Electric Power Steering Market by Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region - Global Forecast to 2025

The electric power steering market is valued at USD 23.62 Billion in 2016 and is projected to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 Billion by 2025.

In this study, 2016 has been considered the base year, and 2017 to 2025 the forecast period, for estimating the market size of the this market. The market report analyzes and forecasts the market size, in terms of volume (million units) and value (USD million), for passenger cars and commercial vehicles. It also forecasts the market size, in terms of volume (thousand units) and value (USD million), for electric vehicles. The report segments the electric power steering market and forecasts its size, by volume and value, based on application, component type, mechanism type, motor type, electric vehicle type, type of EPS, off-highway type, and region. The report provides a detailed analysis of various forces acting in the market including drivers, restraints, opportunities, and challenges. It strategically profiles key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.

The research methodology used in the report involves various secondary sources such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA). Experts from related industries and suppliers have been interviewed to understand the future trends of this market. Both, bottom-up and top-down approaches have been used to estimate and validate the size of the global market. The market size, by volume, is derived by identifying the region-wise production volumes and analyzing the demand trends. The market size, by value, is derived by adding the average selling price of individual components of the electric power steering system and multiplying the same with the volume of electric power steering in that region.

The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the electric power steering market consists of manufacturers such as Robert Bosch (Germany), Delphi (UK), and JTEKT (Japan) and research institutes such as the Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).

Target Audience

• Electric power steering manufacturers for passenger cars, light commercial vehicles, and heavy commercial vehicles
• Automobile manufacturers
• Electric power steering design companies
• Automobile organizations/associations
• Electric power steering suppliers
• Raw material suppliers for electric power steering
• Traders and distributors of electric power steering
• Automotive parts manufacturers
• Tier 1, Tier 2, and Tier 3 suppliers
• Distributors and suppliers of automotive components/parts

Scope of the Report

• Market, By Components
  • Steering wheel
  • Steering column
  • Sensors
  • Steering gear
  • Mechanical rack and pinion
  • Electronic control unit
  • Electric motor
  • Bearing
• Electric power steering market, By Electric Motor  
  • Brush motor
  • Brushless motor
• Electric power steering market, By Application
  • Passenger Cars (PC)
  • Commercial Vehicles (CV)
• Electric power steering market, By Off Highway Application  
  • Construction equipment
  • Agricultural equipment
• Electric power steering market, By Electric Vehicle
  • BEV
  • PHEV
  • HEV
• Electric power steering market, By Type
  • Rack assist type (REPS)
  • Colum assist type (CEPS)
  • Pinion assist type (PEPS)
• Electric power steering market, By Mechanism
  • Rigid
  • Collapsible
• Electric power steering market, By Region
  • Asia Pacific
  • Europe
  • North America
  • Rest of the World

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

1. Detailed analysis and profiling of additional regions (up to 3)
2. Detailed analysis of an additional variant of electric power steering (only 1)
3. Detailed analysis of component segment by country
4. Detailed analysis of motor type segment by country

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered in the Report
    1.4 Currency & Pricing
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Secondary Sources
                    2.1.1.2 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Sampling Techniques & Data Collection Methods
                    2.1.2.2 Primary Participants
    2.2 Factor Analysis
           2.2.1 Demand-Side Analysis
                    2.2.1.1 Safety Concerns Triggering the Demand for Advanced Electric Power Steering Systems
           2.2.2 Supply-Side Analysis
                    2.2.2.1 Growing Demand for Lightweight and Fuel-Efficient Power Steering System
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
           2.3.2 Top-Down Approach
    2.4 Market Breakdown and Data Triangulation
    2.5 Assumptions

