Global Automotive Electric Power Steering Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Automotive Electric Power Steering Market is estimated to be USD 26.52 Bn in 2023 and is expected to reach USD 35.85 Bn by 2028 growing at a CAGR of 6.21%.

One of the key drivers in the Automotive Electric Power Steering market is the increasing popularity of self-driving or autonomous vehicles. These vehicles require advanced EPS systems to assist in steering and navigation, contributing to the market's growth. The potential for increased safety and convenience on the roads drives the adoption of autonomous driving technology.

A significant restraint in the Automotive Electric Power Steering market is the higher cost associated with EPS systems than traditional hydraulic steering systems. This cost factor can be a barrier to adoption, particularly in markets where cost-effectiveness is a primary consideration. Due to the price differential, manufacturers and consumers may hesitate to invest in these systems.

Adopting steer-by-wire technology is an opportunity within the Automotive Electric Power Steering market. Steer-by-wire eliminates the need for a mechanical connection between the steering wheel and the wheels, offering greater design flexibility and potential for innovative steering solutions. This technology presents a chance for market growth through its advanced and futuristic approach to steering.

Market Segmentations

• The Global Automotive Electric Power Steering Market is segmented based on Component Type, Type, End-Users, and Geography.
• By Component Type, the market is divided into Steering Rack/Column, Sensors, and Steering Motor. The steering rack or column is vital to an EPS system. It is the mechanical link between the steering wheel and the road wheels. This component is often integrated with electrical assistance mechanisms in EPS systems, allowing for precise and efficient steering control. Advances in this component, such as electric power assistance and electronic sensors, have played a significant role in enhancing the steering experience and overall vehicle control.
• Sensors are integral to the operation of an EPS system. They provide critical feedback and data to the system, helping it adjust the steering assistance based on various factors, such as vehicle speed, road conditions, and driver input. Sensors play a key role in making EPS systems responsive and adaptive to different driving scenarios, ultimately improving safety and performance.
• The steering motor is the power source in an EPS system. It's responsible for applying the necessary force to assist with steering, reducing the effort the driver requires to turn the wheels. This component is at the core of the EPS system, and advancements in motor technology have contributed to more efficient and energy-saving steering systems.

Recent Development

• Hitachi Automotive Systems, Ltd. announced it would supply its EPS systems to Toyota for its new fuel cell vehicle. - May 2023

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are BorgWarner Inc., Bosch Rexroth AG, Denso Corporation, Hitachi Automotive Systems, Ltd., etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyse and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Electric Power Steering Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Electric Power Steering Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Electric Power Steering Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market