An automotive electric power steering comprises of electric motor for assisting the driving of vehicles and sensors detecting the position & torque of the steering column, and a computer module that applies provide the assistive torque via the motor, connected either to steering gear or the steering column. The Automotive power steering offers much more assistance than the traditional hydraulic power steering by using an electric motor, coupled directly with the steering gear or the column. The steering system of a vehicle is considered to be one of the key components. It is formed by a several mechanical components working over a synergy & translating the movement of steering wheel by driving into rotation over the front wheels of automobile. The steering systems can further be broadly divided into two categories.
According to study, “Global Automotive Electric Power Steering (EPS) Market to reach USD 15.2 billion by 2026” the key companies operating in the global automotive EPS market are Jtekt Corporation, Nexteer AutomotiveZF Friedrichshafen, Robert Bosch, NSK Ltd., Hyundai Mobis, Showa Corporation, Delphi, Thyssenkrupp, Mitsubishi Electric
The automotive EPS market is driven by growth in urbanization & industrial activities, followed by boost in the living lifestyle, rise in demand for luxury & comfort in vehicles, rise in the sales of vehicles and growth in the demand for safety features in the automotive sector. However, higher cost of EPS as compared to traditional steering systems may impact the market. Moreover, increase in penetration in commercial vehicles and growths in technological advancements are key opportunities for market.
Based on type, automotive EPS market is segmented as Electronic Hydraulic Power Steering (EHPS), Column Assisted Electronic Power Steering (C-EPS), Rack Assisted Power Steering System (R-EPS), and Pinion Assisted Electronic Power Steering (P-EPS). Based on component, market is segmented as steering wheel, mechanical rack and pinion, steering column, electronic control unit, sensors, bearing, steering gear and electric motor. Based on electric motor, market is segmented as brush motor and brushless motor. In addition, based on application, market is segmented as passenger cars, agricultural tractors, Light Motor Vehicles (LMV), Heavy Motor Vehicles (HMV) and special utility vehicles (sports cars, military vehicles, cranes, earth moving). Passenger car segment holds major share in market owing to increase in vehicle production along with rise in demand for passenger vehicles.
Based on geography, the North-American region dominates the global automotive EPS market owing to increase in vehicle production and sales coupled with rapid electrification of vehicles in the region. Whereas, the Asian-Pacific region is estimated to exhibits higher growth rate due to increase in population and rise in disposable income over the forecast period. In upcoming years, it id predicted that future of the market will be bright as a result of hybrid electric and electric vehicles with current & innovative technologies such as drive-by-wire during the forecast period. The global automotive electronic power steering market was valued at US $27.34 Billion in 2019 and is predictable to reach over US $48.60 Billion by 2026, growing at a CAGR of around 8.8% during the forecast period from 2020 -2026.
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Ankur Gupta, Head Marketing & Communications