The electric power steering (EPS) systems market is expected to grow due to increasing demand for fuel-efficient vehicles and the growing trend of vehicle electrification. The market is driven by factors such as improved steering response, reduced weight, and increased fuel efficiency. Additionally, government regulations promoting fuel economy and reduced carbon emissions are expected to boost the adoption of EPS systems. However, the high cost of EPS systems compared to hydraulic power steering systems may hinder market growth. The EPS systems market is also expected to witness growth due to the increasing demand for luxury vehicles and the growing automotive industry in developing countries. Overall, the EPS systems market is expected to continue growing in the coming years.
Global Electric Power Steering (EPS) System Market was valued at US$ 27,733.11 Mn in 2021 and is expected to exhibit a CAGR of 4.9% over the forecast period to reach US$ 44,303.29 Mn in 2030.
Key Competitors in the Electric Power Steering (EPS) System Industry:
1. Continental AG
Founded in 1871, Continental AG is a German multinational automotive parts manufacturing company. Its headquarters are located in Hanover, Germany. The company operates in over 60 countries worldwide, with a focus on the production of tires, brake systems, and other automotive components. In November 2022 Continental advances development of Brake Caliper for electric vehicle (Green Caliper) are more compact and lighter than those for conventional vehicles but with the same deceleration power.
2. Danfoss
Founded in 1933, Danfoss is a Danish multinational corporation that specializes in the production of energy-efficient solutions for various industries, including the automotive industry. Its headquarters are located in Nordborg, Denmark. Danfoss operates in over 100 countries worldwide and is known for its innovative solutions in areas such as electrification and automation.
3. GKN Automotive Limited
Founded in 1759, GKN Automotive Limited is a British multinational automotive company. Its headquarters are located in Redditch, United Kingdom. The company operates in over 30 countries worldwide and specializes in the production of driveline systems and other automotive components. In March, 2022 GKN Automotive, the global leader in drive systems, will collaborate to develop a circular supply chain for recycled rare-earth magnets as a partner in the SCREAM (Secure Critical Rare Earth Magnets for UK) project.
4. Hitachi Automotive Systems, Ltd.
Founded in 1910, Hitachi Automotive Systems, Ltd. is a Japanese multinational automotive company. Its headquarters are located in Tokyo, Japan. The company operates in over 20 countries worldwide and is known for its innovative solutions in areas such as electrification, powertrain, and safety systems. In March, 2023 Hitachi Energy and Petrofac secure landmark offshore wind agreement worth approximately 13 billion euros.
5. Infineon Technologies AG
Founded in 1999, Infineon Technologies AG is a German multinational semiconductor manufacturer. Its headquarters are located in Neubiberg, Germany. The company operates in over 35 countries worldwide and is known for its solutions in areas such as automotive, power management, and security systems.
6. JTEKT Corporation
Founded in 2006, JTEKT Corporation is a Japanese multinational automotive and industrial components manufacturer. Its headquarters are located in Osaka, Japan. The company operates in over 20 countries worldwide and specializes in the production of steering systems, driveline components, and bearings.
7. Nexteer Automotive Corporation
Founded in 2009, Nexteer Automotive Corporation is an American multinational automotive parts manufacturer. Its headquarters are located in Auburn Hills, Michigan, United States. The company operates in over 20 countries worldwide and specializes in the production of steering systems and driveline components.
8. Nissan Motor Corporation
Founded in 1933, Nissan Motor Corporation is a Japanese multinational automotive company. Its headquarters are located in Yokohama, Japan. The company operates in over 100 countries worldwide and is known for its innovative solutions in areas such as electrification, powertrain, and safety systems. In February, 2023 Renault and Nissan have announced a new long-term vision for India, increasing production and R&D activities, introducing electric vehicles, and transitioning to carbon-neutral manufacturing.
9. NSK Ltd.
Founded in 1916, NSK Ltd. is a Japanese multinational manufacturer of bearings, automotive components, and precision machinery. Its headquarters are located in Tokyo, Japan. The company operates in over 30 countries worldwide and is known for its high-quality products and innovative solutions.
10. Robert Bosch GmbH
Founded in 1886, Robert Bosch GmbH is a German multinational engineering and technology company. Its headquarters are located in Gerlingen, Germany. The company operates in over 60 countries worldwide and is known for its innovative solutions in areas such as automotive, industrial technology, and consumer goods.
11. STMicroelectronics
Founded in 1987, STMicroelectronics is a multinational semiconductor manufacturer. Its headquarters are located in Geneva, Switzerland. The company operates in over 35 countries worldwide and is known for its solutions in areas such as automotive, power management, and security systems.
12. ThyssenKrupp AG
Founded in 1999, ThyssenKrupp AG is a German multinational conglomerate that operates in various industries, including the automotive industry. Its headquarters are located in Essen, Germany. The company operates in over 80 countries worldwide and specializes in the production of components such as steering systems, springs, and shock absorbers.
*Definition- Electric Power Steering (EPS) is a steering system in which an electric motor is used to assist the driver in turning the steering wheel, resulting in improved handling and fuel efficiency.
