Download Sample, Importance of Electric Power Steering in Enhancing Fuel Efficiency and Supporting Sustainable Automotive Growth
The focus on fuel economy in the automotive industry's move towards sustainability and efficiency has highlighted the importance of Electric Power Steering (EPS) systems. In contrast to conventional hydraulic power steering systems that depend on a continuously running hydraulic pump powered by the engine, EPS systems use an electric motor that functions only when a steering aid is needed. This fundamental distinction greatly decreases the amount of drag on the engine, resulting in decreased fuel usage. Automakers are rapidly embracing EPS technology to comply with regulations and give customers cars that deliver performance and efficiency. For instance, in September 2024, Titan, a top provider of cutting-edge electric steering systems for smaller-scale car manufacturers, introduced its cutting-edge steer-by-wire system. This system is designed to provide the highest level of performance and customized steering solutions to manufacturers developing new models such as electric hypercars and automated trucks.
EPS systems are especially beneficial in situations where a vehicle is frequently stopping and starting, as traditional hydraulic systems would still use power when the vehicle is not moving. In contrast, EPS systems only use power when needed resulting in significant enhancements in total vehicle efficiency. The demand for EPS systems has increased as governments worldwide enforce stricter emissions regulations and consumers pay more attention to fuel expenses. Along with cutting down on fuel use EPS systems also play a part in the larger objective of decreasing vehicle emissions. These systems improve the handling of the vehicle without sacrificing fuel efficiency by making the steering lighter and more responsive.
EPS systems are especially beneficial in situations where a vehicle is frequently stopping and starting, as traditional hydraulic systems would still use power when the vehicle is not moving. In contrast, EPS systems only use power when needed resulting in significant enhancements in total vehicle efficiency. The demand for EPS systems has increased as governments worldwide enforce stricter emissions regulations and consumers pay more attention to fuel expenses. Along with cutting down on fuel use EPS systems also play a part in the larger objective of decreasing vehicle emissions. These systems improve the handling of the vehicle without sacrificing fuel efficiency by making the steering lighter and more responsive.
Rising Demand for Electric Power Steering Driven by Growth in Electric and Hybrid Vehicles
Electric Power Steering (EPS) systems are becoming more necessary, largely due to the significant expansion of the electric and hybrid car industries. EPS is a crucial component of these vehicles due to its seamless integration with electric drivetrains as opposed to hydraulic power steering methods that rely on engine power. Energy efficiency is a primary concern since electric and hybrid vehicles use EPS systems, which provide precise steering assistance without wasting energy as hydraulic systems do. In response to growing consumer interest in environmentally friendly transportation, automakers are emphasizing electrification more which is also raising demand for EPS systems.
Electric and hybrid vehicles aim for maximum efficiency and EPS systems are perfectly in line with this objective. EPS systems help reduce energy consumption by only using an electric motor when steering input is required, vital for increasing the range of electric vehicles (EVs) and improving fuel efficiency in hybrids. EPS systems are not only necessary in current EVs and hybrids but also encourage their popularity. The growth of the EPS market is being driven by the increasing popularity of electric and hybrid vehicles which are essential for the next generation of sustainable and efficient vehicles.
Electric and hybrid vehicles aim for maximum efficiency and EPS systems are perfectly in line with this objective. EPS systems help reduce energy consumption by only using an electric motor when steering input is required, vital for increasing the range of electric vehicles (EVs) and improving fuel efficiency in hybrids. EPS systems are not only necessary in current EVs and hybrids but also encourage their popularity. The growth of the EPS market is being driven by the increasing popularity of electric and hybrid vehicles which are essential for the next generation of sustainable and efficient vehicles.
Recent Trends in the Automotive Electric Power Steering Industry
- Increasingly integrating advanced EPS technologies that offer improved steering precision.
- The rise of autonomous and semi-autonomous vehicles is driving demand for EPS.
