The Electric Steering market industry is projected to grow from USD 30.65 Billion in 2024 to USD 48.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.89% during the forecast period (2024 - 2032). Electric Steering Market Size was valued at USD 28.71 Billion in 2023. Increased replacement of hydraulic steering and increased steering capabilities at a lesser effort are the key market drivers incorporating the market's growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The growth of electric power steering drives Market CAGR for electric steering. EPS systems are more energy-efficient, provide better feedback to drivers, and are more responsive, leading to improved handling and safety. In addition, EPS systems require less maintenance, resulting in lower consumer costs over the vehicle's lifetime. As a result, the demand for EPS systems is expected to grow, especially in developing markets such as Japan, China, and India, where the demand for affordable and fuel-efficient vehicles is rising.
Additionally, the increasing adoption of Steer-by-wire (SBW) systems is a type of electric steering that eliminates the contact between the steering wheel and the car's wheels. Instead, SBW systems use electronic signals to control the steering, allowing greater vehicle design flexibility and reducing weight and complexity. SBW systems also offer improved safety features such as automatic collision avoidance and switching between left and right-hand drives without mechanical modifications. While SBW systems are currently only used in high-end luxury vehicles, their adoption is expected to rise in the expected future as the technology becomes more affordable.
Autonomous driving technology is rapidly advancing, and electric steering systems are critical in enabling self-driving cars. Electric steering systems are essential in controlling the vehicle's direction, and the increased accuracy and responsiveness of electric steering systems make them the preferred choice for autonomous vehicles. In addition, electric steering systems can be integrated with other autonomous driving technologies, such as lane departure warning systems and adaptive cruise control. As the demand for autonomous driving technology increases, the demand for electric steering systems is also expected to grow. For instance, the growth of EPS and SBW systems and advancements in autonomous driving technology are among the key trends shaping the electric steering market. We expect to see further developments in electric steering systems to improve vehicle performance, safety, and reliability, driving the Electric Steering market revenue.
The Electric Steering Market segmentation, based on type, includes column assist EPS, pinion assists EPS, and rack assist EPS. The column assists EPS segment dominated the market. The systems are ideal for compact & small vehicles with a small engine compartment.
The Electric Steering Market segmentation, based on vehicle type, includes passenger vehicle and commercial vehicle. The passenger vehicle category generated the most income. Electric steering systems have become a standard feature in modern passenger cars, offering precise control and enhanced driving comfort. Moreover, integrating EPS in passenger vehicles enables automakers to incorporate advanced safety features and autonomous driving capabilities, contributing to the segment's growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electric Steering market will grow significantly, owing to the presence of established players, technological advancements, and supportive government initiatives driving the adoption of electric steering systems in this region. The growing consumer preference for electric and hybrid vehicles also boosts the market's expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Electric Steering market accounts for the second-largest market share owing to a well-established automotive industry and is known for its technological innovations. The stringent emission regulations imposed by the European Union have compelled automobile manufacturers to adopt electric steering systems to improve fuel efficiency and reduce carbon emissions. Further, the German Electric Steering market held the largest market share, and the UK Electric Steering market was the rapid-growing market in the European region.
The Asia-Pacific Electric Steering Market will dominate the market from 2023 to 2032. The rising disposable income, rapid urbanization, and increasing consumer purchasing power drive this region's demand for electric steering systems. Additionally, the focus on reducing vehicle weight, enhancing fuel efficiency, and complying with stringent emission norms has led to automotive manufacturers' widespread adoption of electric steering systems in Asia. Moreover, China’s Electric Steering market held the largest market share, and the Indian Electric Steering market was the significant-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Electric Steering market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Electric Steering industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Electric Steering industry to benefit clients and increase the market sector. The Electric Steering industry has recently offered some of the most significant medical advantages. Major players in the Electric Steering market, including JTEKT Corporation, Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co. Ltd., Showa Corporation, China Automotive System, and others, are attempting to increase market demand by investing in research and development operations.
