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Analysis of Automotive Electric Power Steering (EPS) Market 2019-2024: Industry Trends, Share, Size, Price, Revenue, Business Strategy, Production Technology Forecast to 2024


The “Automotive Electric Power Steering (EPS) Market” 2019 report provides market size (value and volume), market share, growth rate by types, applications, and combines both qualitative and quantitative methods to make micro and macro forecasts in different regions or countries. Automotive Electric Power Steering (EPS) Market report also aims to provide useful and comprehensive insights into current market trends and future growth scenarios. Automotive Electric Power Steering (EPS) market report contains information like SWOT analysis, business highlights, strength, weakness, threats and opportunities of industry.

Top Manufacturers of Automotive Electric Power Steering (EPS) Market Are:

  • Nexteer Automotive
  • Infineon Technologies AG
  • JTEKT Corporation
  • ZF Friedrichshafen AG
  • Robert Bosch GmbH
  • Denso Corp.
  • NSK Ltd
  • Hitachi Automotive Systems Ltd.
  • Mitsubishi Electric Corporation
  • Hyundai Mobis Co. Ltd.
  • Thyssenkrupp Presta AG
  • Mitsubishi Electric Corporation
  • Huhei Henglong Auto System Group

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    Market Overview:

  • The automotive electric power steering (EPS) market was valued at USD 24.71 billion, and is expected to project a CAGR of over 12%, during the forecast period 2019-2024.
  • Some of the major factors driving the growth of the market are the increasing demand for high-end or luxury vehicles, the rising stringency of emission and fuel economy norms, and the growing demand for and sales of electric vehicles across the world. However, a rise in vehicle recalls, owing to malfunctioning of sensors or other components, may hinder the growth of the market.
  • Electric systems are significantly fuel efficient, due to the absence of belt-driven hydraulic or manual pumps, which run constantly, whether assistance is required or not. EPS provides fuel savings as high as 0.4 l for every 100 km, along with a reduction in CO2 emissions of up to 7 g/km.
  • Among regions, Asia-Pacific dominated the automotive EPS market. Asia-Pacific EPS market is primarily being driven by growing vehicle production and sales, rapid electrification of vehicles, growing demand for and sale of electric vehicles, rising stringency of emission norms, and increasing disposable income of consumers, which, in turn, are increasing the demand for luxury vehicles, owing to growing preference for safety and comfort.

    Scope of the Report:

  • Electric power steering (EPS) uses an electric motor, instead of a pump, to steer the wheel. The usage of the pump continually places a load on the engine, in turn affecting the fuel consumption and performance of the vehicle.
  • The automotive electric power steering (EPS) market has been segmented by component type and vehicle type.

    Automotive Electric Power Steering (EPS) Market Report Answers the Following Questions:

    • What will the market size and the growth rate be in 2024?
    • What are the key factors driving the global Automotive Electric Power Steering (EPS) market?
    • What are the key market trends impacting the growth of the global Automotive Electric Power Steering (EPS) market?
    • What are the challenges to market growth?
    • Who are the key vendors in the global Automotive Electric Power Steering (EPS) market?
    • What are the market opportunities and threats faced by the vendors in the global Automotive Electric Power Steering (EPS) market?
    • Trending factors influencing the market shares of the relevant regions.
    • What are the key outcomes of the five forces analysis of the global Automotive Electric Power Steering (EPS) market?

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    Key Market Trends:

    Steering Motor is Expected to Witness the Highest CAGR

    The steering motors segment was valued at USD 6.38 billion in 2018 and is expected to witness the fastest growth rate during the forecast period.

    The major difference between hydraulic power steering and electric power steering is the steering motor. An electric motor is placed in the EPS, which eliminates the use of fluid and other hydraulic components of hydraulic power steering, thus, eliminating power steering leaks, as well as reducing the overall weight.

    This motor is either mounted on the steering column, the rack, or at the pinion shaft, and increases fuel economy by up to 2%, over conventional systems. The EPS is powered by an electric motor, and is not dependent on the engine for its power source. Hence, the steering experience is not affected when the engine is shut off.

    Between 2016-2017, the previously used brushed DC motors used in EPS systems were gradually replaced by brushless DC motors. Brushless DC motors showed high efficiency, less maintenance, and low electric noise generation over brushed DC motors, due to the lack of brushes.

    Nidec Corporation, Bosch, Johnson Electric, Denso Corporation, and Mitsubishi Electric are some of the major suppliers of motors for EPS systems in the automotive industry. Nidec Corporation expanded its in-vehicle motor production capacity and intends to more than double shipments of in-vehicle motors to over 100 million in the fiscal year 2020 (ends in March 2021), from 2016, by winning more orders for EPS motors, its major product.

