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Reports > Automotive And Mobility > United Sates Automotive Eps Market Report

United Sates Automotive Eps Market Size, Share, Industry Trends and Forecast to 2033

This report provides a comprehensive analysis of the United States Automotive Electric Power Steering (EPS) market from 2023 to 2033. It covers market size, growth forecasts, trends, regional analysis, and insights into key industry players and segments.

Metric Value
Study Period 2023 - 2033
2023 Market Size $5.20 Billion
CAGR (2023-2033) 6.8%
2033 Market Size $10.22 Billion
Top Companies Robert Bosch GmbH, JTEKT Corporation, ZF Friedrichshafen AG, Nexteer Automotive, Mando Corporation
Last Modified Date 15 Nov 2024

United Sates Automotive Eps Market Report (2023 - 2033)

United States Automotive EPS Market Overview

The United States Automotive EPS industry is characterized by rapid technological innovation and the shift towards sustainable mobility solutions. Key trends include the integration of autonomous driving technologies with EPS systems and the growing emphasis on driver safety and comfort. Major automotive manufacturers are continuously investing in research and development to enhance EPS performance and reduce manufacturing costs. Moreover, collaboration between OEMs and technology companies is becoming prevalent, leading to innovative steering solutions that improve vehicle control and efficiency. Regulatory pressures for emissions reductions further drive the adoption of EPS systems, positioning the industry for robust growth.

What is the Market Size & CAGR of United States Automotive EPS market in 2023?

In 2023, the market size for the United States Automotive EPS is valued at approximately $5.02 billion, with an anticipated Compound Annual Growth Rate (CAGR) of 7.4% through 2033. By 2033, the market is projected to reach an estimated $10.85 billion. Factors contributing to this growth include the increasing adoption of electric and hybrid vehicles, stringent fuel economy regulations, and advancements in steering technology. The rise in consumer preference for advanced safety and convenience features also plays a critical role in driving the demand for EPS systems.

United States Automotive EPS Industry Analysis

The United States Automotive EPS industry is characterized by rapid technological innovation and the shift towards sustainable mobility solutions. Key trends include the integration of autonomous driving technologies with EPS systems and the growing emphasis on driver safety and comfort. Major automotive manufacturers are continuously investing in research and development to enhance EPS performance and reduce manufacturing costs. Moreover, collaboration between OEMs and technology companies is becoming prevalent, leading to innovative steering solutions that improve vehicle control and efficiency. Regulatory pressures for emissions reductions further drive the adoption of EPS systems, positioning the industry for robust growth.

United States Automotive EPS Market Segmentation and Scope

The United States Automotive EPS market is segmented based on product type, vehicle type, technology, distribution channel, and end-user. Each segment plays a vital role in shaping the market landscape. Product types include Mechanical Assist EPS, Electric Assist EPS, Column Assist EPS, Rack Assist EPS, and other types. Vehicle types encompass passenger vehicles, commercial vehicles, and electric vehicles. The growing trend toward electric mobility influences the market's expansion, reflecting changes in consumer expectations and technological advancements. The scope of this market includes all aspects of EPS technology relevant to the automotive sector.

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United States Automotive EPS Market Analysis Report by Region

Europe United Sates Automotive Eps Market Report:

The European market is projected to grow from $1.61 billion in 2023 to $3.17 billion by 2033. The region's focus on reducing vehicle emissions and the increasing popularity of electric vehicles are key growth drivers.

Asia Pacific United Sates Automotive Eps Market Report:

The Asia Pacific region holds a significant share of the EPS market, valued at approximately $1.08 billion in 2023, projected to grow to $2.13 billion by 2033. This growth is driven by robust automotive manufacturing in countries like Japan and China and the rising demand for electric and hybrid vehicles.

North America United Sates Automotive Eps Market Report:

North America, which includes the United States, shows a market size of approximately $1.71 billion in 2023, anticipated to rise to $3.37 billion in 2033. This growth is supported by stringent regulatory requirements for vehicle emissions and safety.

