ELECTRIC POWER STEERING GEARBOX MARKET

KEY FINDINGS

• Some of the advantages offered by the electric power steering system offers better fuel efficiency, there is no assistance required to operate the power steering system manually.
• Global Electric power steering market is estimated to be driven with the help of growth in mid and low budget segment vehicles.
• On the other hand, most of the OEMs have started focusing on implementing cost-effectiveness and EPS systems in commercial vehicles, expected to drive the market growth in the long term prospective.
• Asia-Pacific region is estimated to drive the electric power steering market growth during the forecast period from 2024 to 2030, owing to the growth of vehicle production, favorable government regulation, vehicle emission, electric vehicle penetration, growing disposable income and among other factors.
• Despite the high demand for electric power steering systems, this market still experiences certain obstacles. The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.
• With the advent of autonomous vehicles, OEMs are innovating their conventional steering system.

ELECTRIC POWER STEERING BOX MARKETINTRODUCTION

Power steering systems supplement the torque that the driver applies to the steering wheel. Traditional power steering systems are hydraulic systems, but electric power steering (EPS) is becoming much more common. EPS eliminates many HPS components such as the pump, hoses, fluid, drive belt, and pulley. For this reason, electric steering systems tend to be smaller and lighter than hydraulic systems.

EPS systems have variable power assist, which provides more assistance at lower vehicle speeds and less assistance at higher speeds. They do not require any significant power to operate when no steering assistance is required. For this reason, they are more energy efficient than hydraulic systems.

There are four forms of EPS based on the position of the assist motor. They are the column assist type (C-EPS), the pinion assist type (P-EPS), the direct drive type (D-EPS) and the rack assist type (R-EPS). The C-EPS type has a power assist unit, torque sensor, and controller all connected to the steering column. In the P-EPS system, the power assist unit is connected to the steering gear's pinion shaft. This type of system works well in small cars. The D-EPS system has low inertia and friction because the steering gear and assist unit are a single unit. The R-EPS type has the assist unit connected to the steering gear. R-EPS systems can be used on mid- to full-sized vehicles due to their relatively low inertia from high reduction gear ratios.

Unlike a hydraulic power steering system that continuously drives a hydraulic pump, the efficiency advantage of an EPS system is that it powers the EPS motor only when necessary. This results in reduced vehicle fuel consumption compared to the same vehicle with an HPS system. These systems can be tuned by simply modifying the software controlling the ECU. This provides a unique and cost effective opportunity to adjust the steering "feel" to suit the automotive model class. An additional advantage of EPS is its ability to compensate for one-sided forces such as a flat tire. It is also capable of steering in emergency maneuvers in conjunction with the electronic stability control.

ELECTRIC POWER STEERING BOX MARKET SEGMENTATION

By Components

• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing

By Type of Electric Motor

• Brush motor
• Brushless motor

By Vehicle Type

• Passenger Cars (PC)
• Commercial Vehicles (CV)

By Geography

• US
• Europe
• China
• Japan
• India
• Latin America
• Rest of the World

ELECTRIC POWER STEERING GEARBOX MARKET DYNAMICS

Drivers Of The Electric Power Steering Market: Global Measures By OEMs To Reduce Complexity And Weight Of Vehicles

Over the last few years, OEMs have shifted focus from hydraulic to electric power steering systems in the interests of reduced complexity and increased efficiency. EPS systems use an electric motor instead of a hydraulic pump to provide steering assistance and thus help to reduce the weight of the vehicle. Electronic sensors calculate the amount of steering force being applied by the driver and, with the help of an electric motor, the force is amplified to make steering easier

Restraints Of The Electric Power Steering Market: High Cost And Lack Of Steering Feel

Despite the high demand for electric power steering systems, this market still experiences certain obstacles. The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.

Opportunities For The Electric Power Steering Market: Penetration In Commercial Vehicles

Presently, the power steering market of commercial vehicles is dominated by hydraulic power steering (HPS), which has a complicated structure, consumes high power, leaks easily, and is difficult to control. EPS offers the advantages of adjustable power, good steering, low fuel consumption, and no pollution. Therefore, it would gradually be used in commercial vehicles.

Threats For The Electric Power Steering Market: Maintaining Market Against Steer-By-Wire Technology

The steering market in the automotive industry is continuously evolving with the changing dynamics of this industry. With the advent of autonomous vehicles, OEMs are innovating their conventional steering system. Steer-by-wire technology is one such innovation that will replace the entire steering system in an autonomous vehicle. This type of steering system will remove the steering linkage of a traditional electric power steering system.

