Market Size of Automotive Electric Power Steering ECU Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive ECU Market Analysis
The automotive electric power steering ECU market was valued at USD 18.6 billion in 2020, and it is expected to reach USD 27 billion by 2026, registering a CAGR greater than 6.2% during the forecast period (2021 - 2026).
The outbreak of the COVID-19 pandemic hit the automobile industry adversely. Disruptions were caused in the supply chain as several major economies of the world were in lockdown. All the manufacturing units and OEM plants were forced to halt production and operations during this period. With the recovery of economies, the market witnessed a huge demand for passenger cars as the consumer preferences changed from public transport to personal vehicles. The trend is expected to continue and drive the market growth.
Automotive electric power steering ECU is an integral component needed to drive the electric motor in the EPS unit. Factors such as extensive ownership of personal vehicles and growing technological advancements may see the rise of the EPS ECU market.
With autonomous vehicles gaining traction, it is fueling the demand for the electric power steering market and ECUs across the world. Vehicles that are equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
The purchasing power of people is increasing and pushing the demand for personal vehicles. China and India are witnessing this surge as the affordability of people is clearly increasing in these countries. Growth can be seen among other emerging markets in Southeast Asian countries like Bangladesh and Vietnam.
In India, government policies, such as the 'Make in India' initiative to improve the manufacturing sector in the nation, may also lead to a bright future for the market.
