Electric power steering control device market is on a steady growth trajectory, expected to reach US$ 22,860 million by 2029, propelled by a CAGR of 5.4% from 2023 to 2029.

This growth is fueled by several key factors:

  1. Increasing demand for fuel-efficient vehicles: Electric power steering (EPS) systems contribute to enhanced fuel efficiency by eliminating the hydraulic pump used in traditional systems. This aligns with stringent government regulations and consumer preferences for eco-friendly vehicles.
  2. Rising adoption in various vehicle segments: EPS is finding its way not only into passenger cars but also commercial vehicles due to its advantages like improved maneuverability and responsiveness.
  3. Technological advancements: Advancements in sensors, software algorithms, and power electronics are leading to more sophisticated and efficient EPS systems, further driving market growth.

To Know more about this report (Description, TOC and List of Tables and Figures) — Electric Power Steering Control Device Market

Key Players in the Market

Major players in the Electric Power Steering Control Device market include:

  1. Bosch
  2. Hitachi
  3. Hyundai Mobis
  4. JTEKT
  5. Mando
  6. Nexteer
  7. NSK
  8. ThyssenKrupp
  9. ZF

These companies are constantly innovating and expanding their product offerings to cater to the evolving needs of the market.

Drivers and Opportunities

  • Stringent emission regulations: Governments worldwide are implementing stricter emission regulations, promoting the adoption of fuel-efficient technologies like EPS.
  • Growing demand for advanced driver-assistance systems (ADAS): EPS systems play a crucial role in enabling ADAS features, such as lane departure warning and lane keep assist, creating substantial growth opportunities.
  • ·Rising electrification of vehicles: The increasing popularity of electric vehicles (EVs) is paving the way for specialized EPS systems designed for EVs, further stimulating market expansion.

Segmentation by Type

The Electric Power Steering Control Device market can be segmented by type as follows:

  1.  C-EPS (column-mounted electric power steering): Commonly used in passenger cars, offering efficient torque amplification and precise steering control.
  2. P-EPS (pinion-mounted electric power steering): Typically found in heavy-duty vehicles and SUVs, providing high assist force and improved handling.
  3.  R-EPS (rack-mounted electric power steering): Offers flexibility in design and is often used in various vehicle types.
  4.  DP-EPS (dual-pinion electric power steering): Provides enhanced steering feel and precision, primarily used in premium vehicles.

Segmentation by Application

The Electric Power Steering Control Device market is segmented by application as follows:

  • Passenger Cars: The largest segment, driven by high demand for fuel-efficient and maneuverable vehicles.
  •  Commercial Vehicles: EPS adoption is increasing in light trucks, buses, and other commercial vehicles due to its benefits of improved fuel efficiency and reduced driver fatigue.

Segmentation by Region

The global Electric Power Steering Control Device market can be segmented by region as follows:

  1.  North America: A mature market with a significant presence of major players, but growth is projected to be slower compared to other regions.
  2. Europe: Stringent emission regulations and rising electric vehicle adoption are expected to drive robust market growth in Europe.
  3. Asia Pacific: The fastest-growing market, driven by the booming automotive industry and increasing consumer preference for fuel-efficient vehicles.
  4. South America: Emerging market with promising growth potential due to rising vehicle production and urbanization.
  5. Middle East and Africa: A relatively smaller market with slower growth anticipated, but increasing disposable income and government initiatives to promote automotive manufacturing present potential opportunities.

The Electric Power Steering Control Device market is poised for sustained growth in the coming years, driven by a confluence of factors such as increasing demand for fuel-efficient vehicles, technological advancements, and rising adoption in various vehicle segments.

Key players are continuously innovating to cater to the evolving needs of the market, creating exciting opportunities for future growth.

However, factors like geopolitical uncertainties, economic fluctuations, and the competitive landscape can pose challenges to the market’s growth trajectory. Nevertheless, the long-term outlook for the Electric Power Steering Control Device market remains positive, fueled by the underlying trends towards electrification and technological advancements.