3 Executive Summary (Page No. - 33)

4 Premium Insights (Page No. - 38)
    4.1 Electric Power Steering Market, By Region, 2017 vs 2025 (USD Million)
    4.2 Market, By Type, 2017 vs 2025 (USD Million)
    4.3 Market, By Region, 2017 vs 2025 (USD Million)
    4.4 Market, By Application, 2017 vs 2025 (USD Million)
    4.5 Market, By Components, 2017 vs 2025 (USD Million)
    4.6 Market, By Mechanism, 2017 vs 2025 (USD Million)
    4.7 Market, By Electric Motor, 2017 vs 2025 (USD Million)
    4.8 Market, By Electric Vehicle, 2017 vs 2025 (USD Million)
    4.9 Electric Power Steering Market, By Off Highway Application, 2017 vs 2025 (USD Million)

5 Market Overview (Page No. - 43)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Regulatory Push Towards Efficient Technologies
                    5.2.1.2 Global Measures By OEMS to Reduce Complexity and Weight of Vehicles
                    5.2.1.3 Increasing Vehicle Production
           5.2.2 Restraints
                    5.2.2.1 Higher Cost of EPS as Compared to Traditional Steering Systems
                    5.2.2.2 Lack of Steering Feel
           5.2.3 Opportunities
                    5.2.3.1 Penetration in Commercial Vehicles
                    5.2.3.2 Enabling ADAS Features in EPS
           5.2.4 Challenges
                    5.2.4.1 Maintaining Market Against Steer-By-Wire Technology
                    5.2.4.2 Autonomous Vehicles Without Steering Wheels
    5.3 Macro-Indicator Analysis
           5.3.1 Introduction
           5.3.2 Macro Indicators Influencing the this market for Top 3 Countries
                    5.3.2.1 China
                    5.3.2.2 US
                    5.3.2.3 Germany

6 Technology Overview (Page No. - 50)
    6.1 Introduction
    6.2 EPS Ecosystem
    6.3 ADAS Features: Automated Steering System
    6.4 Steer-By-Wire (SBW): Cutting Edge of Steering System
           6.4.1 Types of SBW Technology
                    6.4.1.1 Type I
                    6.4.1.2 Type II
                    6.4.1.3 Type III
    6.5 Fail Safe Mechanism

7 Electric Power Steering Market, By Component (Page No. - 56)
    7.1 Introduction
    7.2 Steering Wheel
    7.3 Steering Column
    7.4 Sensors
    7.5 Steering Gear
    7.6 Mechanical Rack and Pinion
    7.7 Electronic Control Unit (ECU)
    7.8 Electric Motor
    7.9 Bearings

8 Electric Power Steering Market, By Off-Highway Vehicles (Page No. - 71)
    8.1 Introduction
    8.2 Agricultural Equipment
    8.3 Construction Equipment

9 Electric Power Steering Market, By Electric Motor Type (Page No. - 77)
    9.1 Introduction
    9.2 Brushed Dc Motors
    9.3 Brushless Dc Motors

10 Electric Power Steering Market, By Application (Page No. - 83)
     10.1 Introduction
     10.2 Passenger Cars
     10.3 Commercial Vehicles

11 Electric Power Steering Market, By Electric Vehicle (Page No. - 89)
     11.1 Introduction
     11.2 Battery Electric Vehicle (BEV)
             11.2.1 Asia Pacific
             11.2.2 Europe
             11.2.3 North America
             11.2.4 Rest of the World
     11.3 Plug-In Hybrid Electric Vehicles (PHEV)
             11.3.1 Asia Pacific
             11.3.2 Europe
             11.3.3 North America
             11.3.4 Rest of the World
     11.4 Hybrid Electric Vehicles (HEV)
             11.4.1 Asia Pacific
             11.4.2 Europe
             11.4.3 North America
             11.4.4 Rest of the World

12 Electric Power Steering Market, By Type (Page No. - 110)
     12.1 Introduction
     12.2 C-EPS
     12.3 P-EPS
     12.4 R-EPS

13 Electric Power Steering Market, By Mechanism (Page No. - 119)
     13.1 Introduction
     13.2 Collapsible EPS
     13.3 Rigid EPS