Robert Bosch GmbH, also known as Bosch, founded in 1886, located in Arlington, Germany, is a German multinational engineering and technology company spread across four business sectors, including hardware & software, consumer goods and industrial technology, and energy & building technology. In June 2022, Robert Bosch announced its plans to strengthen production and development capabilities in the field of mobility in Japan. Under this plan, the company will transfer its assembly line for electric power steering (EPS) systems for Japanese automakers from Robert Bosch Group's outside Japan to its Musashi Plant in Namegawa Town.
Nexteer Automotive, founded in 2009, located in Auburn Hills, Michigan, United States, is a motion control technology company. It is an automotive supplier delivering electric and hydraulic power steering systems, steer-by-wire systems, steering columns driveline systems, and OEMs. In June 2019, Nexteer launched its new facility in Liudong's new district, Liuzhou, China. This new 12,000-square-meter plant provides customers with column-assist EPS systems, related technologies, and services. Establishing the new plant will boost Nexteer's manufacturing capacity in the Asia Pacific to meet the rising demand for electric power steering systems in the Chinese and Asia Pacific markets.
Titan, a manufacturer and developer of electric vehicle steering systems based in the United Kingdom, unveiled a novel steer-by-wire system in September 2023. A diverse array of low-volume vehicles, including light commercial vehicles, tractors, and supercars, are capable of utilizing the system. Titan has expanded its range of power steering systems to include the steer-by-wire system, in addition to the manual, electrified (EPAS), and hydraulic alternatives. It is stated that the adaptable, finely-tuned steering system "satisfies the precise requirements of Titan's clients, from EV startups to established OEMs." The electric motor for Titan's brand-new system is an entirely new component that is produced in-house alongside the entire steering system. Additionally, a custom electronic control system biased to 48 V is present. Optimising steering systems for 'challenging' packaging requirements is possible. It is said that the creation of custom prototypes requires days as opposed to months. Single units or monthly volumes of up to one hundred units may be produced. October 2022: Nexteer Automotive has introduced the Modular Column-Assist EPS System (mCEPS), an addition to its Electric Power Steering (EPS) portfolio. The mCEPS system, which is available in Standard, Enhanced, and Pro models, satisfies a variety of load capacities and additional specifications. mCEPS Pro, for instance, provides support for SAE Levels 2 through 5 of automated driving, in addition to over-the-air (OTA) updates and cyber security. Each of the three mCEPS models is built upon the electrical and software architecture of AUTOSAR Release 4.0. Furthermore, Nexteer's high-performance torque and rotation angle sensors, which are tailor-made and developed in-house, offer exceptional noise, vibration, and harshness (NVH) performance as well as precise and fluid steering feel. This enhances the drivers' sense of connection with the road. By utilizing an expandable electronic control system and a platform design, mCEPS enables us to satisfy the demands of original equipment manufacturers (OEMs) for a sophisticated, individualized, and economical steering system that is adaptable to packaging and other customer specifications.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 28.71 Billion |
| Market Size 2024 | USD 30.65 Billion |
| Market Size 2032 | USD 48.46 Billion |
| Compound Annual Growth Rate (CAGR) | 5.89% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | JTEKT Corporation, Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co. Ltd., Showa Corporation and China Automotive System. |
| Key Market Opportunities | Increase in replacement of hydraulic steering. |
| Key Market Dynamics | Increase in steering capabilities with less effort. |
Electric Steering Market Highlights:
Frequently Asked Questions (FAQ) :
The Electric Steering Market size was valued at USD 26.9 Billion in 2022.
The global market is projected to grow at a CAGR of 5.89% during the forecast period, 2024-2032.
Asia-Pacific had the largest share of the global market
The key players in the market are JTEKT Corporation, Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co. Ltd., Showa Corporation and China Automotive System.
The column assists EPS category dominated the market in 2022.
The passenger vehicle had the largest share in the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