    The demand for steering motors is likely to continue to increase during the forecast period, as all automakers have started adopting electric power steering systems in all their vehicle models, and are planning to advance electric power steering to steer by wire technology, over the coming years.

    Asia-Pacific Dominated the Global Market

    In 2018, Asia-Pacific dominated the market and is expected to witness the same trend in the coming years.

    In Asia-Pacific, China dominated the market, followed by India and Japan.

    The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. This, in turn, reflects positively on the growing demand for vehicles. Over the past five years, owing to low production costs in the country, the demand for vehicle production has gone up drastically. However, in 2018, the country witnessed a decline in vehicle sales by 3%, owing to trade tensions and shaky consumer confidence. Additionally, industry experts predict a further decline by 5% in vehicles sales in 2019.

    To overcome the contraction, the government has decided to use the slowdown to remove weaker auto manufacturers from the industry. Additionally, in January 2019, the government unveiled numerous measures, with an aim to increase the sales of cars. Moreover, the introduction of the new energy vehicles (NEVs) program is driving automakers in the country to focus more on electric vehicle production over the coming years, which, in turn, is expected to propel the demand for EPS in the country.

    India also witnessed a downward trend in vehicle sales, owing to uneven monsoons, Kerala floods, poor festive demand, and high fuel and insurance cost. Passenger vehicle sales recorded single-digit growth of 5.32% at 33,93,705 units in 2018, compared to 32,22,220 units in 2017. However, the country shows good potential for automotive EPS business, as automakers in India have gradually started adopting EPS systems in their advanced vehicle models, and this is anticipated to continue in their upcoming models.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    The report provides key statistics on the market status of the Automotive Electric Power Steering (EPS) Market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Automotive Electric Power Steering (EPS) .

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    Report Objectives:

    • Analyzing the size of the Automotive Electric Power Steering (EPS) market on the basis of value and volume.
    • Accurately calculating the market segments, consumption, and other dynamic factors of different sections of the global Automotive Electric Power Steering (EPS) market.
    • Determining the key dynamics of the Automotive Electric Power Steering (EPS) market.
    • Highlighting significant trends of the Automotive Electric Power Steering (EPS) market in terms of manufacture, revenue, and sales.
    • Deeply summarizing top players of the Automotive Electric Power Steering (EPS) market and showing how they compete in the industry.
    • Studying industry processes and costs, product pricing, and various trends related to them.
    • Displaying the performance of different regions and countries in the global Automotive Electric Power Steering (EPS) market.

    Detailed TOC of Automotive Electric Power Steering (EPS) Market Report 2019-2024:

    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study



    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.4 Market Restraints
    4.5 Industry Attractiveness – Porter’s Five Force Analysis
    4.5.1 Threat of New Entrants
    4.5.2 Bargaining Power of Buyers/Consumers
    4.5.3 Bargaining Power of Suppliers
    4.5.4 Threat of Substitute Products
    4.5.5 Intensity of Competitive Rivalry

    5.1 By Component Type
    5.1.1 Steering Column
    5.1.2 Sensor
    5.1.3 Steering Motor
    5.1.4 Other Components
    5.2 By Vehicle Type
    5.2.1 Passenger Cars
    5.2.2 Commercial Vehicles
    5.3 Geography
    5.3.1 North America US Canada Rest of North America
    5.3.2 Europe Germany UK France Italy Russia Rest of Europe
    5.3.3 Asia-Pacific China Japan India South Korea Rest of Asia-Pacific
    5.3.4 Latin America Brazil Argentina Mexico Rest of South America
    5.3.5 Middle East & Africa South Africa Egypt United Arab Emirates Rest of Middle East & Africa

    6.1 Vendor Market Share
    6.2 Mergers & Acquisitions
    6.3 Company Profiles
    6.3.1 Nexteer Automotive
    6.3.2 Infineon Technologies AG
    6.3.3 JTEKT Corporation
    6.3.4 ZF Friedrichshafen AG
    6.3.5 Robert Bosch GmbH
    6.3.6 Denso Corp.
    6.3.7 NSK Ltd
    6.3.8 Hitachi Automotive Systems Ltd.
    6.3.9 Mitsubishi Electric Corporation
    6.3.10 Hyundai Mobis Co. Ltd.
    6.3.11 GKN PLC
    6.3.12 Thyssenkrupp Presta AG
    6.3.13 Mitsubishi Electric Corporation
    6.3.14 Huhei Henglong Auto System Group




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