Europe Electric Power Steering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Europe Electric Power Steering (EPS) Market is segmented by Type (Column Type, Pinion Type, and Dual Pinion Type), Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other Components), Vehicle Type (Passenger Cars and Commercial Vehicles), and Country (Germany, United Kingdom, Italy, Spain, France, and Rest of Europe).

Europe Electric Power Steering Industry Overview

Europe Electric Power Steering Systems Market Size
Study Period: 2018 - 2028
CAGR: 3.2 %

Major Players

Europe Electric Power Steering Systems Market Key players

*Disclaimer: Major Players sorted in no particular order

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Europe Electric Power Steering Market Analysis

The European electric power steering market was valued at USD 5.2 billion in 2020, and it is expected to reach USD 6.9 billion by 2026. It is estimated to register a CAGR of 3.9% during the forecast period, 2021-2026.

The COVID-19 pandemic resulted in the negative growth of the already struggling automotive industry. The pandemic resulted in lockdowns and shutdowns, thereby halting production and operations for a few months. As the economies are slowly recovering, it is expected that the market would grow positively in the forecast period.

The increased production of automobiles, constant technological advancements in the European automotive sector, and the increasing demand for fuel-efficient vehicles with effective steering systems are expected to propel the growth of the market over the forecast period.

Most vehicles today are heavy and equipped with front-wheel drive. Hence, the tire diameters are also increased according to vehicle requirements. To reduce the manual effort, power steerings were introduced to assist the driver. This feature has gradually become commonplace across all new vehicles. Among the different types of steering systems available nowadays, electric power steering is one of them.

Europe Electric Power Steering Industry Segments

The European electric power steering EPS market is segmented by type, component type, vehicle type, steering type, and country.

By type, the market is segmented into column type, pinion type, and dual pinion type. By component type, the market is segmented into steering rack/column, sensors, steering motor, and other components. By vehicle type, the market is segmented into passenger cars, LCV, heavy vehicles, and other vehicle types, and by country, the market is segmented into Germany, the United Kingdom, Italy, Spain, France, and Rest of Europe.

By Type
Column Type
Pinion Type
Dual Pinion Type
By Component Type
Steering Wheel/Column
Sensors
Steering Motor
Other Component Types
By Vehicle Type
Passenger Cars
LCV
Heavy Vehicles
Geography
Europe
United Kingdom
France
Germany
Italy
Russia
Rest of Europe

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Europe Electric Power Steering Market Trends

This section covers the major market trends shaping the Europe Electric Power Steering Market according to our research experts:

Technological Advancements in Steering Systems Would Drive the Market

Increasing technological advancements in steering systems have paved the way for many components like sensors to replace the traditional steering parts such as hoses, belts, and pumps. Sensors give out accurate readings both in terms of position and performance indicators. Usually, steerings are equipped with sensors like torque sensors, angle and acceleration sensors, wheel speed sensors, etc.

Steering sensors find their extensive application in electric hybrid and pure electric vehicles. The demand for fuel-efficient vehicles in the light of the regulatory standards of EC and EPA would drive the growth of electric vehicles and, in turn, the steering sensors sales. Rising concerns about passenger safety have obliged automobile manufacturers to equip their vehicles with driver assistance systems, including steering assistance systems. The integration of numerous steering sensors in electric power steering (EPS) helps provide additional safety benefits to the driver.

In order to have an edge over competitors, the companies have been actively working to bring in advanced features with respect to steering systems. For instance,

  • In January 2021, Nexteer Automotive invested in Tactile Mobility, a sensing and data company that collects data using vehicles’ built-in, non-visual sensors, including wheel speed, wheel angle, RPM, paddles position, gear position, and then analyzes it to yield actionable insights in real-time. With this collaboration, Nexteer is trying to offer an enhanced steering experience to its customers.
  • In July 2020, NSK Ltd developed a non-contact torque sensor capable of measuring the torque in vehicles in real-time. This is the first sensor in the world of this type and capability.
Europe Electric Power Steering Systems Market Trends

Germany is Projected to Hold a Major Share in the Market

Increasing production and sales of vehicles in Europe is the primary factor that is expected to drive the market in the forecast period. Both passenger cars and commercial vehicle sales have been seeing a steady demand over few years. In 2020, new passenger vehicle registrations in the European Union (EU) were recorded at 9,942,509 cars. With almost 2,917,678 unit sales in 2020, Germany remained by far the largest new car market in Europe and performed the best of the large countries. This is mainly because the country is home to major automotive companies and concrete manufacturing capabilities when it comes to automobiles.

