Automotive Electric Power Steering Market
Automotive Electric Power Steering Market (Motor Assist: Column Assist, Pinion Assist, and Rack Assist; Component: EPS Control Module, Electric Motor, Rack & Pinion, and Steering Column; Vehicle: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle; and Technology: Conventional EPS and EPS with ADAS) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Automotive, Semicon Companies Collaborate to Allocate Inventory amid COVID-19
It is estimated that the coronavirus pandemic has slowed the automotive industry by nearly four years. The significant drop in the turnover between the years 2018-2019 and 2019-2020 is creating concerns for companies in the automotive electric power steering market. As such, business activities are gaining pace in certain regions of the world. For instance, Israel-based foundry Tower Semiconductor has announced to expand its manufacturing capacity for 200mm wafers that are in high demand for automotive and IoT (Internet of Things) devices.
Companies in the automotive electric power steering market are collaborating with semiconductor companies to make decisions on whether to allocate their inventory to meet automotive demands amid supply chain uncertainties.
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PID Control Method Holds Potentials in Overcoming Operational Issues of EPS
Electric power steering (EPS) systems are being associated with energy savings, lightweight attributes, and smart driving. However, operational issues in these systems such as model uncertainties and external interference are being addressed by manufacturers. Hence, companies in the automotive electric power steering market are anticipated to team up with scholars and researchers who offer guidance on various control theories, which are improving the ergonomics of EPS.
Companies in the automotive electric power steering market are gaining a strong research base in the flexible PID (Proportional-Integral-Derivative) control method that provides real-time tracking ability. PID control method is considered a gold standard for improving the steering stability and sensitivity. PID parameters can be adjusted in real-time according to the operating environment, which makes the response capability of EPS system more fast and accurate.
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Over-the-air Connected Tech, Control Units Revolutionizing EPS Systems
The automotive electric power steering market is projected to reach the revenue of US$ 30.2 Bn by 2031. The growing demand for highly automated driving is creating incremental opportunities for automakers. Bosch Mobility Solutions— a provider of vehicle technology with software solutions and services is gaining recognition for its over-the-air connected technology in EPS, along with ADAS (Advanced Driver-Assistance Systems).
Apart from passenger and light commercial vehicles, companies in the automotive electric power steering market are unlocking growth opportunities in small and mid-range sports cars. Next-gen control units are being incorporated in EPS systems to provide security in case of any errors.
Next-gen Steer-by-Wire Systems Gain Popularity in U.S., India
Tesla is gaining popularity in the autonomous car sector, owing to its shift toward steer-by-wire systems that eliminate the need for mechanical linkages in a steering system. This helps to rely on electrical or electro-mechanical systems for steering. However, in many countries, it is still customary to have mechanical linkages in steering systems in order for a vehicle to be road legal. Hence, companies in the automotive electric power steering market are expanding their testing facilities in Washington D.C. and Los Angeles where governments have permitted driverless vehicles with EPS.
India holds lucrative opportunities for companies in the automotive electric power steering market due to the influx of electric vehicles.
OEMs Reduce Development Lead Time by Reviewing Control Program in EPS
Innovations in motor control units are facilitating improved handling and safety of vehicles. Japan-based DENSO Corporation— a global automotive components manufacturer, announced that it has developed a new EPS motor control unit (EPS-MCU), which has featured in TOYOTA NEW HARRIER that was launched in June 2020. The decline in the size of EPS systems is enabling cost and fuel savings.
Companies in the automotive electric power steering market are increasing efforts to reduce development lead-time by reviewing and reforming how the control program is adapted in different vehicles. Software innovations in the EPS-MCU are becoming prominent so that it automatically integrates into the vehicle after the unit is installed at the vehicle factory.
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The automotive chip shortage has become a recurring issue for OEMs due to the coronavirus pandemic. Intelligent steering assistance and maximum security are being preferred in EPS systems. However, manufacturers are facing challenges with making the EPS-MCU compact and at low cost, whilst maintaining its qualities from unit to unit. Thus, companies should start working from the development stage to establish the core product structure, and take it forward to develop a safe and secure automotive society for vehicle owners. Companies in the automotive electric power steering market and OEMs should enter into discussions with development partners and customers to simplify software integrations in the EPS-MCU.
Automotive Electric Power Steering Market: Overview
- The global automotive electric power steering market is anticipated to expand at a CAGR of ~3% during the forecast period, owing to increase in demand for advanced safety features in vehicles, which is likely to fuel penetration of electric power steering in vehicles. Growing adoption of advanced drive assist systems is estimated to propel the electric power steering market across the globe.
- Rise in sales of vehicles across the globe due to decline in tax rates on vehicles is also a key factor fueling the demand for electric power steering in vehicles. High demand for electric vehicles due to enactment of stringent emission norms is anticipated to further drive the automotive electric power steering market across the globe.
