Automotive Electric Power Steering Eps Market Size, Share, Industry Trends and Forecast to 2033
This report explores the Automotive Electric Power Steering (EPS) market from 2023 to 2033, analyzing key trends, market dynamics, regional performance, and major players to provide a comprehensive insight into future growth opportunities and challenges facing the industry.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $12.50 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $24.57 Billion |
| Top Companies | Robert Bosch GmbH, Nexteer Automotive, Thyssenkrupp AG, ZF Friedrichshafen AG, Mando Corporation |
| Last Modified Date | 15 Nov 2024 |
Automotive Electric Power Steering Eps Market Report (2023 - 2033)
Automotive Electric Power Steering Eps Market Overview
What is the Market Size & CAGR of Automotive Electric Power Steering Eps market in 2023?
Automotive Electric Power Steering Eps Industry Analysis
Automotive Electric Power Steering Eps Market Segmentation and Scope
Request a custom research report for industry.
Automotive Electric Power Steering Eps Market Analysis Report by Region
Europe Automotive Electric Power Steering Eps Market Report:
In Europe, the market was valued at $3.36 billion in 2023 and is projected to reach $6.60 billion by 2033. Key factors driving this growth include strict environmental regulations, a push for electric mobility, and the established presence of major automotive manufacturers.Asia Pacific Automotive Electric Power Steering Eps Market Report:
In the Asia-Pacific region, the Automotive EPS market is projected to grow from $2.43 billion in 2023 to $4.78 billion by 2033, driven by increased vehicle production in countries like China and India. The rising demand for fuel-efficient vehicles and developed infrastructure enables a strong growth forecast.North America Automotive Electric Power Steering Eps Market Report:
North America currently holds a significant market value of $4.83 billion in 2023, anticipated to rise to $9.49 billion by 2033. This growth is supported by strong automotive production capabilities, investment in smart vehicle technologies, and consumer preference for advanced steering solutions.South America Automotive Electric Power Steering Eps Market Report:
The South American Automotive EPS market is estimated to reach $1.59 billion in 2033, growing from $0.81 billion in 2023. The growth is propelled by increasing vehicle sales and government initiatives promoting electric vehicle adoption.Middle East & Africa Automotive Electric Power Steering Eps Market Report:
The market in the Middle East and Africa is expected to expand from $1.07 billion in 2023 to $2.10 billion by 2033, helped by increasing growth in the automotive sector and rising consumer awareness of vehicle technology advancements.Request a custom research report for industry.
Automotive Electric Power Steering Eps Market Analysis By System
Global Automotive Electric Power Steering (EPS) Market, By System Type Market Analysis (2023 - 2033)
The EPS market is significantly driven by system type, with Column Assist EPS leading the market size at $8.18 billion in 2023, projected to grow to $16.07 billion by 2033, maintaining a market share of 65.42%. Rack Assist EPS follows, representing $2.57 billion and expected to reach $5.05 billion, while Other EPS Systems contribute an estimated $1.75 billion in 2023 and grow to $3.45 billion by 2033, collectively emphasizing the evolution and adoption of various EPS technologies.
Automotive Electric Power Steering Eps Market Analysis By Application
Global Automotive Electric Power Steering (EPS) Market, By Application Market Analysis (2023 - 2033)
The Automotive EPS applications are segmented into Passenger Vehicles, Commercial Vehicles, and Two-Wheelers. Passenger Vehicles dominate the market with an 65.42% share expected to maintain through 2033, resulting in a revenue of $8.18 billion in 2023, increasing to $16.07 billion. The market for Commercial Vehicles is expected to grow from $2.57 billion to $5.05 billion as the segment adapts to driver comfort enhancements and specific commercial demands.
Automotive Electric Power Steering Eps Market Analysis By Technology
Global Automotive Electric Power Steering (EPS) Market, By Technology Market Analysis (2023 - 2033)
In terms of technology, the market is ever-evolving. Notably, advancements in Sensor-Based Technology dominate the EPS segment with a size of $8.18 billion in 2023, growing to $16.07 billion by 2033. Actuator-Based Technology follows with $2.57 billion estimated for 2023 and $5.05 billion for 2033. The increasing importance of integrating software-driven technologies reflects emerging trends in vehicle-centric technologies.