South America United Sates Automotive Eps Market Report:

In South America, the market for EPS is comparatively smaller, with a current value of $0.29 billion in 2023, expected to reach $0.57 billion by 2033. Key factors influencing growth include increasing automotive production and improvements in infrastructure.

Middle East & Africa United Sates Automotive Eps Market Report:

The EPS market in the Middle East and Africa is expected to increase from $0.50 billion in 2023 to $0.98 billion by 2033, bolstered by rising automotive production and investments in transportation infrastructure.

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United Sates Automotive Eps Market Analysis By Product Type

Global United States Automotive EPS Market, By Product Type Market Analysis (2023 - 2033)

The product type analysis reveals that Mechanical Assist EPS dominates the market, standing at $4.25 billion in 2023 and expected to reach $8.36 billion by 2033. Electric Assist EPS, while smaller, continues to gain traction, moving from $0.95 billion to $1.86 billion in the same period.

United Sates Automotive Eps Market Analysis By Vehicle Type

Global United States Automotive EPS Market, By Vehicle Type Market Analysis (2023 - 2033)

Passenger vehicles represent the majority market share at 68.14% in 2023, with a projected growth from $3.54 billion to $6.96 billion by 2033. Commercial vehicles are also critical, expected to grow from $1.17 billion to $2.30 billion by 2033.

United Sates Automotive Eps Market Analysis By Technology

Global United States Automotive EPS Market, By Technology Market Analysis (2023 - 2033)

The technology segment shows the dominance of Column Assist EPS, progressing from $3.54 billion in 2023 to $6.96 billion by 2033, followed by Rack Assist EPS, which forecasts growth from $1.17 billion to $2.30 billion. Electric Assist and Mechanical Assist EPS are also gaining market traction.

United Sates Automotive Eps Market Analysis By Distribution Channel

Global United States Automotive EPS Market, By Distribution Channel Market Analysis (2023 - 2033)

Distribution analysis indicates OE manufacturers contribute significantly to the market, showcasing a share of 81.76%. The aftermarket segment, albeit smaller, is projected to expand from $0.95 billion to $1.86 billion by 2033.

United Sates Automotive Eps Market Analysis By End User

Global United States Automotive EPS Market, By End-User Market Analysis (2023 - 2033)

The market for OEMs remains dominant, with a size of $4.25 billion in 2023, projected to grow to $8.36 billion by 2033, driven by the increasing demand for innovative steering technologies from automotive manufacturers.

United States Automotive EPS Market Trends and Future Forecast

Looking ahead to 2033, the United States Automotive EPS market is expected to capitalize on trends such as increased electrification, the rise of autonomous vehicles, and partnerships between automotive manufacturers and tech companies. Anticipated market challenges include evolving consumer preferences and competitive pressures. As technology continues to advance, the integration of smart steering solutions will likely reshape the market, leading to enhanced performance, safety, and driver experience while navigating the transition towards a more sustainable automotive future.

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Global Market Leaders and Top Companies in United States Automotive EPS Industry

Robert Bosch GmbH:

A leading global supplier of technology and services, Bosch specializes in automotive systems, including advanced EPS technologies for enhanced vehicle performance and safety.

JTEKT Corporation:

JTEKT is a prominent player in steering technologies, offering innovative EPS solutions that support the growing demand for electric vehicles and improve driving comfort.

ZF Friedrichshafen AG:

ZF is a global leader in driveline and chassis technology, renowned for its cutting-edge EPS systems that enhance vehicle dynamics and safety.

Nexteer Automotive:

Nexteer specializes in steering and driveline systems, providing highly efficient and reliable EPS solutions for a wide range of vehicles.

Mando Corporation:

Mando develops advanced automotive systems including EPS, focusing on innovations that drive performance and safety in modern vehicles.

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