Asia Pacific Is Estimated To Be The Fastest Growing Electric Power Steering Market

The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel efficient systems in passenger cars make Asia Pacific the largest and fastest growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.

ELECTRIC POWER STEERING MARKET SIZE AND FORECAST

The Global Electric Power Steering Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

In addition to this, pressure on car manufacturers around the world has been increasing to adopt technological solutions that meet energy efficiency standards which are anticipated to further boost the Global Electric Power Steering in the forecast period. Moreover, the continuous growth in the automotive sector in fast-developing economies like Asia and Latin America is further pushing the growth of the market.

On the contrary, when compared to the conventional steering systems, the electric power steering systems are costly. Also, it has been observed that such systems lack the steering feel which could be a few of the major restraining factors in the growth of this market in the coming years.

RECENT TRENDS IN THE ELECTRIC POWER STEERING GEARBOX MARKET

• As of September 2024, Indian Government is planning to revise its PLI (Production Linked Incentive) Scheme where the components such as EPS, Automatic Transmission, Adaptive Frontal Lighting & many others will be covered under the scheme. This scheme will encourage the industry to make fresh investments on these components.
• Chennai based Brakes India, launched “Ezsteer”, a high-performance power steering fluid for passenger vehicles, utility vehicles and commercial vehicles.
• In October 2020, BorgWarner acquired Delphi Technologies in a USD 3.3 billion stock deal. The deal is expected to strengthen BorgWarner’s electronics and power electronics product portfolio, capabilities, and scale, creating a leader in electrified propulsion.
• In May 2020, ZF Friedrichshafen AG acquired WABCO in a USD 7 billion deal. WABCO is now integrated into ZF as its Commercial Vehicle Control Systems Division, and ZF and WABCO will form global integrated systems for commercial vehicle technology. WABCO and ZF had earlier partnered for developing systems such as Evasive Maneuver Assist for collision mitigation in commercial vehicles. WABCO had also been a critical supplier of braking systems to ZF.
• In January 2020, JTEKT acquired shares of Yutaka Seimitsu Kogyo Ltd. from Toyota Motor Corporation (Toyota). Yutaka manufactures automotive parts and sells gears for general machines. The aim of the deal is to strengthen the competitiveness of Toyota and JTEKT’s core driveline operations. Going forward, all Yutaka operations related to drive components will be transferred from Toyota to JTEKT.
• In June 2019, Nexteer opened its new facility in liudong new district, Liuzhou, China. this new 12,000 square meter plant will provide customers with ceps (column-assist electric power steering) systems, related technologies, and services. the establishment of the new plant will boost Nexteer’s manufacturing capacity in the Asia pacific region to meet the growing demand for electric power steering systems in the Chinese and Asia pacific markets.
• In November 2018, NSK Ltd. joint venture, Rane NSK Steering Systems Pvt. Ltd., established a new plant in Gujarat (India) to produce electric power steering (EPS) systems. The plant is spread across 18,000 square meters of land size and has a floor space of 5,200 square meters. The investment is a part of the company’s strategic plan to achieve growth. The company will manufacture 250,000 units of electric power steering annually.
• In October 2018, Tenneco acquired Federal-Mogul LLC, a leading global supplier to original equipment manufacturers and the aftermarket. The transaction will result in the creation of two new product-focused companies with strong portfolios. The deal will create synergy between the companies and accelerate long-term value creation.

COVID IMPACT ON GLOBAL ELECTRIC POWER STEERING GEARBOX MARKET

The COVID-19 pandemic had a severe impact on the entire automotive industry. The European automotive industry has been severely impacted by the pandemic and, according to the ACEA (European Automobile Manufacturers Association).  The EU passenger car market contracted by 23.7% to 9.9 million units in 2020, a drop of ~3 Million units.

Considering the North American market, according to Boston Consulting Group (BCG), despite encouraging reports on vaccine development, numerous risks remain, and the US will not rebound to pre-COVID levels until 2022 at the earliest. This scenario is expected to affect the electric power steering system market as the growth of this market is directly related to the production of vehicles.

ELECTRIC POWER STEERING BOX MARKETCOMPETITIVE LANDSCAPE

The market share analysis of the key industry players has been conducted based on factors such as the company’s overall revenue, segmental revenue, product portfolio, market presence, and recent developments. The chapter also highlights the key growth strategies adopted by market players from 2018 to till date.. The electric power steering market is dominated by a few globally established players such as JTEKT (Japan), Nexteer (US), Robert Bosch (Germany), ZF (Germany), and NSK (Japan).

ELECTRIC POWER STEERING BOX MARKETCOMPANY PROFILES

1. JTEKT
2. Nexteer
3. Robert Bosch
4. ZF
5. NSK