Automotive Electric Power Steering Eps Market Analysis By Manufacturer
Global Automotive Electric Power Steering (EPS) Market, By Manufacturer Market Analysis (2023 - 2033)
The manufacturers shaping the EPS landscape include Tier 1 Suppliers, holding a strong market share of 65.42% starting from $8.18 billion in 2023 to $16.07 billion by 2033. Additionally, Tier 2 Suppliers and Automakers also play critical roles in shaping market dynamics as they work closely with technology developers to innovate and meet evolving market demands.
Automotive Electric Power Steering Eps Market Analysis By Trends
Global Automotive Electric Power Steering (EPS) Market, By Trends Market Analysis (2023 - 2033)
Current trends within the Automotive EPS market highlight a focus on sustainable practices and technological advancements. Weight reduction, energy conservation, and improved vehicle handling are paramount. The share of sustainable practices within the EPS segment is projected to maintain a 20.54% share through innovative approaches to steering technologies.
Automotive Electric Power Steering Eps Market Trends and Future Forecast
Request a custom research report for industry.
Global Market Leaders and Top Companies in Automotive Electric Power Steering Eps Industry
Robert Bosch GmbH:
A pioneer in mobility solutions, Bosch is heavily invested in EPS technology, offering advanced automotive steering solutions that enhance efficiency and performance.Nexteer Automotive:
A leading provider of advanced steering and driveline systems, Nexteer's innovations in EPS technology position them as a key player influencing market trends and benchmarks.Thyssenkrupp AG:
With a strong footprint in the automotive components sector, Thyssenkrupp specializes in manufacturing EPS systems that emphasize lightweight solutions and state-of-the-art engineering.ZF Friedrichshafen AG:
ZF provides advanced EPS to support safety and performance in vehicles, leveraging intelligent connectivity to enhance driving experiences.Mando Corporation:
A prominent player in vehicle component manufacturing, Mando focuses on EPS technologies that prioritize comfort, safety, and energy efficiency.We're grateful to work with incredible clients.
Related Industries
FAQs
What is the market size of automotive Electric Power Steering Eps?
The global Automotive Electric Power Steering (EPS) market size is projected to reach approximately $12.5 billion by 2033, with a CAGR of 6.8% during the forecast period. This growth indicates a robust demand for EPS systems in various vehicle segments.
What are the key market players or companies in this automotive Electric Power Steering Eps industry?
Key players in the automotive EPS market include major automotive component manufacturers and suppliers, which provide innovative steering solutions. These companies focus on technological advancements to enhance performance and safety in the automotive sector.
What are the primary factors driving the growth in the automotive Electric Power Steering Eps industry?
The growth in the automotive EPS industry is driven by the rising demand for fuel-efficient and lightweight vehicles, technological advancements in steering systems, and increased adoption of electric vehicles globally, as well as stringent regulations on vehicle efficiency.
Which region is the fastest Growing in the automotive Electric Power Steering Eps?
North America is the fastest-growing region in the automotive EPS market, with market size projected to increase from $4.83 billion in 2023 to $9.49 billion by 2033. This growth is driven by advancements in automotive technology and rising consumer preferences.
Does ConsaInsights provide customized market report data for the automotive Electric Power Steering Eps industry?
Yes, ConsaInsights offers customized market report data tailored to client requirements in the automotive EPS industry. This includes in-depth analysis, regional insights, and sector-specific trends to support strategic decision-making.
What deliverables can I expect from this automotive Electric Power Steering Eps market research project?
From the automotive EPS market research project, clients can expect comprehensive reports including market size estimates, growth forecasts, competitive analysis, and insights into consumer preferences and emerging trends across various regions and segments.
What are the market trends of automotive Electric Power Steering Eps?
Current market trends in the automotive EPS industry include increasing adoption of column assist EPS systems, emphasis on sustainable practices, and advances in software-driven technology, highlighting the push for innovation and efficiency in vehicle performance.