April 27, 2020
As per the report titled ‘Global Automotive Electric Power Steering (EPS) Market Size study, by Component Type (Steering Column, Sensor, Steering Motor and Other Components), by Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global automotive electric power steering (EPS) market was worth USD 6.38 billion in 2018 and is estimated to expand with a CAGR of 11.5% during 2019-2026.
Automotive electric power steering (EPS) is operated by an electric motor whereas hydraulic power steering utilizes a pump that is integrated to the oil tank. The use of the pump in hydraulic power steering constantly places a load on the engine, affecting the fuel consumption and vehicle performance, thereby encouraging the adoption of electric power steering.
Citing an instance, according to India Brand Equity Foundation, automotive sales in India recorded year-on-year growth rate of 8.3%, accounting for 3.99 million units, making India the fourth largest automotive market in 2018. In the same year, India was ranked as the seventh largest manufacturer of commercial vehicles. Increasing vehicle production across the globe is augmenting the growth of global automotive electric power steering (PBS) market. Apart from this, initiatives undertaken by OEMS to lower the complexity and weight of vehicles coupled with several regulations promoting the use of energy efficient technologies are augmenting the market growth.
Furthermore, rising disposable income and increasing population are pushing the demand for premium as well as non-premium vehicles, which is likely to boost the market growth in the coming years. However, higher cost of EPS as compared to traditional steering systems may hamper the market growth over the forecast period.
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Considering the regional spectrum, global automotive electric power steering (EPS) market is divided into North America, Europe, Asia Pacific, Latin America, and rest of the world. North America market is reckoned to see considerable growth during the projection period, owing to increasing vehicle production and electrification of vehicles in the region.
Prominent players of global automotive electric power steering (EPS) market include Jtekt Corporation, Robert Bosch, Nexteer Automotive, Hyundai Mobis, NSK Ltd., Delphi, ZF Friedrichshafen, Showa Corporation., Mitsubishi Electric, and Thyssenkrupp.