The electric power steering market is estimated to grow at a CAGR of 5.4 % during the forecast period, to reach USD 33.4 billion by 2027. Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the electric power steering market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the electric power steering market.
The electric power steering market, by component, in terms of value, is projected to grow at a CAGR of 5.4% from 2021 to 2027. Electric systems have an advantage of fuel efficiency because, unlike hydraulic systems, there is no belt-driven hydraulic pump constantly running. Also, hydraulic systems are prone to leakage and spillage issues, which are eliminated in the case of EPS. This is a major reason for the introduction of electric power steering systems.
Off-highway vehicles are expected to adopt EPS systems by 2026, with most of them being HPS and EHPS systems. Construction equipment generally refers to heavy machinery that performs specific construction or demolition work. This equipment is transportable, semi-permanent, or permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in earth or rock, and concrete and paving applications. An EPS system is too sophisticated to handle the torque and rack pressure required in off-highway vehicles yet. However, gradually this system will penetrate the off-highway segment.
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By application, the commercial vehicles segment is projected to register a higher CAGR of 6.3%, by value, during the forecast period. The increasing demand for ADAS features is triggering the growth of the commercial vehicles segment. The existing and increasing government norms for fuel efficiency and air emission standards have pushed OEMs to adopt EPS systems for almost all their internal combustion engine vehicles, from small cars to heavy trucks.
The Electric Power Steering Market, by Electric Vehicle is expected to grow at a CAGR of 39.4% in terms of value. Most electric vehicles in North America and Europe are equipped with an electric power steering system. There is a gradual shift in focus from an electric power steering system to steer-by-wire technology, which is lightweight and helps improve performance output.
By type, the R-EPS segment is projected to register the highest CAGR of 5.5%, by value, during the forecast period. In R-EPS, a brushless motor is used, which is freely mounted on the rack. With this system installed, assistive force is directly provided to the steering rack. This system has wide applications owing to its flexibility in design. R-EPS is designed for heavier vehicles to handle higher front-axle loads and optimize packaging space.
By mechanism, the collapsible EPS market is projected to register a higher CAGR of 6.1%, by value, during the forecast period. The market for collapsible steering column systems has been growing rapidly over the past two years due to the rising sales of passenger cars, the expansion of global players in developing economies, and technological advances. Rampant vehicle production in Asia Pacific is also expected to contribute to the growing collapsible EPS market.
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Asia Pacific is estimated to account for the largest share of the electric power steering market in 2021. The market growth in the Asia Pacific region can be attributed to the steady growth in vehicle production and sales in countries such as China and India post the COVID-19 pandemic. 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.
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