14 Electric Power Steering Market, By Region (Page No. - 125)
     14.1 Introduction
     14.2 Asia Pacific (APAC)
             14.2.1 China
             14.2.2 India
             14.2.3 Japan
             14.2.4 South Korea
     14.3 Europe
             14.3.1 Germany
             14.3.2 Italy
             14.3.3 France
             14.3.4 Spain
             14.3.5 UK
     14.4 North America
             14.4.1 US
             14.4.2 Canada
             14.4.3 Mexico
     14.5 Rest of the World (RoW)
             14.5.1 Brazil
             14.5.2 Russia
             14.5.3 South Africa

15 Competitive Landscape (Page No. - 146)
     15.1 Overview
     15.2 Market Ranking Analysis
     15.3 Competitive Situation & Trends
             15.3.1 New Product Developments
             15.3.2 Expansions
             15.3.3 Mergers & Acquisitions
             15.3.4 Supply Contracts/Partnerships/Collaborations

16 Competitive Profiles (Page No. - 151)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
     16.1 JteKT
     16.2 Nexteer
     16.3 ZF
     16.4 Robert Bosch
     16.5 NSK
     16.6 Hyundai Mobis
     16.7 Showa Corporation
     16.8 Delphi
     16.9 Thyssenkrupp
     16.10 Mitsubishi Electric
     16.11 GKN
     16.12 Federal Mogul

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

17 Appendix (Page No. - 180)
     17.1 Insights of Industry Experts
     17.2 Discussion Guide
     17.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     17.4 Available Customizations
             17.4.1 Detailed Analysis and Profiling of Additional Regions (Up to 3)
             17.4.2 Detailed Analysis of an Additional Variant of Electric Power Steering (Only 1)
             17.4.3 Detailed Analysis of Component Segment By Country
             17.4.4 Detailed Analysis of Motor Type Segment By Country
     17.5 Related Reports
     17.6 Author Details

List of Tables (128 Tables)