- EPS systems to improve overall vehicle energy efficiency and extend electric vehicle (EV) range.
- EPS systems with enhanced capabilities and advanced control algorithms.
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Initial High Cost and Technological Complexity are Hampering the Market Expansion
The substantial obstacle in the automotive industry is the expensive upfront investment required for Electric Power Steering (EPS) systems. EPS systems incorporate modern technology and parts such as complex electric motors, sensors, and control units leading to higher production expenses in comparison to conventional hydraulic power steering systems. This difference in cost can impact the overall affordability of vehicles that come with EPS, especially in market segments where cost is a concern. Manufacturers may incur higher manufacturing costs due to the investment in high-tech EPS components and the requirement for specialized engineering and production processes. These expenses are usually shifted to customers which could result in vehicles with EPS systems being less competitive in price-sensitive sectors where cost is crucial.
Designing, manufacturing, and maintaining Electric Power Steering (EPS) systems pose numerous challenges due to their technological complexity. EPS systems consist of sophisticated elements such as electric motors, sensors, and electronic control units (ECUs) which need to function harmoniously to give efficient steering support. This level of integration necessitates detailed planning and accurate execution evident in advanced EPS systems such as those created by Bosch and Delphi Technologies. Developing EPS systems requires intricate algorithms and control tactics to guarantee precise and prompt steering responses. For instance, the algorithms must adjust to different driving conditions and vehicle speeds increasing the complexity of system calibration and development. All these factors are hindering the market expansion of the Automotive Electric Power Steering Market.
Designing, manufacturing, and maintaining Electric Power Steering (EPS) systems pose numerous challenges due to their technological complexity. EPS systems consist of sophisticated elements such as electric motors, sensors, and electronic control units (ECUs) which need to function harmoniously to give efficient steering support. This level of integration necessitates detailed planning and accurate execution evident in advanced EPS systems such as those created by Bosch and Delphi Technologies. Developing EPS systems requires intricate algorithms and control tactics to guarantee precise and prompt steering responses. For instance, the algorithms must adjust to different driving conditions and vehicle speeds increasing the complexity of system calibration and development. All these factors are hindering the market expansion of the Automotive Electric Power Steering Market.
Product Launches and Acquisition are Driving the Market Expansion for Automotive Electric Power Steering Market
Product launches and strategic acquisitions are significantly driving the expansion of the Automotive Electric Power Steering market. For instance, in August 2024, Nexteer Automotive revealed its Modular pinion-assisted electric Power Steering (mPEPS) system which broadens the company's affordable, modular EPS options to encompass Single-Pinion and Dual-Pinion systems. By utilizing Nexteer's top-notch EPS components as a foundation, mPEPS allows for flexibility giving OEMs advantages in terms of cost and time with quicker development cycles and increased component reusability on vehicle platforms. This ensures drivers enjoy enhanced safety and performance features such as reduced NVH levels.
Major automotive suppliers can integrate advanced technologies and expand their market presence through strategic acquisitions. These actions together enhance market expansion by introducing innovative solutions and enhancing competitive positioning in the EPS sector. For instance, in July 2024, Rane Holdings Limited (RHL) announced board approval for acquiring 51% ownership from joint venture partner NSK Limited in Rane NSK Steering Systems Private Limited. After the acquisition company will be owned completely by RHL and will be rebranded as Rane Steering Systems Private Limited (RSSL) after obtaining the required approvals. This acquisition aids in securing a solid footing in the Indian automotive steering market and enhances the group's knowledge of steering systems.
Major automotive suppliers can integrate advanced technologies and expand their market presence through strategic acquisitions. These actions together enhance market expansion by introducing innovative solutions and enhancing competitive positioning in the EPS sector. For instance, in July 2024, Rane Holdings Limited (RHL) announced board approval for acquiring 51% ownership from joint venture partner NSK Limited in Rane NSK Steering Systems Private Limited. After the acquisition company will be owned completely by RHL and will be rebranded as Rane Steering Systems Private Limited (RSSL) after obtaining the required approvals. This acquisition aids in securing a solid footing in the Indian automotive steering market and enhances the group's knowledge of steering systems.
