May 6, 2022   SOURCE: BusinessWire

Electric Power Steering Market by Component, Type, Mechanism, Electric Motor Type, Application, Off-Highway, EV, EV Gear Type and Region - Global Forecast to 2027 - ResearchAndMarkets.com

The "Electric Power Steering Market by Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Electric Motor Type, Application, Off-Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), EV Gear Type and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global electric power steering market is estimated to be at USD 24.3 billion in 2021 and is projected to grow at a CAGR of 5.0% during the forecast period to, USD 33.4 billion by 2027.

Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column.

Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.

BEV market of electric power steering is estimated to experience the highest market share during the forecast period

The electric power steering market for Battery Electric Vehicles BEV is estimated to have the highest market share during the forecast period. The growth of this segment can be attributed to the high-volume production of BEVs due to increasing demand and availability of infrastructure for the production of batteries complemented by a regulatory push towards more efficient technologies.

Asia Pacific is estimated to be the fastest-growing electric power steering market

The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel-efficient systems in passenger cars make Asia Pacific the largest and fastest-growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.

Market Dynamics

Drivers

  • Regulatory Push Towards Efficient Technologies
  • Global Measures by OEMs to Reduce Complexity and Weight of Vehicles
  • Increasing Vehicle Production

Restraints

  • Higher Cost of EPS as Compared to Traditional Steering Systems
  • Lack of Steering Feel
  • Limited Load-Bearing Capacity of EPS Systems

Opportunities

  • Adoption of Steer-By-Wire Technology
  • Penetration in Commercial Vehicles
  • Enabling ADAS Features in EPS

Challenges

  • Maintaining Market Against Steer-By-Wire Technology
  • Autonomous Vehicles Without Steering Wheels
  • Failure of EPS System Subcomponents

Companies Mentioned

  • BorgWarner
  • Denso Corporation
  • GSS Steering Systems LLC
  • Huayu Automotive Systems Company Limited
  • Hycet Technology Co. Ltd
  • Hyundai Mobis
  • JTEKT
  • Maval Industries
  • Mitsubishi Electric
  • MVO GmbH
  • Nexteer
  • NSK
  • Pailton Engineering
  • Robert Bosch
  • Rollax GmbH & Co. Kg
  • Tenneco
  • ThyssenKrupp
  • ZF

For more information about this report visit https://www.researchandmarkets.com/r/6d4arw