Table 1 Currency Exchange Rates (Per USD)
Table 2 Fail Safe Mechanism of EPS System
Table 3 Electric Power Steering Market, By Component, 2015–2025 (USD Million)
Table 4 Steering Wheel: Market, By Region, 2015–2025 (USD Million)
Table 5 Steering Wheel: Market, By Application, 2015–2025 (USD Million)
Table 6 Steering Column: Market, By Region, 2015–2025 (USD Million)
Table 7 Steering Column: Market, By Application, 2015–2025 (USD Million)
Table 8 Sensors: Market, By Region, 2015–2025 (USD Million)
Table 9 Sensors: Market, By Application, 2015–2025 (USD Million)
Table 10 Steering Gear: Market, By Region, 2015–2025 (USD Million)
Table 11 Steering Gear: Market, By Application, 2015–2025 (USD Million)
Table 12 Mechanical Rack and Pinion: Market, By Region, 2015–2025 (USD Million)
Table 13 Mechanical Rack and Pinion: Market, By Application, 2015–2025 (USD Million)
Table 14 Electronic Control Unit: Market, By Region, 2015–2025 (USD Million)
Table 15 Electronic Control Unit: Market, By Application, 2015–2025 (USD Million)
Table 16 Electric Motor: Market, By Region, 2015–2025 (USD Million)
Table 17 Electric Motor: Market, By Application, 2015–2025 (USD Million)
Table 18 Bearings: Market, By Region, 2015–2025 (USD Million)
Table 19 Bearings: Market, By Application, 2015–2025 (USD Million)
Table 20 Electric Power Steering Market, By Off-Highway Vehicles, 2015–2025 (Thousand Units)
Table 21 Market, By Off-Highway Vehicles, 2015–2025 (USD Million)
Table 22 Agricultural Equipment: Market, By Region, 2015–2025 (Thousand Units)
Table 23 Agricultural Equipment: Market, By Region, 2015–2025 (USD Million)
Table 24 Construction Equipment: Market, By Region, 2015–2025 (Thousand Units)
Table 25 Construction Equipment: Market, By Region, 2015–2025 (USD Million)
Table 26 Electric Power Steering Market, By Electric Motor Type, 2015–2025 (Million Units)
Table 27 Market, By Electric Motor Type, 2015–2025 (USD Million)
Table 28 Brushed Dc Motors: Market, By Region, 2015–2025 (Million Units)
Table 29 Brushed Dc Motors: Market, By Region, 2015–2025 (USD Million)
Table 30 Brushless Dc Motors: Market, By Region, 2015–2025 (Million Units)
Table 31 Brushless Dc Motors: Market, By Region, 2015–2025 (USD Million)
Table 32 Electric Power Steering Market, By Application, 2015–2025 (Million Units)
Table 33 Market, By Application, 2015–2025 (USD Million)
Table 34 Passenger Cars: Market, By Region, 2015–2025 (Million Units)
Table 35 Passenger Cars: Market, By Region, 2015–2025 (USD Million)
Table 36 Commercial Vehicles: Market, By Region, 2015–2025 (Million Units)
Table 37 Commercial Vehicles: Market, By Region, 2015–2025 (USD Million)
Table 38 Electric Power Steering Market, By Electric Vehicle, 2015–2025 (Thousand Units)
Table 39 Market, By Electric Vehicle, 2015–2025 (USD Million)
Table 40 Battery Electric Vehicles: Market, By Region, 2015–2025 (Thousand Units)
Table 41 Battery Electric Vehicles: Market, By Region, 2015–2025 (USD Million)
Table 42 Asia Pacific: BEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 43 Asia Pacific: BEV Market, By Country, 2015–2025 (USD Million)
Table 44 Europe: BEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 45 Europe: BEV Market, By Country, 2015–2025 (USD Million)
Table 46 North America: BEV Market, By Country, 2015–2025 (Thousand Units)
Table 47 North America: BEV Market, By Country, 2015–2025 (USD Million)
Table 48 Rest of the World: BEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 49 Rest of the World: BEV Market, By Country, 2015–2025 (USD Million)
Table 50 Plug-In Hybrid Electric Vehicles: Market, By Region, 2015–2025 (Thousand Units)
Table 51 Plug-In Hybrid Electric Vehicles: Market, By Region, 2015–2025 (USD Million)
Table 52 Asia Pacific: PHEV Market, By Country, 2015–2025 (Thousand Units)
Table 53 Asia Pacific: PHEV Market, By Country, 2015–2025 (USD Million)
Table 54 Europe: PHEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 55 Europe: PHEV Market, By Country, 2015–2025 (USD Million)
Table 56 North America: PHEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 57 North America: PHEV Market, By Country, 2015–2025 (USD Million)
Table 58 Rest of the World: PHEV Electric Power Steering, By Country, 2015–2025 (Thousand Units)
Table 59 Rest of the World: PHEV Electric Power Steering Market, By Country, 2015–2025 (USD Million)
Table 60 Hybrid Electric Vehicles: Market, By Region, 2015–2025 (Thousand Units)
Table 61 Hybrid Electric Vehicles: Market, By Region, 2015–2025 (USD Million)
