US Automotive EPS Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Automotive EPS Market Analysis
United States Automotive Electric Power Steering Market is anticipated to register a CAGR of about 6.2% during the forecast period (2020 - 2025).
The EPS market is primarily driven by the growing luxury vehicle production and sales, owing to the increasing preference for safety and comfort. Also, the rapid electrification of vehicles and rising stringency of emission norms in developed economies such as the United States is expected to increase the demand for EPS equipped cars.
However, the United States automotive EPS market continues to be affected by the country's economic turbulence. In 2019, despite a declining car market, the overall United States market remained strong, with total industry sales as high as 17 million. Moreover, the United States has the largest EPS market in North America and globally, the second largest EPS market.
The rising popularity of self-driving vehicles fueled demand for the electric power steering system market worldwide. Vehicles equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
US Automotive EPS Market Trends
This section covers the major market trends shaping the US Automotive EPS Market according to our research experts:
Passenger Cars Dominates the Market Share
The passenger car EPS market is witnessing significant growth in the United States market. Factors such as rising demand for advanced technologies and safety systems in vehicles have been propelling this growth.
EPS implementation in passenger cars is also growing with added benefits like no hoses or fluids required in the steering system, which would significantly reduce the maintenance costs. More than 50% of the passenger cars are running with EPS technology in the United States.
EPS's benefits, such as reducing the driver's additional effort to turn the steering wheel and offers smooth and easy to drive, have further driven the EPS adoption rate in vehicles in the country.
Technological Advancement in EPS Driving the Market
Electric power steering systems provide a lighter experience, mainly during low-speed manoeuvres, especially during parking or turning a 90-degree. With consumers more concerned about safety systems, technologies will play a significant role in customers opting for vehicles equipped with electric power steering systems.
For instance, in 2020, Bosch had announced the launch of its new Electric Power Steering System (ESP) with a fail-operational function which enables drivers to make a safe stop in a rare case of a single failure, which could become a major requirement to develop a fully autonomous driving technology in the future.
Also, in 2019 Nexteer Automotive, announced the expansion of its advanced steering technology at the North American International Auto Show (NAIAS). Advanced technology features address several key components: steering on-demand, quiet wheel steering, stable steering column, steer-by-wire, high availability electric power steering, and cybersecurity.
With the introduction to newer technologies, OEMs would have to comply with more modern methodologies designed by the Federal Automated Vehicles Policy documents from the US Department of Transportation (DOT) and National Traffic Highway Safety Association (NHTSA) in the near future.
US Automotive EPS Industry Overview
The United States Automotive Power Steering Market is consolidated with existing players such as JTEKT Corporation, ZF Friedrichshafen AG, NSK Ltd, Mitsubishi Electric Corporation, and Nexteer Automotive holding a significant share in the market. Some of the key developments of the players in the market are as follows:
In Aug 2019, Nexteer Automotive announced the Dongfeng Nexteer Steering Systems Co., Ltd., a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. (Dongfeng Components), begins mass production of Single Pinion Assist Electric Power Steering (SPEPS) systems. Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd. produces SPEPS systems, currently featured in A-C segment vehicles for Nexteer customers like BMW and Groupe PSA.
US Automotive EPS Market Leaders
ATS Automation Tooling Systems Inc.
Delphi Automotive Systems
GKN PLC
Hitachi Automotive Systems
Hyundai Mobis Co.
*Disclaimer: Major Players sorted in no particular order
US Automotive EPS Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Vehicle Type
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5.1.1 Passenger Car
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5.1.2 Commercial Vehicle
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5.2 EPS Type
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5.2.1 Colum Assist Type
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5.2.2 Pinion Assist Type
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5.2.3 Rack Assist Type
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5.3 Component Type
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5.3.1 Steering Column
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5.3.2 Sensor
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5.3.3 Steering Motor
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5.3.4 Other Components
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 ATS Automation Tooling Systems Inc.
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6.2.2 Delphi Automotive Systems
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6.2.3 GKN PLC
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6.2.4 Hitachi Automotive Systems
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6.2.5 Hyundai Mobis Co. Ltd
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6.2.6 Infineon Technologies
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6.2.7 JTEKT Corporation
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6.2.8 Mando Corporation
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6.2.9 Mitsubishi Electric Corporation
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6.2.10 Nexteer Automotive
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6.2.11 NSK Ltd.
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
US Automotive EPS Industry Segmentation
The United States Electric Power Steering Market report covers the latest technology trends and provides an analysis of various areas of the market demand by vehicle, EPS, and component type. The market share of significant players across the United Sates will be provided in the scope.
US Automotive EPS Market Research FAQs
What is the current US Automotive EPS Market size?
The US Automotive EPS Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in US Automotive EPS Market?
ATS Automation Tooling Systems Inc. , Delphi Automotive Systems , GKN PLC , Hitachi Automotive Systems and Hyundai Mobis Co. are the major companies operating in the US Automotive EPS Market.
What years does this US Automotive EPS Market cover?
The report covers the US Automotive EPS Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the US Automotive EPS Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Automotive EPS Industry Report
Statistics for the 2024 US Automotive EPS market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Automotive EPS analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
