The global electric power steering market is projected to reach a market size of USD 33.4 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027. Factors driving this growth include the implementation of stringent automotive safety regulations, increasing preference for vehicle electrification among OEMs and Tier I suppliers, demand for lighter and less complex vehicles, and the overall growth in vehicle production.
In terms of EPS types, column assist EPS (CEPS) holds the largest market share in 2021. CEPS, which provides steering assistance on the column, is primarily used in passenger cars, contributing to its high market share due to the higher production of passenger cars compared to commercial vehicles. CEPS is suitable for low-end and mid-range passenger cars and is capable of supporting steering functions at low torques and frontal axle loads.
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The collapsible steering column is the dominant mechanism in the electric power steering market in 2021. It consists of an upper column and a lower shaft that retract in the event of an accident, offering enhanced safety features. The growing production of passenger cars and light commercial vehicles, along with increasing government mandates for road safety, drives the demand for collapsible steering columns in EPS systems.
Asia Pacific is experiencing rapid growth in the electric power steering market, primarily driven by vehicle electrification in China. The region’s growth is fueled by factors such as increased vehicle production, government regulations on emissions, demand for fuel efficiency, and rising disposable incomes. Governments in the Asia Pacific region are actively promoting vehicle safety initiatives, leading OEMs to integrate safety features into EPS systems.
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Key players in the electric power steering market include Robert Bosch, Mitsubishi Electric, JTEKT, Nexteer, ZF, ThyssenKrupp, NSK, Hyundai Mobis, GKN, and Federal-Mogul. These players range from large multinational corporations to smaller companies but collectively contribute to the market’s growth and development.
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