The demand for light commercial vehicle rentals has also been growing in Europe due to the growth in e-commerce, logistics, and industries in the region. In 2020 total Europe recorded 2.5 million new LCV registrations. This is evident as most of the sales are recorded by rental companies in the region. Moreover, new commercial vehicle registrations in the European Union increased by 1.2%. All vehicle segments made a positive contribution to the growth of the market. Demand was largely driven by the Central European countries, given that registrations in all key Western European markets showing active signs of growth in the region.

Europe Electric Power Steering Systems Market Analysis

Europe Electric Power Steering Market Competitor Analysis

The automotive OEMs have introduced several advanced features that enhance the efficiencies of vehicles and other performance indicators. Among these, the automotive steering systems are specially designed to improve steering in vehicles. Many manufacturers are investing billions in research and development to bring the best features in the products and have an edge in the market competition. For instance,

  • In October 2020, Nexteer Automotive launched high-output electric power steering (EPS) that delivers advanced safety and comfort features as well as enhanced fuel efficiency for heavy-duty (HD) trucks and light commercial vehicles (LCVs).

Europe Electric Power Steering Market Top Players

  1. Robert Bosch GmbH

  2. NSK Ltd

  3. ZF Friedrichshafen AG

  4. JTEKT Corporation

  5. Nexteer Automotive Group Ltd

*Disclaimer: Major Players sorted in no particular order

Robert Bosch GmbH, NSK Ltd, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Group Ltd

Europe Electric Power Steering Market Recent Developments

  • In December 2020, Nexteer Automotive and Continental joint venture, CNXMotion, announced Brake-To-Steer (BTS), a technology that provides driver safety through an additional layer of directional control for highly automated and autonomous vehicles and offered a cost-effective approach to achieve advanced safety.
  • In September 2020, Schaeffler partnered with Bosch Automotive Steering to advance rear-wheel steering systems to expand its intelligent Rear Wheel Steering (iRWS) portfolio. The aim of the partnership is to grow the market by offering integrated solutions for rear-wheel steering systems.

Europe Electric Power Steering Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Column Type

      2. 5.1.2 Pinion Type

      3. 5.1.3 Dual Pinion Type

    2. 5.2 By Component Type

      1. 5.2.1 Steering Wheel/Column

      2. 5.2.2 Sensors

      3. 5.2.3 Steering Motor

      4. 5.2.4 Other Component Types

    3. 5.3 By Vehicle Type

      1. 5.3.1 Passenger Cars

      2. 5.3.2 LCV

      3. 5.3.3 Heavy Vehicles

    4. 5.4 Geography

      1. 5.4.1 Europe

        1. 5.4.1.1 United Kingdom

        2. 5.4.1.2 France

        3. 5.4.1.3 Germany

        4. 5.4.1.4 Italy

        5. 5.4.1.5 Russia

        6. 5.4.1.6 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 ATS Automation Tooling Systems Inc.

      2. 6.2.2 Delphi Automotive Systems

      3. 6.2.3 GKN PLC

      4. 6.2.4 Hafei Industrial Group Automobile Redirector Obligate Co. Ltd

      5. 6.2.5 Hitachi Automotive Systems

      6. 6.2.6 Hyundai Mobis Co. Ltd

      7. 6.2.7 Infineon Technologies

      8. 6.2.8 JTEKT Corporation

      9. 6.2.9 Mando Corporation

      10. 6.2.10 Mitsubishi Electric Corporation

      11. 6.2.11 Nexteer Automotive

      12. 6.2.12 NSK Ltd

      13. 6.2.13 Robert Bosch GmbH

      14. 6.2.14 Thyssenkrupp Presta AG

      15. 6.2.15 TRW Automotive

      16. 6.2.16 ZF Friedrichshafen AG

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Europe Electric Power Steering Market Research FAQs

The Europe Electric Power Steering Market is studied from 2018 - 2028.

The Europe Electric Power Steering Market is growing at a CAGR of 3.2% over the next 5 years.

The Europe Electric Power Steering Market is valued at 5 Billion USD in 2018.

The Europe Electric Power Steering Market is valued at 6 Billion USD in 2028.

Robert Bosch GmbH, NSK Ltd, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Group Ltd are the major companies operating in Europe Electric Power Steering Market.

Europe Electric Power Steering Industry Reports

In-depth industry statistics and market share insights of the Europe Electric Power Steering sector for 2020, 2021, and 2022. The Europe Electric Power Steering research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Europe Electric Power Steering report PDF.

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