to have the highest market share during the forecast period. The growth of this segment can be attributed to the high-volume production of BEVs due to increasing demand and availability of infrastructure for the production of batteries complemented by a regulatory push towards more efficient technologies.
Asia Pacific is estimated to be the fastest-growing electric power steering market
The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel-efficient systems in passenger cars make Asia Pacific the largest and fastest-growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Premium Insights
4.1 Attractive Opportunities in the Electric Power Steering Market
4.2 Electric Power Steering Market, by Region, 2021 Vs. 2026 (USD Million)
4.3 Electric Power Steering Market, by Type, 2021 Vs. 2026 (USD Million)
4.4 Electric Power Steering Market, by Application, 2021 Vs. 2026 (USD Million)
4.5 Electric Power Steering Market, by Component, 2021 Vs. 2026 (USD Million)
4.6 Electric Power Steering Market, by Mechanism, 2021 Vs. 2026 (USD Million)
4.7 Electric Power Steering Market, by Electric Motor, 2021 Vs. 2026 (USD Million)
4.8 Electric Power Steering Market, by Electric Vehicle, 2021 Vs. 2026 (USD Million)
4.9 Electric Power Steering Market, by Off-Highway Application, 2021 vs 2026 (USD Million)
5. Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Regulatory Push Towards Efficient Technologies
5.2.1.2 Global Measures by OEMs to Reduce Complexity and Weight of Vehicles
5.2.1.3 Increasing Vehicle Production
5.2.2 Restraints
5.2.2.1 Higher Cost of EPS as Compared to Traditional Steering Systems
5.2.2.2 Lack of Steering Feel
5.2.2.3 Limited Load-Bearing Capacity of EPS Systems
5.2.3 Opportunities
5.2.3.1 Adoption of Steer-By-Wire Technology
5.2.3.2 Penetration in Commercial Vehicles
5.2.3.3 Enabling ADAS Features in EPS
5.2.4 Challenges
5.2.4.1 Maintaining Market Against Steer-By-Wire Technology
5.2.4.2 Autonomous Vehicles Without Steering Wheels
5.2.4.3 Failure of EPS System Subcomponents
5.3 Macro-Indicator Analysis
5.3.1 Introduction
5.3.2 Macro Indicators Influencing the Electric Power Steering Market for Top 3 Countries
5.3.2.1 China
5.3.2.2 US
5.3.2.3 Germany
5.4 Porter's Five Forces Analysis
5.5 EPS Ecosystem
5.6 Supply Chain Analysis
5.6.1 Automotive Electric Power Steering System Market: Supply Chain
5.7 Patent Analysis
5.7.1 Applications and Patents Granted, 2019
5.8 Introduction to COVID-19
5.8.1 Impact of COVID-19 on the Automotive Industry
5.8.2 OEM Announcements
5.8.3 Impact on Automotive Production
5.9 Electric Power Steering Market, Scenarios (2020-2026)
5.9.1 Most Likely Scenario
5.9.2 Optimistic Scenario
5.9.3 Pessimistic Scenario
6. Industry Trends
6.1 Technology Overview
6.2 ADAS Features: Automated Steering System
6.3 Steer-By-Wire (SBW): Cutting Edge of Steering System
6.3.1 Types of SBW Technology
6.3.1.1 Type I
6.3.1.2 Type Ii
6.3.1.3 Type Iii
6.4 Fail Safe Mechanism
7. Electric Power Steering Market, by Component
7.1 Introduction
7.2 Steering Column
7.3 Sensors
7.4 Steering Gear
7.5 Mechanical Rack and Pinion
7.6 Electronic Control Unit (ECU)
7.7 Electric Motor
7.8 Bearings
7.9 Key Industry Insights
8. Electric Power Steering Market, by Off-Highway Vehicles
8.1 Introduction
8.2 Agricultural Equipment
8.3 Construction Equipment
8.4 Key Industry Insights
9. Electric Power Steering Market, by Electric Motor Type
9.1 Introduction
9.2 Brushed DC Motors
9.3 Brushless DC Motors
9.4 Key Industry Insights
10. Electric Power Steering Market, by Application
10.1 Introduction
10.2 Passenger Cars
10.3 Commercial Vehicles
10.4 Key Industry Insights
11. Electric Power Steering Market, by Electric Vehicle
11.1 Introduction
11.2 Asia-Pacific
11.3 Europe
11.4 North America:
11.5 Battery Electric Vehicle (BEV)
11.5.1 Asia-Pacific
11.5.2 Europe
11.5.3 North America
11.6 Plug-In Hybrid Electric Vehicles (PHEV)
11.6.1 Asia-Pacific
11.6.2 Europe
11.6.3 North America
11.7 Fuel Cell Electric Vehicles (FCEV)
11.7.1 Asia-Pacific
11.7.2 Europe
11.7.3 North America
12. Electric Power Steering Market for Electric Vehicle, by Gear Type
12.1 Introduction
12.2 Battery Electric Vehicle (BEV)
12.3 Plug-In Hybrid Electric Vehicle (PHEV)
12.4 Conclusion
13. Electric Power Steering Market, by Type
13.1 Introduction
13.2 C-EPS
13.3 P-EPS
13.4 R-EPS
13.5 Key Industry Insights
14. Electric Power Steering Market, by Mechanism
14.1 Introduction
14.2 Collapsible EPS
14.3 Rigid EPS
14.4 Key Industry Insights
15. Electric Power Steering Market, by Region
16. Competitive Landscape
16.1 Overview
16.2 Market Ranking Analysis
16.3 Competitive Situation & Trends
16.3.1 New Product Launches
16.3.2 Deals
16.3.3 Others
17. Company Profiles
17.1 Key Players
17.1.1 JTEKT
17.1.2 Nexteer
17.1.3 ZF
17.1.4 Robert Bosch
17.1.5 NSK Table 260
17.1.6 Hyundai Mobis
17.1.7 Borgwarner
17.1.8 Thyssenkrupp
17.1.9 Mitsubishi Electric
17.1.10 Tenneco
17.1.11 Mando Corporation
17.1.12 Hycet Technology Co. Ltd
17.2 Other Key Players
17.2.1 Maval Industries
17.2.2 MVO GmbH
17.2.3 GSS Steering Systems LLC
17.2.4 Pailton Engineering
17.2.5 Rollax GmbH & Co. Kg
17.2.6 Huayu Automotive Systems Company Limited
17.2.7 Denso Corporation
18. Adjacent Markets
19. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/qiew3y
Attachment
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