Automotive Electric Power Assist Equipment Market Overview:
As per MRFR analysis, the Automotive Electric Power Assist Equipment Market Size was estimated at 33.97 (USD Billion) in 2022. The Automotive Electric Power Assist Equipment Market Industry is expected to grow from 35.72(USD Billion) in 2023 to 56.2 (USD Billion) by 2032. The Automotive Electric Power Assist Equipment Market CAGR (growth rate) is expected to be around 5.17% during the forecast period (2024 - 2032).
Key Automotive Electric Power Assist Equipment Market Trends Highlighted
The automotive electric power assist equipment market is experiencing significant growth due to the increasing demand for fuel-efficient vehicles and the growing adoption of electric vehicles. Key market drivers include government regulations aimed at reducing carbon emissions, rising fuel costs, and consumer preference for environmentally friendly transportation. Opportunities exist in the development of advanced technologies such as integrated starter-generators (ISGs) and 48-volt systems, which offer improved fuel economy and performance. Recent trends include the integration of electric power assist systems with advanced driver-assistance systems (ADAS) and the emergence of new market players offering innovative solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electric Power Assist Equipment Market Drivers
Increasing Demand for Fuel-Efficient Vehicles
The demand for automotive electric power assist equipment is stimulated by the strict government rules that are aimed at decreasing carbon emissions and improving fuel efficiency. Hybrid and electric vehicles in general offer vastly better fuel economy as opposed to regular models that are powered by gasoline. In addition, modern customer tends to be more ecologically aware and often wish to minimize their carbon footprints. Considering that hybrid cars and other types of electric power assist systems provide better fuel efficiency, the demand for such equipment is expected to rise in the future.
Advancements in Battery Technology
Ongoing advancements in battery technology are playing a crucial role in the growth of the Automotive Electric Power Assist Equipment Market Industry. The development of high-energy-density batteries with improved power output and longer lifespans is enabling the production of more efficient and powerful electric vehicles. As battery technology continues to improve, the range and performance of electric vehicles will increase, making them more attractive to consumers.This, in turn, is expected to drive the demand for automotive electric power assist equipment.
Government Incentives and Support
The governments across the globe are extending various incentives and support programs to encourage the adoption of electric vehicles. The incentives such as tax credits, rebates and dedicated charging infrastructure are all making the electric vehicles cheaper and economical for the public. On the other hand, with the government regulations mandating the automakers to cut down the carbon emissions, they are forced to invest into the electric vehicle segment. The favourable government policies are expected to continue in the upcoming years and drive the Automotive Electric Power Assist Equipment Market Industry.
Automotive Electric Power Assist Equipment Market Segment Insights:
Automotive Electric Power Assist Equipment Market Assist Type Insights
The Automotive Electric Power Assist Equipment Market is segmented by Assist Type into Electric Power Steering (EPS), Electronic Throttle Control (ETC), Electric Brake Booster (EBB), and Hybrid Electric Vehicle (HEV). EPS held the largest market share in 2023, and it is expected to remain the leading segment during the forecast period. These systems offer several advantages to traditional hydraulic power steering systems, including increased fuel efficiency, reduced emissions, and better handling of vehicles. The growth of the EPS market is fuelled by increasing demand for fuel-efficient vehicles.
ETC is the second-largest segment of the Automotive Electric Power Assist Equipment Market. This type of system allows much more control over the position of the engine throttle, resulting in higher engine efficiency and lower emissions. The demands for such systems are increasing in both gasoline-powered vehicles and diesels. EBB systems are popular due to their ability to reduce brake pedal load and improve the braking performance of vehicles. Such systems are increasingly found in both passenger and commercial vehicles.
The EBB market is driven by the demands for such safety features.HEV systems combine an internal combustion engine with an electric motor, meaning that they are very fuel-efficient. Such systems are becoming increasingly popular in both developed and developing countries. The demands for fuel-efficient vehicles drive the HEV market. Over the next years, the Automotive Electric Power Assist Equipment Market is set to grow significantly. The increased demands for fuel-efficient vehicles, the continually progressing safety demands, and stringent emissions’ laws drive the growth of this market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electric Power Assist Equipment Market Vehicle Application Insights
The Vehicle Application segment of the Automotive Electric Power Assist Equipment Market is composed of three parts, namely Passenger Cars, Commercial Vehicles, and Off-Highway Vehicles. The Passenger Cars segment was the largest market in 2023, reaching about 65% of the global revenue. The market growth is supported by the rising demand for cars that are more fuel-efficient and environmentally safe.
In the following years, demand for electric power assist systems in commercial vehicles is going to increase significantly. The reason is that car manufacturers will inevitably employ such systems in heavy trucks and delivery vans to achieve higher fuel efficiency and lower emissions.Off- Highway Vehicles can also contribute to the expansion of the market for automotive electric power assist equipment. Such equipment includes excavators, bulldozers, and other machinery primarily used for construction and agriculture. Because of the difficulties surrounding their operations in hilly and wet areas, O f -Highway Vehicles can only be employed with efficient and sturdy power assist systems.