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Growth and Innovation in Global Automotive Electric Power Steering Market
Technological advancements and the rise of vehicle electrification are fuelling strong growth in the North American Automotive Electric Power Steering (EPS) market. For instance, Ford has implemented EPS technology in vehicles such as the 2024 Ford F-150 offering accurate steering and enhanced fuel economy. The EPS system in the F-150 is created to adjust to various driving situations improving both safety and comfort. Additionally, Bosch is a leading player in the European EPS market known for its advanced EPS systems that integrate sophisticated steering control algorithms and electric motor technology. Their EPS solutions are designed to improve vehicle handling and fuel efficiency aligning with Europe's stringent emissions regulations.
The Latin American Automotive Electric Power Steering (EPS) market is growing significantly because of the rising vehicle manufacturing and consumer interest in advanced steering technologies. For instance, JTEKT Corporation and Bosch are increasing their EPS manufacturing plants in Latin America to meet the rising demand. Bosch's EPS systems are manufactured locally in Brazil helping boost domestic and international markets and aiding in the growth of the regional market. Additionally, Toyota has been at the forefront of incorporating EPS technology into numerous vehicles produced in Asia. An example of this is the Toyota Corolla and Camry which are made in countries such as Japan and Thailand and are equipped with EPS systems that improve both steering accuracy and fuel economy.
The Latin American Automotive Electric Power Steering (EPS) market is growing significantly because of the rising vehicle manufacturing and consumer interest in advanced steering technologies. For instance, JTEKT Corporation and Bosch are increasing their EPS manufacturing plants in Latin America to meet the rising demand. Bosch's EPS systems are manufactured locally in Brazil helping boost domestic and international markets and aiding in the growth of the regional market. Additionally, Toyota has been at the forefront of incorporating EPS technology into numerous vehicles produced in Asia. An example of this is the Toyota Corolla and Camry which are made in countries such as Japan and Thailand and are equipped with EPS systems that improve both steering accuracy and fuel economy.
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The report provides a detailed overview of the automotive electric power steering market insights in regions including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The country-specific assessment for the automotive electric power steering market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the automotive electric power steering market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the automotive electric power steering market. Some key countries and regions included in the automotive electric power steering market report are as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Belgium, Sweden, Austria, Slovakia, Hungary, Romania, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Egypt, Turkey, Morocco, Nigeria, Iran, Rest of MEA |
Automotive Electric Power Steering Market Research Report Covers In-depth Analysis on:
- Automotive electric power steering market detailed segments and segment-wise market breakdown
- Automotive electric power steering market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in automotive electric power steering industry)
- Current, historical, and forthcoming 10 years market valuation in terms of Automotive Electric Power Steering market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Automotive electric power steering market demand analysis
- Automotive electric power steering market pricing analysis over the forecast period (by key segment and by region)
- Automotive electric power steering market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in automotive electric power steering market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in automotive electric power steering market
- Automotive electric power steering market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the automotive electric power steering market forecast by countries
- Mergers and acquisitions in the automotive electric power steering market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What is the future outlook for the automotive electric power steering market?
The automotive electric power steering market is expected to continue growing as vehicle manufacturers adopt more advanced, energy-efficient steering technologies in response to consumer demand for better fuel economy and performance.
What factors are driving the growth of the automotive electric power steering market?
Key drivers include advancements in vehicle electrification, government regulations on fuel efficiency, increasing consumer demand for better handling and safety features, and innovations in steering technology.
What challenges are faced by manufacturers in the automotive electric power steering market?
Challenges include the high cost of electric power steering systems, the need for continuous innovation to improve performance, and ensuring compatibility with various vehicle types and models.
