Industry analysis of Automotive Electric Power Steering Projection of Each Major Segment over the Forecast Period 2022-2031

Automotive, Semicon Companies Collaborate to Allocate Inventory amid COVID-19
It is estimated that the coronavirus pandemic has slowed the automotive industry by nearly four years. The significant drop in the turnover between the years 2018-2019 and 2019-2020 is creating concerns for companies in the automotive electric power steering market. As such, business activities are gaining pace in certain regions of the world. For instance, Israel-based foundry Tower Semiconductor has announced to expand its manufacturing capacity for 200mm wafers that are in high demand for automotive and IoT (Internet of Things) devices.

Companies in the automotive electric power steering market are collaborating with semiconductor companies to make decisions on whether to allocate their inventory to meet automotive demands amid supply chain uncertainties.

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global automotive electric power steering market segmentation
PID Control Method Holds Potentials in Overcoming Operational Issues of EPS
Electric power steering (EPS) systems are being associated with energy savings, lightweight attributes, and smart driving. However, operational issues in these systems such as model uncertainties and external interference are being addressed by manufacturers. Hence, companies in the automotive electric power steering market are anticipated to team up with scholars and researchers who offer guidance on various control theories, which are improving the ergonomics of EPS.

Companies in the automotive electric power steering market are gaining a strong research base in the flexible PID (Proportional-Integral-Derivative) control method that provides real-time tracking ability. PID control method is considered a gold standard for improving the steering stability and sensitivity. PID parameters can be adjusted in real-time according to the operating environment, which makes the response capability of EPS system more fast and accurate.

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Over-the-air Connected Tech, Control Units Revolutionizing EPS Systems
The automotive electric power steering market is projected to reach the revenue of US$ 30.2 Bn by 2031. The growing demand for highly automated driving is creating incremental opportunities for automakers. Bosch Mobility Solutions— a provider of vehicle technology with software solutions and services is gaining recognition for its over-the-air connected technology in EPS, along with ADAS (Advanced Driver-Assistance Systems).

Apart from passenger and light commercial vehicles, companies in the automotive electric power steering market are unlocking growth opportunities in small and mid-range sports cars. Next-gen control units are being incorporated in EPS systems to provide security in case of any errors.

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Next-gen Steer-by-Wire Systems Gain Popularity in U.S., India
Tesla is gaining popularity in the autonomous car sector, owing to its shift toward steer-by-wire systems that eliminate the need for mechanical linkages in a steering system. This helps to rely on electrical or electro-mechanical systems for steering. However, in many countries, it is still customary to have mechanical linkages in steering systems in order for a vehicle to be road legal. Hence, companies in the automotive electric power steering market are expanding their testing facilities in Washington D.C. and Los Angeles where governments have permitted driverless vehicles with EPS.

India holds lucrative opportunities for companies in the automotive electric power steering market due to the influx of electric vehicles.

OEMs Reduce Development Lead Time by Reviewing Control Program in EPS
Innovations in motor control units are facilitating improved handling and safety of vehicles. Japan-based DENSO Corporation— a global automotive components manufacturer, announced that it has developed a new EPS motor control unit (EPS-MCU), which has featured in TOYOTA NEW HARRIER that was launched in June 2022. The decline in the size of EPS systems is enabling cost and fuel savings.

Companies in the automotive electric power steering market are increasing efforts to reduce development lead-time by reviewing and reforming how the control program is adapted in different vehicles. Software innovations in the EPS-MCU are becoming prominent so that it automatically integrates into the vehicle after the unit is installed at the vehicle factory.

global automotive electric power steering market infographic
Automotive Electric Power Steering Market: Overview
The global automotive electric power steering market is anticipated to expand at a CAGR of ~3% during the forecast period, owing to increase in demand for advanced safety features in vehicles, which is likely to fuel penetration of electric power steering in vehicles. Growing adoption of advanced drive assist systems is estimated to propel the electric power steering market across the globe.
Rise in sales of vehicles across the globe due to decline in tax rates on vehicles is also a key factor fueling the demand for electric power steering in vehicles. High demand for electric vehicles due to enactment of stringent emission norms is anticipated to further drive the automotive electric power steering market across the globe.
Automotive Electric Power Steering Market: Drivers
Rise in adoption of advanced electric components in vehicles to improve safety features is likely to boost the automotive electric power steering market. Vehicle manufacturers are using an increased number of electric components and systems in their vehicles to improve the quality and driving experience of their vehicles. Manufacturers are employing electronic devices and systems to increase the efficiency of their vehicles and monitor the working of all major components in order to identify faults, initially, before they become severe.
Penetration of electric power steering system is anticipated to rise at a notable pace during the forecast period, as the technology offers various advantages over the existing hydraulic power steering technology, including low maintenance cost and assistance in providing higher fuel efficiency
Automotive Electric Power Steering Market: Challenges
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2022.
The automotive electric power steering system comprises a large number of electronic components, and the failure of electronic is a major factor restraining the automotive electric power steering market. Furthermore, a few consumers prefer hydraulic power steering system over electric power steering system, which, in turn, is estimated to hamper the electric power steering market.
Automotive Electric Power Steering Market: Major Segments
The global automotive electric power steering market has been segmented based on motor assist, component, vehicle, technology, and region
Based on motor assist, the column assist segment dominated the global automotive electric power steering market. Column assist is widely used in passenger vehicles, and a rise in the sale of passenger vehicles across the globe is anticipated to increase the demand for column assist power steering systems in vehicles.
Based on technology, the EPS with ADAS is a prominent segment of the global automotive electric power steering market. Technological advancements in vehicles, which include lane departure warning system and blind spot detection system, are likely to increase the penetration of EPS with ADAS technologies in vehicles. This, in turn, is estimated to boost the automotive electric power steering market across the globe.
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