Automotive Electric Power Steering Market: Drivers
- Rise in adoption of advanced electric components in vehicles to improve safety features is likely to boost the automotive electric power steering market. Vehicle manufacturers are using an increased number of electric components and systems in their vehicles to improve the quality and driving experience of their vehicles. Manufacturers are employing electronic devices and systems to increase the efficiency of their vehicles and monitor the working of all major components in order to identify faults, initially, before they become severe.
- Penetration of electric power steering system is anticipated to rise at a notable pace during the forecast period, as the technology offers various advantages over the existing hydraulic power steering technology, including low maintenance cost and assistance in providing higher fuel efficiency
Automotive Electric Power Steering Market: Challenges
- The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
- The automotive electric power steering system comprises a large number of electronic components, and the failure of electronic is a major factor restraining the automotive electric power steering market. Furthermore, a few consumers prefer hydraulic power steering system over electric power steering system, which, in turn, is estimated to hamper the electric power steering market.
Automotive Electric Power Steering Market: Major Segments
- The global automotive electric power steering market has been segmented based on motor assist, component, vehicle, technology, and region
- Based on motor assist, the column assist segment dominated the global automotive electric power steering market. Column assist is widely used in passenger vehicles, and a rise in the sale of passenger vehicles across the globe is anticipated to increase the demand for column assist power steering systems in vehicles.
- Based on technology, the EPS with ADAS is a prominent segment of the global automotive electric power steering market. Technological advancements in vehicles, which include lane departure warning system and blind spot detection system, are likely to increase the penetration of EPS with ADAS technologies in vehicles. This, in turn, is estimated to boost the automotive electric power steering market across the globe.
Automotive Electric Power Steering Market: Regional Analysis
- Based on region, the global automotive electric power steering market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe and Asia Pacific are projected to be highly lucrative markets during the forecast period. Rapid expansion of manufacturing industries across Asia Pacific is anticipated to propel the automotive electric power steering market across the region. Europe has a major presence of OEM and tire-1 suppliers who have advanced R&D facilities regarding electric power steering, which is likely to drive the automotive electric power steering market across Europe.
Automotive Electric Power Steering Market: Competition Landscape
- Key players operating in the global automotive electric power steering market include
- JTEKT Corporation
- DENSO Corporation
- Sona Koyo Steering Systems Ltd.
- ZF Friedrichshafen AG
- GKN plc.
- Robert Bosch GmbH
- NSK Ltd.
- Mitsubishi Electric Corporation
- China Automotive Systems, Inc.
- Delphi Technologies
- Hyundai Mobis
- Thyssenkrupp Business Area Components Technology
- SHOWA Corporation
- Mando Corp.
- Global Steering Systems
- Zhejiang Shibao Company Limited
- Hitachi Automotive Systems
- Players operating at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. On June 7, 2019, NSK Cooperation and Volkswagen signed an agreement on EPS 9 electric power steering to boost innovation in the power steering technology. Both companies would have equal approach in the development of the division.
- On March 6 2019, CHINA AUTOMOTIVE SYSTEMS, INC. announced that it has secured a major supply contract from Great Wall Motor Company Limited for EPS (electric power steering). Great Wall announced that it was planning to launch a new all-electric vehicle brand, the ORA. Consequently, the company would be upgrading steering systems for its new vehicle models with conventional hydraulic power steering to EPS (electric power steering). The company was expected to deliver 150,000 units by the end of 2019.
Automotive Electric Power Steering Market – Scope of the Report
Transparency Market Research’s recent report on the automotive electric power steering market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the automotive electric power steering market analyzes the scenario for the period of 2017 to 2031, wherein, 2020 is the base year and 2019 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.
This TMR study on the automotive electric power steering market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive electric power steering market gives readers an individual understanding of the market.
Key Questions Answered in This Report on Automotive Electric Power Steering Market
- How much value will the automotive electric power steering market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2031?
- What are the impact factors and their effects on the market for automotive electric power steering?
- What regions currently contribute the maximum share to the overall automotive electric power steering market?
- What are the indicators expected to drive the automotive electric power steering market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the automotive electric power steering market to expand their geographic presence?
- What are the major advancements witnessed in the automotive electric power steering market?
- How regulatory norms affected the market for automotive electric power steering?
This report answers these questions and more about the automotive electric power steering market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Automotive Electric Power Steering Market – Research Methodology
This TMR report on the automotive electric power steering market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive electric power steering market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by key players, researchers of the automotive electric power steering market arrive at predictions and estimations and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive electric power steering market, with both bottom-up and top-down approach.
This detailed assessment of the automotive electric power steering market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive electric power steering market is estimated to expand are based on carefully vetted primary and secondary sources.
Automotive Electric Power Steering Market – Segmentation
This report on the automotive electric power steering market provides information on the basis of motor assist, component, vehicle, technology, and region.
This study also discusses the underlying trends and impact of various factors that are driving the automotive electric power steering market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive electric power steering market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.