The Electric Power Steering Market is projected to grow at a CAGR of 6.27% from 2017 to 2025, to reach a market size of USD 42.01 Billion by 2025 from USD 25.83 Billion in 2017.
The major factors driving the growth of the electric power steering market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
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ASIA PACIFIC: DOMINATING THE MARKET FOR ELECTRIC POWER STEERING FROM 2017 TO 2025
The Asia Pacific is estimated to account for the largest share of the electric power steering market in 2017. The market growth in the Asia Pacific region can be attributed to the boom in vehicle production and sales in countries such as China and India. In recent years, the Asia Pacific region has become the largest producer of vehicles in the world. It is thus the largest consumer of electric power steering across the globe. The continuous growth of domestic players along with Tier I companies, newer innovations and developments such as ADAS integration, and increasing mandates for a reduction in emission levels and increase in fuel economy are fostering the growth of the electric power steering market in the Asia Pacific region.
NORTH AMERICA AND EUROPE: MODEST GROWTH IN ELECTRIC POWER STEERING MARKET
The North American and European automotive markets are known for their highly sophisticated technology and safety regulations. The major Tier I suppliers of electric power steering in these regions are Robert Bosch (Germany), Delphi (UK), Nexteer (US), ZF TRW (Germany), and Federal-Mogul (US). These companies have already planned to expand their manufacturing facilities in the electric power steering segment. As the North American and European markets are set to attain maturity in the near future, they would grow at a modest rate in the next five years.
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GLOBAL MEASURES BY OEM TO REDUCE COMPLEXITY AND WEIGHT OF VEHICLES
The rising demand for modernization and electrification of vehicles is driving the growth of the electric power steering market. The vehicle designers are focusing on developing high-end electric power steering with technologically advanced features that are compact and lightweight. The EPS system does not drag on the engine from either a power steering pump or alternator because it will not provide assistance until required by driver input. Also, the absence of a hydraulic pump or piston, hoses, and a driving belt reduces the complexity of the system. The configuration of an EPS system can allow the entire power assist system to be packaged on the rack and pinion steering gear or in the steering column.
The governments of various countries are closely monitoring the amounts of fuels used in modern vehicles. Air pollution emission standards have constantly been tightened in recent years, particularly in Europe, US, China, and Japan. Furthermore, efforts are made to optimize the fuel efficiency of heavy-duty engines and vehicles. By 2025, the Environmental Protection Agency (EPA) expects new cars and light trucks sold in the US to average around 36 miles per gallon (mpg) on the road, up from 25 mpg currently. Also, the gas prices are always on a rising trend. Hence, it is important for vehicles to be as fuel-efficient as possible. This is where an EPS system comes into play. By eliminating the need for a power steering pump that can use up to 10 HP under load, an EPS system provides up to 2–3% increase in fuel economy over the conventional system. Such a system plays a major role in environmental protection as hydraulic fluid is not required for its operation.
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