Table 62 Asia Pacific: HEV Market, By Country, 2015–2025 (Thousand Units)
Table 63 Asia Pacific: HEV Market, By Country, 2015–2025 (USD Million)
Table 64 Europe: HEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 65 Europe: HEV Market, By Country, 2015–2025 (USD Million)
Table 66 North America: HEV Electric Power Steering Market, By Country, 2015–2025 (Thousand Units)
Table 67 North America: HEV Market, By Country, 2015–2025 (USD Million)
Table 68 Rest of the World: HEV Market, By Country, 2015–2025 (Thousand Units)
Table 69 Rest of the World: HEV Market, By Country, 2015–2025 (USD Million)
Table 70 Electric Power Steering Market, By Type, 2015–2025 (Million Units)
Table 71 Market, By Type, 2015–2025 (USD Million)
Table 72 C-EPS: Electric Power Steering Market, By Region, 2015–2025 (Million Units)
Table 73 C-EPS: Market, By Region, 2015–2025 (USD Million)
Table 74 P-EPS: Market, By Region, 2015–2025 (Million Units)
Table 75 P-EPS: Market, By Region, 2015–2025 (USD Million)
Table 76 R-EPS: Market, By Region, 2015–2025 (Million Units)
Table 77 R-EPS: Market, By Region, 2015–2025 (USD Million)
Table 78 Electric Power Steering Market Size, By Mechanism, 2015–2025 (Million Units)
Table 79 Market Size, By Mechanism, 2015–2025 (USD Million)
Table 80 Collapsible EPS: Market Size, By Region, 2015–2025 (Million Units)
Table 81 Collapsible EPS: Market Size, By Region, 2015–2025 (USD Million)
Table 82 Rigid EPS: Market Size, By Region, 2015–2025 (Million Units)
Table 83 Rigid EPS: Market Size, By Region, 2015–2025 (USD Million)
Table 84 Electric Power Steering Market, By Region, 2015–2025 (Million Units)
Table 85 Market, By Region, 2015–2025 (USD Million)
Table 86 Asia Pacific: Market, By Country, 2015–2025 (Million Units)
Table 87 Asia Pacific: Market, By Country, 2015–2025 (USD Million)
Table 88 China: Market, By Application, 2015–2025 (Million Units)
Table 89 China: Market, By Application, 2015–2025 (USD Million)
Table 90 India: Market, By Application, 2015–2025 (Million Units)
Table 91 India: Market, By Application, 2015–2025 (USD Million)
Table 92 Japan: Market, By Application, 2015–2025 (Million Units)
Table 93 Japan: Market, By Application, 2015–2025 (USD Million)
Table 94 South Korea: Market, By Application, 2015–2025 (Million Units)
Table 95 South Korea: Market, By Application, 2015–2025 (USD Million)
Table 96 Europe: Market, By Country, 2015–2025 (Million Units)
Table 97 Europe: Market, By Country, 2015–2025 (USD Million)
Table 98 Germany: Market, By Application, 2015–2025 (Million Units)
Table 99 Germany: Market, By Application, 2015–2025 (USD Million)
Table 100 Italy: Market, By Application, 2015–2025 (Million Units)
Table 101 Italy: Market, By Application, 2015–2025 (USD Million)
Table 102 France: Market, By Application, 2015–2025 (Million Units)
Table 103 France: Market, By Application, 2015–2025 (USD Million)
Table 104 Spain: Market, By Application, 2015–2025 (Million Units)
Table 105 Spain: Market, By Application, 2015–2025 (USD Million)
Table 106 UK: Market, By Application, 2015–2025 (Million Units)
Table 107 UK: Market, By Application, 2015–2025 (USD Million)
Table 108 North America: Electric Power Steering Market, By Country, 2015–2025 (Million Units)
Table 109 North America: Market, By Country, 2015–2025 (USD Million)
Table 110 US: Market, By Application, 2015–2025 (Million Units)
Table 111 US: Market, By Application, 2015–2025 (USD Million)
Table 112 Canada: Market, By Application, 2015–2025 (Million Units)
Table 113 Canada: Market, By Application, 2015–2025 (USD Million)
Table 114 Mexico: Market, By Application, 2015–2025 (Million Units)
Table 115 Mexico: Market, By Application, 2015–2025 (USD Million)
Table 116 Rest of the World: Market, By Country, 2015–2025 (Million Units)
Table 117 Rest of the World: Market, By Country, 2015–2025 (USD Million)
Table 118 Brazil: Market, By Application, 2015–2025 (Million Units)
Table 119 Brazil: Market, By Application, 2015–2025 (USD Million)
Table 120 Russia: Market, By Application, 2015–2025 (Million Units)
Table 121 Russia: Market, By Application, 2015–2025 (USD Million)
Table 122 South Africa: Market, By Application, 2015–2025 (Million Units)
Table 123 South Africa: Market, By Application, 2015–2025 (USD Million)
Table 124 Electric Power Steering Market Ranking: 2016
Table 125 New Product Developments, 2016–2017
Table 126 Expansions, 2015–2017
Table 127 Mergers & Acquisitions, 2015-2017
Table 128 Supply Contracts/Partnerships/Collaborations, 2017
 
