Market Share of Automotive Electric Power Steering Systems Industry
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.
The companies are focusing on diversifying their product line and customers, by launching new EPS systems with upgraded technology. For instance,
- In Septmber 2022, The Tottori Plant received a capital investment worth JPY 500 million from NOK Corporation . Under the investment, over the span of three years, the company will look forward to increase the manufacturing of its anti-vibration and soundproofing devices utilised around electric power steering (EPS), brakes, and gears of electric vehicles.
- In August 2021, Nexteer Automotive announced the expansion of its pinion electric steering (EPS) systems to meet the needs of heavier electric vehicles. The new high-output solutions benefit OEM customers to steer heavier electric vehicle loads without the need for treditional premium EPS technologies for heavy load vehicles.
Automotive Electric Power Steering System Market Leaders
Nexteer Automotive Group Ltd
ZF Friedrichshafen AG
Robert Bosch GmbH
*Disclaimer: Major Players sorted in no particular order