Market Overview:
The global electric power steering system (EPS) market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for passenger vehicles and commercial vehicles across the globe. Additionally, factors such as rising disposable income and technological advancements are also contributing to the growth of this market. The global electric power steering system (EPS) market is segmented on the basis of type, application, and region. On the basis of type, it is divided into c-eps, p-eps, and r-eps segments. The c-eps segment dominates this market owing to its low cost and easy installation process as compared to other types of EPS systems available in the market.
 Industry Outlook.svg)
Product Definition:
The electric power steering system (EPS) is a type of hydraulic power steering that uses an electric motor to assist the driver in turning the car. The EPS replaces the traditional hydraulic pump and gearbox with an electric motor and actuator. This gives the EPS several advantages over traditional hydraulic systems, including improved fuel economy, quieter operation, and reduced weight.
C-EPS:
C-EPS is an advanced power steering system that uses the concept of electric power steering to provide more comfort and convenience in manual driving. It has a hydraulic pump instead of a mechanical link, which helps in improving fuel efficiency and reducing emissions. The EPS consists of an inner tube with mounted electric motor, this EPS can be directly linked or indirectly linked to the steering wheel using flexible pipes resulting into zero loss of energy during turning left/right or up/down respectively.
P-EPS:
P-EPS (Power EPS) is a system that enhances the steering effort at low and medium speeds. It helps in improving the vehicle’s agility and driving experience by reducing wheel movement under low load conditions. P-EPS works on the hydraulic power assist system, which uses fluid pressure generated from within the steeringsynapse to provide extra force to turn wheels.
Application Insights:
The commercial vehicle segment dominated the global electric power steering system market in terms of revenue share in 2017. The segment is expected to witness significant growth over the forecast period owing to rising demand for heavy-duty trucks and buses from end-use industries, such as mining, construction, and transportation & logistics. Furthermore, stringent regulations regarding pollution levels in major economies are likely to propel industry expansion over the coming years.
The passenger vehicle segment is also anticipated to witness considerable growth during the forecast period on account of increasing consumer preference for high performance vehicles with enhanced safety features and advanced technology systems. EPS provides a better feel while driving by providing a sense of what¢â‚¬â„¢s called ¢â‚¬Ëœvehicle stability control¢â‚¬ which helps improve overall handling characteristics of cars and SUVs without affecting fuel efficiency or emissions significantly.
Regional Analysis:
The North American market held the largest share in 2016 and is expected to continue leading over the forecast period. The region has been witnessing increasing demand for electric power steering systems on account of rising adoption of electrically-driven vehicles, such as hybrid cars and pure EVs. Moreover, technological advancements coupled with high disposable income are anticipated to fuel industry growth over the next eight years.
Asia Pacific is projected to be one of the fastest-growing regions owing to rapid industrialization along with growing automotive industry in China, India, Japan and South Korea. In addition, supportive government initiatives aimed at reducing vehicular emissions are also expected to drive regional growth during the forecast period. Europe accounted for a significant share in 2016 owing largely to large presence of EPS manufacturers including Bosch Automotive Aftersales GmbH & Co.
Growth Factors:
- Increasing demand for electric vehicles: The global electric vehicle market is expected to grow at a CAGR of more than 20% during the forecast period. This would lead to an increase in the demand for electric power steering systems, as they are used in most electric vehicles.
- Government initiatives and regulations: Governments across the globe are promoting the use of electric vehicles through various initiatives and regulations. This is expected to drive the growth of the EPS market during the forecast period.
- Technological advancements: The EPS market is witnessing rapid technological advancements, with new products being launched regularly. This is helping OEMs offer better performance and features in their products, which is resulting in an increase in demand from consumers.
Scope Of The Report
Report Attributes
Report Details
Report Title
Electric Power Steering System (EPS) Market Research Report
By Type
C-EPS, P-EPS, R-EPS
By Application
Passenger Vehicle, Commercial Vehicle
By Companies
JTEKT, Bosch, NSK, Nexteer, ZF, Mobis, Showa, Thyssenkrupp, Mando
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
249
Number of Tables & Figures
175
Customization Available
Yes, the report can be customized as per your need.