Automotive Electric Power Assist Equipment Market Power Source Insights
The Automotive Electric Power Assist Equipment Market is segmented by Power Source into Battery, Capacitor, Generator, and Flywheel. The Battery segment is expected to hold the largest market share in 2023, accounting for over 50% of the global market revenue. The growth of the Battery segment is driven by the increasing demand for electric vehicles, which use batteries as their primary power source. The Capacitor segment is also expected to witness significant growth over the forecast period, owing to the increasing adoption of capacitors in hybrid vehicles. The Generator segment is expected to account for a smaller market share, due to the lower efficiency of generators compared to batteries and capacitors. The Flywheel segment is expected to have the smallest market share, as flywheels are still in the early stages of development for automotive applications.
Automotive Electric Power Assist Equipment Market Control System Insights
The Control System segment of the Automotive Electric Power Assist Equipment Market is projected to witness significant growth over the forecast period. Key components within this segment include Electric Control Unit (ECU), Power Converter, Sensors (Position, Torque, Speed), and Actuators. The market growth is driven by increasing demand for vehicles with enhanced fuel efficiency and reduced emissions. The ECU acts as the brain of the electric power assist system, controlling the operation of other components. Power Converters transform electrical energy to suit the requirements of the system.
Sensors provide real-time data on system parameters, enabling precise control. Actuators convert electrical signals into mechanical actions, adjusting the power assist level. In 2023, the Automotive Electric Power Assist Equipment Market for Control System was valued at approximately USD 12.5 billion. This segment is anticipated to reach a valuation of USD 19.6 billion by 2032, growing at a CAGR of 5.2% during the forecast period. The growth is attributed to rising environmental concerns, government regulations promoting electric vehicles, and advancements in power assist technology.
Automotive Electric Power Assist Equipment Market Voltage Insights
The voltage segment of the Automotive Electric Power Assist Equipment Market plays a crucial role in determining the performance and efficiency of electric power assist equipment. The market is segmented into four primary voltage categories: 12V, 24V, 48V, and 800V. The 12V segment holds a significant share of the market due to its widespread adoption in conventional vehicles. It offers a cost-effective solution for basic power assistance applications. However, the growing demand for higher power and efficiency is driving the adoption of higher voltage systems.
The 24V segment is gaining traction in hybrid and mild-hybrid vehicles, providing increased power and efficiency compared to 12V systems. The 48V segment is expected to witness substantial growth in the coming years, driven by its ability to support advanced power assist features and improved fuel economy. The 800V segment is emerging as a key technology for high-performance electric vehicles, offering ultra-fast charging capabilities and extended driving range. The Automotive Electric Power Assist Equipment Market revenue for the 800V segment is projected to grow significantly over the next decade, driven by the increasing adoption of electric vehicles.
Overall, the voltage segment of the Automotive Electric Power Assist Equipment Market is witnessing a shift towards higher voltage systems to meet the growing demand for power, efficiency, and performance in electric vehicles.
Automotive Electric Power Assist Equipment Market Regional Insights
The Automotive Electric Power Assist Equipment Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to witness the highest growth rate during the forecast period. The growth in this region can be attributed to the increasing demand for electric vehicles and the presence of a large number of automotive manufacturers in the region.
North America is expected to account for the largest revenue share in the Automotive Electric Power Assist Equipment Market in 2023. The presence of a well-established automotive industry and the increasing adoption of electric vehicles are the key factors driving the growth of the market in this region.Europe is also a significant market for automotive electric power assist equipment, with a number of major automotive manufacturers headquartered in the region. The South America and MEA regions are expected to witness moderate growth in the Automotive Electric Power Assist Equipment Market. The growth in these regions is expected to be driven by the increasing demand for electric vehicles and the government initiatives to promote the adoption of electric vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Electric Power Assist Equipment Market Key Players And Competitive Insights:
The Automotive Electric Power Assist Equipment Market industry is experiencing a surge in demand due to the growing popularity of electric vehicles. Major players in Automotive Electric Power Assist Equipment Market are investing heavily in research and development to meet the evolving needs of the market. These companies are also focusing on strategic partnerships and collaborations to gain a competitive advantage. The Automotive Electric Power Assist Equipment Market development is driven by factors such as increasing environmental concerns, government regulations promoting electric vehicles, and technological advancements. As a result, the leading Automotive Electric Power Assist Equipment Market players are constantly innovating and expanding their product portfolio to cater to the growing demand.
