Automotive Electric Power Steering Systems Market Size, Share, Growth, and Industry Analysis, By Type (Synthesis Caffeine Powder and Natural Caffeine Powder), By Application (Food & Beverage, Pharmaceutical, and Others), Regional Forecast (2022-2028)

Report Overview

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The global automotive electric power steering systems market size was USD 28.09 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the caffeine powder market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 50.74 billion in 2028, exhibiting a CAGR of 8.8% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Power steering is a fluid-assisted steering system. The under-pressure fluid helps the pinion to move on a rack- which helps the steering. It's a multiplication of your effort of steering. It utilizes a hydraulic pump running off a belt driven by the engine, this pump enables a small amount of fluid to be under pressure. This pressure in turn assists the steering mechanism in directing the tires as you turn the steering wheel. The power steering system typically includes a pump, power steering fluid, a pressure hose assembly, a control valve, and a return line.

In an electric power steering, an electric motor draws energy from the system of the vehicle to give the steering assistance. Through the system sensors detect the rotation or effort that the driver is applying at the steering wheel, then an AI or computer decides how much assist requires to be added.

COVID-19 Impact: Pandemic Hamper the Demand & Supply Chain of the EPS Market

The drastic impact of the COVID-19 can be seen on the automotive electric power steering systems industry revenue. The lockdown and its restrictions negatively impacted the demand for the product, supply chain significantly. However, industries have been working with a minimal workforce during the lockdown period. Consequently, the growth of the market is hindered by the coronavirus outbreaks globally. Nevertheless, it is projected that the market will recover gradually over the forecast period.

Latest Trends

"Rising Awareness of Safety Feature in Automobile Industry to Kick Market Growth"

In the last few years, the rate of accidents has increased significantly, which has prompted end users to adopt better safety systems. However, there has been a steady decline in the number of injuries and deaths caused by vehicles and roads in all first-world countries due to improvements in the design of roads and vehicles. Even so, some developing countries still have higher accident rates, and governments are focused on implementing stricter safety norms and promoting the adoption of various subsystems. Furthermore, in

In October 2020, Nexteer launched High-Output Electric Power Steering (EPS). Heavy-duty trucks and light commercial vehicles benefit from advanced safety and comfort features coupled with enhanced fuel efficiency. In addition, in September 2022, A development partnership has been announced between Schaeffler Group and Robert Bosch Automotive Steering GmbH to extend its intelligent rear-wheel steering (iRWS) portfolio. In this partnership, Schaeffler will contribute mechatronic iRSW systems, while Robert Bosch Automotive Steering will contribute software and electronics.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into C-EPS, P-EPS, R-EPS

• By Application Analysis

Based on application, the market can be divided into Passenger Vehicle, and Commercial Vehicle

Driving Factors

"Highest Demand & Production in Developing Countries to Fuel Market Growth "

The major driving factors of the automotive electric power steering system include the increasing population and their rising demand for automobiles, the highest production rate, and the largest manufacturers mainly in developing nations expanding the power steering market. Additionally, China is the largest populated as well as the largest manufacturing & raw material supplier country. On the other hand, India being the second-largest populated country enhance the demand for automobile industries and their developing economy is expected to drive the growth of the automotive steering system market.

"Rising Popularity of E-Vehicles Inflate Market Growth"

In the coming years, the global automotive electric power steering market is expected to witness a substantial increase in sales due to improved fuel efficiency and low emissions. Substantial development in the Asian and European automotive sectors, as well as advancements in traditional vehicle steering, will also create significant opportunities in the global automotive electric power steering market. Also, the growing demand for safety features in the automotive industry is highly projected to enhance the demand for automotive electric power steering.

Restraining Factors

"High Price of Vehicle with EPS to Restrict Market Development"

The steering system market is expected to grow by various driving factors. However, in respect of the restraining factor, the automotive electric power steering market may hinder due to the high cost of automatic electric power steering systems. As conventional steering systems are cheaper than automotive electric power steering.

Regional Insights

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"Growing Development & Economy in Asia Pacific Anticipated to Boost Market Expansion "

In terms of regional insights, the Asia Pacific is projected to lead the market over the forecast period. The rising number of automobile industries, the increasing number of consumers, and their rising disposable income in the developing nations are anticipated to spur the automotive electric power steering systems. Also, subsidy schemes by governments to promote electric vehicles are also expected to influence the demand for automobiles which is directly proportional to the demand for the power steering system market.

Key Industry Players

"Adoption of Latest Technology by Key Players Influencing Market Development"

The top key players in the market such as JTEKT, Bosch, NSK, Nexteer, ZF, and others. The majority of the top players hold the automotive electric power steering systems market shares. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the power steering system market.

List of Market Players Profiled

• JTEKT
• Bosch
• NSK
• Nexteer
• ZF
• Mobis
• Showa
• Thyssenkrupp
• Mando

Report Coverage

This report examines an understanding of the automotive electric power steering systems market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.