Electric Power Steering Market
The automotive power steering motor market is expected to reach USD 20.87 billion in 2027 while registering a CAGR of 5.93% during the forecast period (2022-2027).
Electric Power Steering (EPS) Market, Is it the Future?
- The automotive electric power steering (EPS) market is expected to reach USD 27 billion by 2026 and is anticipated to register a CAGR of 6.26% during the forecast period (2021 - 2026).
- The rising popularity of self-driving vehicles is fueling the growth of the electric power steering market across the globe.
- 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.
- Several companies are currently developing electric power steering systems, which will be suitable for all levels of automated driving with advanced safety and comfort. This is also expected to further boost the adoption of automation in trucks and buses, which, in turn, is projected to reflect newer opportunities to the EPS motor industry in the years to come.
- Several companies are currently developing electric steering systems, which will be suitable for all levels of automated driving with advanced safety and comfort. This is also expected to further boost the adoption of automation in trucks and buses, which, in turn, is projected to reflect newer opportunities to the EPS motor industry in the years to come.
Electric Power Steering Market Competition is Catching Up!
- The automotive electric power steering market is consolidated, with approximately more than half of the market share held by few companies, such as JTEKT Corporation, ZF Friedrichshafen AG, NSK Ltd, Mitsubishi Electric Corporation, and Nexteer Automotive.
- In Oct 2021, Nexteer announced MCEPS, a modular column assists electric power steering system. This system offers cost-effectiveness to the OEMs and flexibility to meet a wide range of OEM requirements.
- In Jan 2021, Nissan’s new Rogue equipped with JTEKT Electric Power Steering System with Gen2 in-house Microcontroller Unit (MCU). This maximized the EPS performance of JTEKT’s products immensely.
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Future Trends of Automotive Power Steering
- The steer-by-wire systems are expected to be the future of steering systems. With the need for shafts, columns, and other physical connections with the wheels essentially removed, the steer-by-wire technology is expected to take over the existing systems.
- Another steering system currently being pursued by OEMs is adaptive steering mechanism. Ford is now at the forefront of adaptive steering.
- Adaptive steering, like steer-by-wire, is based on sophisticated electronic systems that work in tandem with the vehicle's ESC to adjust to changing factors that may impair stability, such as road unevenness or traction.