 
List of Figures (78 Figures)
 
Figure 1 Market Segments
Figure 2 Electric Power Steering Market: Research Design
Figure 3 Research Design Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Estimated Market Size of Lane Assist and Park Assist Features
Figure 6 Market: Bottom-Up Approach
Figure 7 Market: Top-Down Approach
Figure 8 Data Triangulation
Figure 9 Electric Power Steering Market: China to Be the Fastest Growing and Largest Market During the Forecast Period
Figure 10 Market, By Type (USD Million)
Figure 11 Market, By Mechanism (USD Million)
Figure 12 Market, By Electric Vehicle (USD Million)
Figure 13 Electric Power Steering Market, By Electric Motor Type (USD Million)
Figure 14 Attractive Opportunities in this Market, 2017 vs 2025 (USD Billion)
Figure 15 Asia Pacific is Expected to Lead the Global Market During the Forecast Period
Figure 16 The Column Assist EPS is Expected to Lead the Global Market
Figure 17 The Asia Pacific Market is Expected to Lead the Global Market
Figure 18 The Passenger Cars Segment is Expected to Lead the Global Market
Figure 19 Steering Gear Component is Expected to Have the Highest Market Share in this Market
Figure 20 Collapsible Steering Column is Expected to Lead the market, By Mechanism
Figure 21 Even Though the Brushed Motor has the Highest Market Value Currently, Brushless Motor Shows A Promising Growth By 2025 in the market, By Electric Motor
Figure 22 Hybrid Electric Vehicle Segment is Expected to Lead the Global Market, By Electric Vehicle Type
Figure 23 Agricultural Equipment Market is Expected to Lead the market
Figure 24 Electric Power Steering: Market Dynamics
Figure 25 China: Rising GDP PPP is Expected to Drive the this Market During the Forecast Period
Figure 26 US: GNI Per Capita is Expected to Play A Crucial Role Owing to Increase in Manufacturing Employment
Figure 27 Germany: Purchasing Power of Customers is Expected to Drive the market
Figure 28 The Evolution of EPS System (2005-2030)
Figure 29 Roadmap of ADAS for Top 3 Nations (2013–2030)
Figure 30 Reach of SBW in Automated Steering System Market
Figure 31 Three Types of Steer-By-Wire
Figure 32 Electric Power Steering Market, By Component, 2017 vs 2025 (USD Million)
Figure 33 Steering Wheel: Market, By Region, 2017 vs 2025 (USD Million)
Figure 34 Steering Column: Market, By Region, 2017 vs 2025 (USD Million)
Figure 35 Sensors: Market, By Region, 2017 vs 2025 (USD Million)
Figure 36 Steering Gear: Market, By Region, 2017 vs 2025 (USD Million)
Figure 37 Mechanical Rack and Pinion: Market, By Region, 2017 vs 2025 (USD Million)
Figure 38 Electronic Control Unit: Market, By Region, 2017 vs 2025 (USD Million)
Figure 39 Electric Motor: Market, By Region, 2017 vs 2025 (USD Million)
Figure 40 Bearings: Market, By Region, 2017 vs 2025 (USD Million)
Figure 41 Market, By Off-Highway Vehicles, 2017 vs 2025 (USD Million)
Figure 42 Agricultural Equipment: Market Size, By Region, 2017 vs 2025 (USD Million)
Figure 43 Construction Equipment: Market, By Region, 2017 vs 2025 (USD Million)
Figure 44 Electric Power Steering Market, By Electric Motor Type, 2017 vs 2025 (USD Million)
Figure 45 Brushed Dc Motors: Market, By Region, 2017 vs 2025 (USD Million)
Figure 46 Brushless Dc Motors: Market, By Region, 2017 vs 2025 (USD Million)
Figure 47 Market, By Application, 2017 vs 2025 (USD Million)
Figure 48 Passenger Cars: Market, By Region, 2017 vs 2025 (USD Million)
Figure 49 Commercial Vehicles: Market, By Region, 2017 vs 2025 (USD Million)
Figure 50 Market, By Electric Vehicle, 2017 vs 2025 (USD Million)
Figure 51 Battery Electric Vehicles: Market, By Region, 2017 vs 2025 (USD Million)
Figure 52 Plug-In Hybrid Electric Vehicles: Market, By Region, 2017 vs 2025 (USD Million)
Figure 53 Hybrid Electric Vehicles: Market, By Region, 2017 vs 2025 (USD Million)
Figure 54 Market Size, By Type, 2017 vs 2025 (USD Million)
Figure 55 C-EPS: Market, By Region, 2017 vs 2025 (USD Million)
Figure 56 P-EPS: Market, By Region, 2017 vs 2025 (USD Million)
Figure 57 R-EPS: Market, By Region, 2017 vs 2025 (USD Million)
Figure 58 Market Size, By Mechanism, 2017 vs 2025 (USD Million)
Figure 59 Collapsible EPS: Electric Power Steering Market Size, By Region, 2017 vs 2025 (USD Million)
Figure 60 Rigid EPS: Market Size, By Region, 2017 vs 2025 (USD Million)
Figure 61 Market, By Region, 2017 vs 2025 (USD Million)
Figure 62 Asia Pacific: Market Snapshot
Figure 63 Europe: Market, By Country, 2017 vs 2025 (USD Million)
Figure 64 North America: Market Snapshot
Figure 65 Rest of the World: Electric Power Steering Market, By Country, 2017 vs 2025 (USD Million)
Figure 66 Key Developments By Leading Players in the market, 2014–2017
Figure 67 Company Snapshot: JteKT
Figure 68 Company Snapshot: Nexteer
Figure 69 Company Snapshot: ZF
Figure 70 Company Snapshot: Robert Bosch
Figure 71 Company Snapshot: NSK
Figure 72 Company Snapshot: Hyundai Mobis
Figure 73 Company Snapshot: Showa Corporation
Figure 74 Company Snapshot: Delphi
Figure 75 Company Snapshot: Thyssenkrupp
Figure 76 Company Snapshot: Mitsubishi Electric
Figure 77 Company Snapshot: GKN
Figure 78 Company Snapshot: Federal Mogul 

