Automotive EPS Market Scope
Automotive Electric Power Steering (EPS), also known as electrically assisted steering, is a technology that replaces the traditional hydraulic power steering system with an electric motor. This motor assists the driver in turning the steering wheel, making it easier to maneuver the vehicle, especially at low speeds and during parking. Additionally the new generation of control units provide security in case of an error. The electric interface enables highly automated driving with maximum security till SAE-level 4. Growing number of road accidents is expected to boost the demand for electric power steering. Electric power steering reduces the effort of the driver to turn the car steering wheel, ensuring improved handling and control. This reduces traffic collisions and enhances the demand for electric power steering in vehicles. The automotive industry can unlock the full potential of the EPS market and contribute to a more sustainable and enjoyable driving experience for everyone.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | JTEKT (Japan), ZF (Germany), Bosch (Germany), Nexteer Automotive (China), NSK (Japan), Showa (Japan), Mando (South Korea), ThyssenKrupp Presta Steertech (Germany), MAGNETI Marelli (Italy) and Knorr-Bremse AG (Germany) |
CAGR | 1.11% |
The market analysis entails a section solely dedicated for major players in the Global Automotive Electric Power Steering (EPS) Market wherein our analysts provide an insight to the financial statements of all the major players along with its key developments product benchmarking and SWOT analysis. The company profile section also includes a business overview and financial information. The companies that are provided in this section can be customized according to the client’s requirements. Research Analyst at AMA estimates that German Vendors will contribute to the maximum growth of Global Automotive EPS market throughout the predicted period.
JTEKT (Japan), ZF (Germany), Bosch (Germany), Nexteer Automotive (China), NSK (Japan), Showa (Japan), Mando (South Korea), ThyssenKrupp Presta Steertech (Germany), MAGNETI Marelli (Italy) and Knorr-Bremse AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Honeywell International (United States), Infineon Technologies AG (Germany), Johnson Controls International (Cork, Ireland), Showa (Japan) and GKN Automotive Limited (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Automotive EPS market by Type and Region with country level break-up.
On the basis of geography, the market of Automotive EPS has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In November 2023, Denso and NXP Semiconductors team up for next-generation ADAS technology. Denso, a prominent component supplier including EPS systems, and NXP, a semiconductor manufacturer, joined forces to develop next-generation ADAS technology. This could have implications for future EPS functionalities and integration with advanced driver assistance features.
In November 2023, Nexteer Steer-by-Wire with Redundancy System has launched Level 4 and Level 5 autonomous vehicles. The Nexteer Steer-by-Wire with Redundancy System is a game-changer in the field of autonomous driving, providing needed safety and reliability while paving the way for a future where self-driving cars become a reality.
Influencing Trend:
Increasingly integrated with advanced driver-assistance systems
Market Growth Drivers:
Increasing demand of Electrical Vehicles and Rising demand of IC Engine for automotive engine vehicles
Challenges:
Installation and maintenance complexity
Restraints:
Lack of Construction and mining equipment's
Opportunities:
Advancements in Autonomous Driving and Growing Popularity of Sports Utility Vehicles
Key Target Audience
Automobile Manufacturers, Potential Investors, Market Research and Consulting Firm, Research Centers, Customers and Others