Global Electric Steering Market to Reach USD 43,561.82 Million by 2031 | CAGR of 5.4%
Category : Automotive | Published Date : Nov 2024 | Type : Press Release
Electric Steering Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Electric Steering Market size was valued at USD 28,650.50 million in 2023 and is projected to grow at a CAGR of 5.4%, reaching USD 43,561.82 million by 2031. Electric steering systems use electric motors to assist in steering, replacing traditional hydraulic systems. These systems are critical for enhancing vehicle performance, improving fuel efficiency, and integrating with advanced driver-assistance systems (ADAS). They are widely used in passenger vehicles, commercial vehicles, and electric vehicles.
The report comprises the Electric Steering Market Share, Size & Industry Analysis, based on Type (Column Electric Power Steering, Rack Electric Power Steering, Pinion Electric Power Steering, Direct Drive Electric Power Steering), Component (Steering Motor, Steering Column, Sensors, Electronic Control Unit, Others), Vehicle Type (Passenger Vehicles, Commercial Vehicles), Technology (Electric Power Steering, Electro-Hydraulic Power Steering), End-User (OEMs, Aftermarket), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Electric Steering Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Key drivers include the integration of ADAS and increasing demand for electric and hybrid vehicles. However, challenges related to system failures due to software or electrical issues restrain growth.
Segmental Analysis :
Based on type, the market is segmented into Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS), Pinion Electric Power Steering (P-EPS), and Direct Drive Electric Power Steering.
- The C-EPS segment accounted for the largest market share in 2023, driven by its lightweight design, cost-effectiveness, and extensive use in compact and mid-sized passenger vehicles.
- The R-EPS segment is expected to grow at the fastest CAGR, attributed to its high precision and capability to handle higher steering loads, making it ideal for SUVs and commercial vehicles.
Based on the component, the market is segmented into Steering Motor, Steering Column, Sensors, Electronic Control Unit (ECU), and Others.
- The steering motor segment held the largest revenue share in 2023, driven by advancements in motor technologies enhancing efficiency and performance.
- The sensors segment is projected to grow rapidly due to increasing integration of high-precision sensors in ADAS for enhanced vehicle safety and performance.
Based on vehicle type, the market is categorized into Passenger Vehicles and Commercial Vehicles.
- The passenger vehicles segment accounted for the largest share in 2023, driven by rising demand for fuel-efficient, safety-oriented, and connected vehicles.
- The commercial vehicles segment is anticipated to grow at the fastest rate, supported by the increasing adoption of advanced steering systems in fleet vehicles for better maneuverability and reduced driver fatigue.
Based on technology, the market is segmented into Electric Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS).
- The EPS segment dominated the market in 2023 due to its energy efficiency and compatibility with modern automotive systems.
- The EHPS segment is expected to grow rapidly, driven by its suitability for heavy-duty applications requiring higher steering loads.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Accounted for the largest market share in 2023, driven by rapid industrialization, growing automotive production, and rising demand for passenger vehicles.
- North America: Expected to grow significantly, supported by advanced automotive technologies and high adoption of electric steering systems in passenger and commercial vehicles.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 43,561.82 Million |
| CAGR (2024-2031) | 5.4% |
| Type | Column Electric Power Steering (C-EPS), Rack Electric Power Steering (R-EPS), Pinion Electric Power Steering (P-EPS), Direct Drive Electric Power Steering |
| Component | Steering Motor, Steering Column, Sensors, Electronic Control Unit (ECU), Others |
| Vehicle Type | Passenger Vehicles, Commercial Vehicles |
| Technology | Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS) |
| End-User | OEMs, Aftermarket |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Electric Steering Industry:
- JTEKT Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- NSK Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Nexteer Automotive (USA)
- Thyssenkrupp AG (Germany)
- Bosch Group (Germany)
- Mando Corporation (South Korea)
- Showa Corporation (Japan)
- Hyundai Mobis (South Korea)
Recent Industry Developments :
- September 2024: Cascade Drives launched TrueEPS, an innovative electric power steering solution for heavy-duty vehicles, enhancing energy efficiency and reducing operational costs.
- August 2024: Nexteer Automotive unveiled its modular pinion assist EPS system, enabling customizable solutions for diverse vehicle platforms.
- June 2023: Nidec Corporation introduced compact electric drive systems for small electric vehicles, targeting improved energy efficiency and broader adoption of electric mobility.