The global electric power steering market is estimated to be USD 25.83 Billion in 2017 and is projected to grow to USD 42.01 Billion by 2025, at a CAGR of 6.27%. The key growth drivers for the market are the increasing number of government norms and mandates related to fuel-efficient technologies, measures taken by OEMs worldwide to reduce the weight and complexity of their vehicles, and the globally increasing vehicle production.

An Electric Power Steering (EPS) system offers an alternative to traditional steering systems such as Hydraulic and Electro-Hydraulic. It deploys an electric motor to assist the driver of a vehicle. The electric power steering market is segmented by type into column EPS (C-EPS), rack EPS (R-EPS), and pinion EPS (P-EPS). The column EPS (C-EPS) is estimated to hold the largest share of this market, by type.

Rack EPS (R-EPS) is estimated to be the fastest growing segment of the market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.

By mechanism, the market for collapsible electric power steering system is estimated to experience the highest growth during the forecast period. With the advent of the era of advanced technologies, the use of a collapsible electric power steering system has increased. The collapsible electric power steering systems are widely used in electric as well as conventional vehicles.

By electric vehicle type, HEV is estimated to hold the largest share of the market during the forecast period. The market growth can be attributed to the increased production of HEVs, particularly in the Asia Pacific region.

Asia Pacific is estimated to lead the this market during the forecast period, followed by North America and Europe. The North American and European markets are set to attain maturity as the majority of the vehicles in these regions are equipped with electric power steering system. These markets are therefore expected to grow at a steady pace during the forecast period.

Restraints of this market:

Despite the high demand for electric power steering systems, this market still experiences certain obstacles. The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.

The global market is dominated by a few players such as JTEKT (Japan), Nexteer (US), NSK (Japan), and Bosch (Germany) along with tier I and tier II suppliers.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst