Electric Power Steering Market

Market Leader - Electric Power Steering Market

The electric power steering market is estimated to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 Billion by 2025. 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 September 2017, ZF collaborated with Faurecia, a leading automotive equipment provider, to develop new technologies related to passive driver safety such as advanced cockpit, steering wheel, interior monitoring, and interaction between systems in the critical pre-crash phase. The key objective of this collaboration is to provide better safety solutions for crash avoidance. 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.  

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), Delphi (UK), JTEKT (Japan), Nexteer (US), GKN (UK), and Federal-Mogul (US).

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 August 2017, Nexteer signed a long-term agreement with WABCO to manufacture and supply active steering systems for medium and heavy-duty commercial vehicles using MagnaSteer Actuation Technology. Nexteer, in collaboration with WABCO, will integrate MagnaSteer’s technology with Sheppard’s suite of power steering gears for heavy-duty commercial and specialty vehicles. In November 2017, the company inaugurated a new technical center in Suzhou Industrial Park of China. The new Asia Pacific Technical Center encompasses 30,000-plus sq. meters, 14,000 sq. meters of office space and 12,000 sq. meters of R&D facilities along with a test and validation lab. This center will house product engineering, manufacturing engineering, purchasing, finance, sales and management of the company.  

Other major players in the electric power steering market are focusing on expanding their regional presence to achieve continuous and sustainable development. This is evident from several collaborations and joint venture projects these companies have undertaken in the recent years.

Related Reports:

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

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Report Code
AT 5951
Published ON
Feb, 2018
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