Global Automotive Electric Power Steering Market

New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com has recently released a report titled "Global Automotive Electric Power Steering Market Size, Share & Industry Trends Analysis Report By Propulsion Type, By Component, By Vehicle Type, By Type, By Regional Outlook and Forecast, 2023 - 2030". The report provides insights into the market trends and forecasts for the automotive electric power steering industry.

The pinion type of electric power steering (EPS) offers design flexibility by locating the controller, motor, and assist mechanism on the opposite side of the vehicle's engine compartment from the driver. This type of EPS is expected to expand steadily due to technological advancements that have made it more affordable. Factors such as strict emission and efficiency standards, the increasing adoption of Advanced Driver Assistance Systems (ADAS), and high initial investment expenditures are impacting the market.

Stringent fuel efficiency and emission standards are driving the expansion of the EPS market for automobiles. EPS systems are more energy-efficient than conventional hydraulic power steering, resulting in better vehicle fuel economy. These systems also contribute to reducing carbon emissions by eliminating the need for power steering fluid, reducing the likelihood of fluid leakage and environmental contamination. Integration with vehicle control systems optimizes energy consumption, further reducing emissions. EPS systems play a crucial role in facilitating the functionality of ADAS technologies, which aim to improve vehicle safety and provide driver assistance in various driving situations. EPS enables features such as lane-keeping assist, lane departure warning, and automated parking. The implementation of EPS helps vehicles reduce energy consumption and improve fuel efficiency in line with proposed standards by the EPA, thus driving market growth.

However, the deployment of EPS systems in vehicles requires significant investments in research, development, and production infrastructure. The advancement of EPS technology necessitates extensive research and engineering to design and optimize various system components such as electric motors, control units, sensors, and software. The purchase of specialized apparatus, tools, and production lines used in EPS system production also requires significant capital expenditures. These factors are anticipated to restrain market expansion.

In terms of propulsion type, the market is categorized into ICE (Internal Combustion Engine) and electric. The electric segment garnered a significant revenue share in 2022 due to factors such as the increasing penetration of power-driven vehicles, growing emphasis on environmental safety, and government organizations' focus on promoting sustainable development.

The market is divided into various components, including electric control units, electric motors, rack-and-pinion, steering columns, and others. In 2022, the steering column segment registered the highest revenue share. The steering column system aids in controlling the car's direction and consists of the steering wheel, linkage, and connecting shafts. It can be adjusted vertically and laterally to assist drivers in finding a comfortable driving position.

By vehicle type, the market is segmented into passenger cars and commercial vehicles. The commercial vehicles segment covered a considerable revenue share in 2022. Integrating electric power steering with ADAS technologies improves vehicle safety and is gaining importance in the commercial vehicle sector for accident reduction and enhanced fleet management.

The market is further divided into types, including column electric power steering, rack electric power steering, and pinion electric power steering. In 2022, the column electric power steering held the highest revenue share. It offers steering assistance through an electromechanical power unit installed on the steering column, designed specifically for the existing installation space in the cockpit.

Region-wise, the Asia Pacific region led the market in 2022, generating the highest revenue share. This is attributed to the rapidly expanding manufacturing sector and substantial development of the automobile industry, with China leading the world. The Asia-Pacific region is at the forefront of electric vehicle and component supply. The increasing demand for advanced safety features and a comfortable driving experience is expected to drive market growth in the Asia-Pacific region.

The market research report also profiles key companies in the market, including NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries, Nexteer Automotive, and Zhejiang Shibao Co., Ltd.

In terms of strategies deployed in the automotive electric power steering market, various companies have made significant developments. For example, Nexteer Automotive launched a new modular rack-assist electric power steering system to meet the needs of modern steering systems in heavier vehicles. ZF Friedrichshafen AG and Freudenberg are collaborating on a fuel cell e-drive solution for commercial vehicles. HL Mando Corporation has signed a contract with Argus to collaborate on automotive cybersecurity. These are just a few examples of the strategies deployed in the market.

The report provides a comprehensive analysis of the market, including market segmentation by propulsion type, component, vehicle type, type, and geography. It covers regions such as North America, Europe, Asia-Pacific, and LAMEA. The report offers insights into the market trends, key stakeholders, and profiles of key companies in the industry.

Overall, the global automotive electric power steering market is expected to witness significant growth in the coming years, driven by factors such as strict emission standards, the adoption of ADAS technologies, and the increasing demand for fuel-efficient vehicles.