Aisin Seiki is a leading Automotive Electric Power Assist Equipment Market player with a strong focus on innovation and product development. The company offers a wide range of electric power assist equipment for various types of vehicles. Aisin Seiki has established strategic partnerships with major automakers to provide integrated solutions for electric vehicles. The company's commitment to quality and reliability has made it a preferred supplier for many leading automotive manufacturers.Denso Corporation is another prominent Automotive Electric Power Assist Equipment Market player with a global presence. The company offers a comprehensive range of automotive components and systems, including electric power assist equipment. Denso Corporation invests heavily in research and development to stay at the forefront of technological advancements. The company's focus on sustainability and energy efficiency is aligned with the growing demand for electric vehicles. Denso Corporation's strong relationships with automakers and its global reach make it a formidable competitor in the Automotive Electric Power Assist Equipment Market.
Key Companies in the Automotive Electric Power Assist Equipment Market Include:
- Denso Corporation
- BorgWarner Inc.
- Aisin Seiki Co., Ltd.
- LG Electronics Inc.
- Bosch
- Continental
- Hyundai Mobis Co., Ltd.
- Denso International America, Inc.
- Schaeffler Group
- Robert Bosch GmbH
- Ficosa International S.A.
- Mitsubishi Electric Corporation
- ZF Friedrichshafen
- Valeo
- Magna International Inc.
Automotive Electric Power Assist Equipment Market Industry Developments
The Automotive Electric Power Assist Equipment Market is projected to grow from USD 35.72 billion in 2023 to USD 56.2 billion by 2032, at a CAGR of 5.17%. This growth is attributed to increasing demand for fuel-efficient vehicles, rising environmental concerns, and government initiatives promoting the adoption of electric vehicles.
Recent developments in the market include the launch of new products, such as advanced electric power steering systems and hybrid drive systems, by major players like Bosch, ZF Friedrichshafen AG, and Continental AG. Additionally, strategic partnerships and acquisitions among market participants are shaping the competitive landscape. For instance, in 2023, Hyundai Motor Group and LG Energy Solution announced a joint venture to establish a battery manufacturing plant, which will support the production of electric vehicles and drive the growth of the automotive electric power assist equipment market.
Automotive Electric Power Assist Equipment Market Segmentation Insights
Automotive Electric Power Assist Equipment Market Assist Type Outlook
- Electric Power Steering (EPS)
- Electronic Throttle Control (ETC)
- Electric Brake Booster (EBB)
- Hybrid Electric Vehicle (HEV)
Automotive Electric Power Assist Equipment Market Vehicle Application Outlook
- Passenger Cars
- Commercial Vehicles
- Off-Highway Vehicles
Automotive Electric Power Assist Equipment Market Power Source Outlook
- Battery
- Capacitor
- Generator
- Flywheel
Automotive Electric Power Assist Equipment Market Control System Outlook
- Electric Control Unit (ECU)
- Power Converter
- Sensors (Position, Torque, Speed)
- Actuators
Automotive Electric Power Assist Equipment Market Voltage Outlook
Automotive Electric Power Assist Equipment Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
33.97(USD Billion) |
| Market Size 2023 |
35.72(USD Billion) |
| Market Size 2032 |
56.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.17% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Denso Corporation, BorgWarner Inc., Aisin Seiki Co., Ltd., LG Electronics Inc., Bosch, Continental, Hyundai Mobis Co., Ltd., Denso International America, Inc., Schaeffler Group, Robert Bosch GmbH, Ficosa International S.A., Mitsubishi Electric Corporation, ZF Friedrichshafen, Valeo, Magna International Inc. |
| Segments Covered |
Assist Type, Vehicle Application, Power Source, Control System, Voltage, Regional |
| Key Market Opportunities |
Electric vehicle penetration Autonomous driving systems Lightweight materials Driver assistance systems Advanced power electronics |
| Key Market Dynamics |
Government regulations rising fuel prices growing consumer demand for fuel efficiency increasing electrification of vehicles technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Electric Power Assist Equipment Market was valued at approximately USD 35.72 billion in 2023 and is projected to reach USD 56.2 billion by 2032, exhibiting a CAGR of 5.17% during the forecast period.
North America is anticipated to dominate the market, capturing the largest revenue share, owing to increased vehicle production and rising consumer preference for fuel-efficient vehicles.
Automotive Electric Power Assist Equipment finds applications in various vehicle types, including passenger cars, commercial vehicles, and electric vehicles, to enhance fuel economy, reduce emissions, and improve driving performance.
Bosch, Denso, ZF Friedrichshafen AG, Continental AG, and Hyundai Mobis are among the prominent players in the Automotive Electric Power Assist Equipment Market.
Rising demand for fuel-efficient vehicles, increasing environmental concerns, government regulations promoting electric vehicles, and technological advancements are driving the growth of the Automotive Electric Power Assist Equipment Market.
High production costs, limited availability of raw materials, and intense competition pose challenges to the growth of the Automotive Electric Power Assist Equipment Market.