Global Electric Power Steering System (EPS) Market Report Segments:
The global Electric Power Steering System (EPS) market is segmented on the basis of:
Types
C-EPS, P-EPS, R-EPS
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Passenger Vehicle, Commercial Vehicle
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- JTEKT
- Bosch
- NSK
- Nexteer
- ZF
- Mobis
- Showa
- Thyssenkrupp
- Mando
 Market Overview.svg)
Highlights of The Electric Power Steering System (EPS) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- C-EPS
- P-EPS
- R-EPS
- By Application:
- Passenger Vehicle
- Commercial Vehicle
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Electric Power Steering System (EPS) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Electric power steering system (EPS) is a type of electronic control system that helps the driver steer a car or truck. The EPS uses electric motors to help turn the wheels, and it usually includes an electronic controller to manage the power and speed of the motors.
Some of the key players operating in the electric power steering system (eps) market are JTEKT, Bosch, NSK, Nexteer, ZF, Mobis, Showa, Thyssenkrupp, Mando.
The electric power steering system (eps) market is expected to grow at a compound annual growth rate of 6.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Power Steering System (EPS) Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Electric Power Steering System (EPS) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Electric Power Steering System (EPS) Market - Supply Chain
4.5. Global Electric Power Steering System (EPS) Market Forecast
4.5.1. Electric Power Steering System (EPS) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Electric Power Steering System (EPS) Market Size (000 Units) and Y-o-Y Growth
4.5.3. Electric Power Steering System (EPS) Market Absolute $ Opportunity
5. Global Electric Power Steering System (EPS) Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
5.3.1. C-EPS
5.3.2. P-EPS
5.3.3. R-EPS
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Electric Power Steering System (EPS) Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
6.3.1. Passenger Vehicle
6.3.2. Commercial Vehicle
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Electric Power Steering System (EPS) Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Electric Power Steering System (EPS) Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Electric Power Steering System (EPS) Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Electric Power Steering System (EPS) Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Electric Power Steering System (EPS) Demand Share Forecast, 2019-2026
9. North America Electric Power Steering System (EPS) Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Electric Power Steering System (EPS) Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
9.4.1. Passenger Vehicle
9.4.2. Commercial Vehicle
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
9.7.1. C-EPS
9.7.2. P-EPS
9.7.3. R-EPS
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Electric Power Steering System (EPS) Demand Share Forecast, 2019-2026
10. Latin America Electric Power Steering System (EPS) Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Electric Power Steering System (EPS) Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
10.4.1. Passenger Vehicle
10.4.2. Commercial Vehicle
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
10.7.1. C-EPS
10.7.2. P-EPS
10.7.3. R-EPS
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Electric Power Steering System (EPS) Demand Share Forecast, 2019-2026
11. Europe Electric Power Steering System (EPS) Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Electric Power Steering System (EPS) Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
11.4.1. Passenger Vehicle
11.4.2. Commercial Vehicle
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
11.7.1. C-ES
11.7.2. P-EPS
11.7.3. R-EPS
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Electric Power Steering System (EPS) Demand Share, 2019-2026
12. Asia Pacific Electric Power Steering System (EPS) Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Electric Power Steering System (EPS) Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
12.4.1. Passenger Vehicle
12.4.2. Commercial Vehicle
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
12.7.1. C-EPS
12.7.2. P-EPS
12.7.3. R-EPS
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Electric Power Steering System (EPS) Demand Share, 2019-2026
13. Middle East & Africa Electric Power Steering System (EPS) Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Electric Power Steering System (EPS) Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Electric Power Steering System (EPS) Market Size and Volume Forecast by Application
13.4.1. Passenger Vehicle
13.4.2. Commercial Vehicle
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Electric Power Steering System (EPS) Market Size and Volume Forecast by Type
13.7.1. C-EPS
13.7.2. P-EPS
13.7.3. R-EPS
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Electric Power Steering System (EPS) Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Electric Power Steering System (EPS) Market: Market Share Analysis
14.2. Electric Power Steering System (EPS) Distributors and Customers
14.3. Electric Power Steering System (EPS) Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. JTEKT
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Bosch
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. NSK
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Nexteer
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. ZF
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Mobis
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Showa
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Thyssenkrupp
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Mando
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
