The electric power steering market is estimated to grow at a CAGR of 5.2 % 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.
Increased demand for high-end vehicles and growing stringency of emission regulations have changed the market dynamics for electric power steering manufacturers. In addition, the leading OEMs are also collaborating with numerous other players to expand their product portfolio and customer base. For example, in May 2020 ZF acquired WABCO in a USD 7 billion deal. WABCO is now integrated into ZF as its Commercial Vehicle Control Systems Division and ZF and WABCO will form global integrated systems for commercial vehicle technology. WABCO and ZF have earlier partnered for developing such as Evasive Maneuver Assist for collision mitigation in commercial vehicles, in addition to that WABCO has been a critical supplier of braking systems to ZF. the primary aim of the deal is to bring a new dimension of innovation and capability for commercial vehicle systems technology. Besides, the complementary portfolios and competencies of both the companies opens up opportunities to offer unprecedented solutions and services for manufacturers and fleets globally. In recent years, automotive technologies and products have seen several innovations. One such innovation is the integration of ADAS features with electric power steering system to make vehicles safer.
To know about the assumptions considered for the study download the pdf brochure
The electric power steering market is dominated by a few global players and many regional players. The ecosystem of the electric power steering market includes research & development, raw material supply, assembly and manufacturing, system integration, marketing and sales, automotive manufacturing, end-users, and post-sales service. The report also profiles the most promising players in the electric power steering market. The competitive leadership mapping of this market presents an interesting picture of many big and small players that have become a force to reckon. A few of the key players include Robert Bosch (Germany), BorgWarner(UK), JTEKT (Japan), Nexteer (US), and Tenneco (US).
Nexteer (US) was founded in 2009 and is headquartered in Michigan, US. The company had 11,900 employees as of 2021. Nexteer (US) is a global supplier of automotive parts for the passenger and commercial vehicle markets, with a major focus on electric power steering systems. The company offers various kinds of electric power steering systems such as Column Assist EPS (CEPS), Single Pinion Assist EPS (SPEPS), Dual Pinion Assist EPS (DPEPS), and Rack Assist EPS (REPS). It has an advanced product offering as it actively launches new products in the electric power steering market. For example, in October 2022, the company introduced a new EPS product with a platform design and an expandable electronic control system, mCEPS meets customers’ needs for an advanced, customizable and cost-effective steering system that is flexible to customer packaging and other requirements.
JTEKT (Japan) was established with the merger of Koyo Seiko Co. and Toyoda Machine Works Ltd. The company operates across Asia Oceania, Europe, North America, and South America and is headquartered in Osaka, Japan, with an employee base of 48,332 as of 2021. The company operates through three business segments: automotive (comprising of driveline components and steering systems), bearing (comprising automotive bearings for automotive & autonomous driving solutions, and industrial bearings), and machine tools & mechatronics. JTEKT announced an investment of USD 47 million for the expansion of its plant at San Luis Potosi in Mexico. The plant produces electric power steering systems, bearings, and intermediate hydraulic steering shafts for OEM customers in Mexico. With this expansion, the company plans to export to North America and Japan. As per Silvestre Mendoza, Vice President of JTEKT Automotive Mexico, the plant expansion will make it the group’s largest site in North America.
ZF AG (Germany) is a worldwide supplier of driveline and chassis technologies. As of 2021, the company had 271 operational centers across 42 countries and a total workforce of 157,549. ZF’s business units are split into four divisions: car powertrain technology, car chassis technology, commercial vehicle technology, and industrial technology. In October, 2020 the company acquired all shares of the former ZF Sachs Micro Mobility GmbH joint venture. The previous shareholders, BMZ Batterien-Montage-Zentrum GmbH and Gustav Magenwirth GmbH & Co. KG (MAGURA), have transferred their shares to the Company. They will continue to be partners and suppliers of ZF Sachs Micro Mobility GmbH, which now operates independently as a wholly owned Company subsidiary. The Company created the joint venture to enter the growing electromobility market and drive new technological momentum.
Electric Power Steering Market by Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Electric Motor Type, Application, Off-Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), EV Gear Type and Region - Global Forecast to 2027
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE