Europe Electric Power Steering Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.90 % |
| Market Concentration | Medium |
Major 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 5.61 billion, and it is expected to reach USD 6.79 billion, registering a CAGR of 3.9% over the period of the next five years during the forecast period.
- Over the long term, the main factor boosting the growth of the automotive steering wheel market is the rising use of steering-mounted electronics, which makes wheels more intuitive. In the past twenty years, steering wheels have been employed to handle a variety of dashboard-based functions in automobiles. Radio and music, cruise control, climate control, and a number of additional features, such as call answering, are among these features.
- Further, the steering is becoming more balanced and suitable for driving in various settings and speeds thanks to cutting-edge steering-assisted safety technology. By minimizing lateral and yaw motions, steering-assist technologies like automatic speed recognition (ASR) and deep search recognition (DSR) alter the steering feel in accordance with vehicle speed and driving conditions.
- For instance, in May 2023, Volvo Cars announced that the all-electric Volvo EX30 has several new active safety and driver support systems. The EX30 features cutting-edge restraint technology as well as a superior structural design for crash protection. In addition to the hands-on detection in the steering wheel, the car has a special sensor located behind the steering wheel and powered by powerful algorithms that detect eye and face movements around 13 times per second.
- The market for automotive steering wheels is expected to develop as a result of improvements in driving technology, digitalized steering wheel generation, and the use of high-quality materials for steering. Autonomous vehicles run without a driver's assistance and are capable of navigating around obstacles, navigating across different types of terrain, and arriving at a predetermined destination.
- 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.
- For instance, in August 2022, The Acura Precision EV Concept had a low driving position and a steering wheel with two grips. To calm the driver, the steering wheel is retracted within the vehicle, while the cockpit emits pleasant aromas and projected visuals of underwater landscapes.
- 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 Market Trends
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 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 light of the regulatory standards of the European Commission (EC) and Environmental Protection Agency (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 September 2022, ZF Friedrichshafen AG (ZF) announced that its Commercial Vehicle Solutions (CVS) division has presented the most recent eMobility technologies in advance of the IAA Transportation 2022. ZF has introduced the CeTrax 2 electric central drive for heavy-duty vehicles, as well as the eWorX electrified commercial vehicle Power Take-Off system. It has also unveiled its cutting-edge new Electric Power Steering (EPS) system for trucks, coaches, and city buses. CeTrax 2 is a heavy-duty commercial vehicle integrated, modular e-drive system.
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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 the past few years, which in turn is also expected to support the electric power steering market in Europe.
- 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. The United Kingdom has been one of the primary driving factors for the market growth of light commercial vehicles across the European region. With the establishment of e-commerce giants and major regional operations for the European region, light commercial vehicles (LCVs) as of May 2023, sales of all vans to 3.5 tons increased 15.3% to 25,359 units, sales of trucks between 3.5 and 6.0 tons decreased 24.5% to 386 units while sales of taxis decreased 14.6% to 111 units.
- Further, according to the Federal Motor Transport Authority, a quarter more electric cars were registered in Germany in the first half of 2022 than the previous year over the same period. During that time, the proportion of fully electric vehicles climbed to 13.5% of all new registrations. Overall, alternative-drive car registrations climbed by 14.2%, accounting for over half of all new car registrations (battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles). German brands accounted for 50.6% of new passenger car registrations with electric powertrains during the reporting period.
- By 2030, Germany hopes to have 15 million electric vehicles on the road. Furthermore, the German Federal Government is aggressively supporting the usage of plug-in electric vehicles. Furthermore, since the rise in BEV subsidies in June 2020, the market share of BEVs has steadily increased. Aside from the environmental benefits, the increasing availability of electric vehicles on the market is driving the growth of the electric power steering market in Europe.
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Europe Electric Power Steering Industry Overview
Automotive original equipment manufacturers (OEMs) have introduced a multitude of advanced features to enhance vehicle efficiency and overall performance. Among these innovations, automotive steering systems stand out as crucial components designed to elevate vehicle steering capabilities. Many manufacturers are dedicating substantial investments to research and development to offer cutting-edge features, giving them a competitive edge in the market.
For instance, in May 2023, Robert Bosch GmbH underwent a restructuring initiative, resulting in the formation of Bosch Mobility as a distinct business sector within the company. This restructuring bestowed Bosch Mobility with its own dedicated business and leadership team. Furthermore, this sector will be divided into seven distinct divisions in the future, each specializing in specific areas such as Electrified Motion for electric motors, including e-axles; Vehicle Motion for enhancing vehicle dynamics with technologies like ABS, ESP, and steering; and Power Solutions focused on combustion-engine technology, fuel cells, hydrogen engines, and more.
In August 2022, Dodge made an exciting announcement with the unveiling of the Dodge Charger Daytona SRT, a forward-looking concept car in the realm of battery-electric muscle vehicles. This concept car provides a glimpse into Dodge's electrified future. Notably, the steering wheel is equipped with a one-button system, allowing the driver to swiftly alter the vehicle's characteristics and the displayed information by selecting from driving modes like Auto, Sport, Track, and Drag. This innovation promises an immersive driving experience with versatile control options.
Europe Electric Power Steering Market Leaders
Nexteer Automotive Group Ltd
NSK Ltd
JTEKT Corporation
ZF Friedrichshafen AG
Robert Bosch GmbH
*Disclaimer: Major Players sorted in no particular order
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Europe Electric Power Steering Market News
- June 2023: Bosch announced its participation in the Shanghai International Carbon Neutrality Expo 2023, where it will set up exhibition areas for New Energy electric drive systems, steering systems and driving safety, recycling and short-distance green mobility, and autonomous driving enabling intelligent mobility.
- May 2023: Infineon Technologies AG introduced the OptiMOS 7 40V MOSFET family, the company's latest generation of power MOSFETs for automotive applications in a range of lead-free and robust power packages. It integrates 300 mm thin-wafer technology with novel packaging. As a result, the MOSFETs are ideal for all current and future automotive 40V MOSFET applications, including electric power steering, braking systems, disconnect switches, and new zone architectures.
- May 2023: ZF Friedrichshafen AG (ZF) announced the global debut of its all-new AxTrax 2 electric axle platform for all commercial vehicle types at the Advanced Clean Transportation (ACT) Expo 2023 in Anaheim, California. The AxTrax 2 will enter series production in the United States in 2025 and Europe in late 2024. Aside from the debut of AxTrax 2, ZF also showcased several electrified commercial vehicle products at the show, including ReAX Adaptive Steering, EPS fully electric steering, and eWorX - an Electric Power Take-Off System (ePTO).
- September 2022: Knorr-Bremse AG announced that its key traffic safety technologies, including the SYNACT radial brake for heavy commercial vehicles and buses, the reduced-weight NexTT disc brake for trailers, the Global Scalable Brake Control (GSBC) system as a platform for Highly Automated Driving, the all-electric EPS steering system, and the AHPS (Advanced Hybrid Power Steering) overlay steering system, were showcased at IAA Transportation.
Europe Electric Power Steering Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Technological Advancements in Steering Systems Would Drive the Market
4.2 Market Restraints
4.2.1 Growing Popularity of Steer-By-Wire Technology Can Hinder the Growth of the Market
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Value in USD)
5.1 By Type
5.1.1 Column Type
5.1.2 Pinion Type
5.1.3 Dual Pinion Type
5.2 By Component Type
5.2.1 Steering Wheel/Column
5.2.2 Sensors
5.2.3 Steering Motor
5.2.4 Other Component Types
5.3 By Vehicle Type
5.3.1 Passenger Cars
5.3.2 LCV
5.3.3 Heavy Vehicles
5.4 Geography
5.4.1 Europe
5.4.1.1 United Kingdom
5.4.1.2 France
5.4.1.3 Germany
5.4.1.4 Italy
5.4.1.5 Russia
5.4.1.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Nexteer Automotive
6.2.2 NSK Ltd
6.2.3 JTEKT Corporation
6.2.4 ZF Friedrichshafen AG
6.2.5 Robert Bosch GmbH
6.2.6 Hyundai Mobis Co. Ltd
6.2.7 Infineon Technologies
6.2.8 Hitachi Automotive Systems
6.2.9 Mando Corporation
6.2.10 Mitsubishi Electric Corporation
6.2.11 GKN PLC
6.2.12 Delphi Automotive Systems
6.2.13 ATS Automation Tooling Systems Inc.
6.2.14 Thyssenkrupp Presta AG
6.2.15 TRW Automotive
6.2.16 Hafei Industrial Group Automobile Redirector Obligate Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Electric Power Steering Industry Segmentation
The electric power steering (EPS) system uses an electric motor, instead of a pump, to steer the wheel. The usage of the pump continually places a load on the engine, in turn affecting the fuel consumption and performance of the vehicle.
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).
The report offers the market size and forecast in value (USD) for the above-mentioned segments.
| 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 | ||||||||
|
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Europe Electric Power Steering Market Research FAQs
What is the current Europe Electric Power Steering Market size?
The Europe Electric Power Steering Market is projected to register a CAGR of 3.9% during the forecast period (2024-2029)
Who are the key players in Europe Electric Power Steering Market?
Nexteer Automotive Group Ltd, NSK Ltd, JTEKT Corporation, ZF Friedrichshafen AG and Robert Bosch GmbH are the major companies operating in the Europe Electric Power Steering Market.
What years does this Europe Electric Power Steering Market cover?
The report covers the Europe Electric Power Steering Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Electric Power Steering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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