Electric Power Steering (EPS) System Market, By Type (Column Assist Type (CEPS), Pinion Assist Type (PEPS), and Rack Assist Type (REPS)), By Component (Steering Rack/Column, Sensor, Steering Motor, and Others), By Vehicle Type (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses & Coaches) By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jul 2024

Code : CMI4991

Pages :205

Formats :

Excel and PDF

Industry : Consumer Electronics

Regional Analysis

Electric Power Steering (EPS) System Market Regional Insights

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North America has dominated the global Electric Power Steering (EPS) System market. The region is expected to account for 40.8% of the market share in 2024 due to strong automobile industry presence and early adoption of advanced automotive technologies in the region. The U.S. market has witnessed rapid electrification of steering systems as leading American automakers actively make their fleets fuel efficient and modern. With new vehicle markets in the U.S. and Canada relying heavily on pickup trucks and SUVs, North American EPS manufacturers have maintained an edge through technology innovations that enhance driving dynamics of such large vehicles.

Europe has also been an important EPS market led by Germany, France, and the U.K. European automakers aim to reduce emissions from all source including auxiliary automotive components. This has driven EPS system adoption across most vehicle segments including economy cars. Strong presence of global automotive suppliers has made EPS systems easily available to both mainstream and luxury vehicle brands. However, pricing pressures in economy vehicles may impact future demand growth from Europe.

The fastest growing regional market has been Asia Pacific with China and India at the forefront. As APAC becomes the largest automobile hub, local EPS manufacturers are ramping up capacities and collaborating with overseas technology players. This has lowered EPS system costs for small cars which see maximum sales volume in the region. Additionally, growing demand for mid-size SUVs and crossovers in Asia has attract foreign investments towards developing EPS optimized for emerging consumer preferences. Rapid motorization of smaller cities and towns continues to stimulate aftermarket sales across APAC as well.

With automakers focusing more on optimized vehicle weight and performance, EPS systems are expected to remain integral to new product development worldwide. Regional performances will thus vary depending on how macroeconomic and industry trends support continued adoption within diverse automotive and aftermarket channels. Consolidation among global suppliers may also impact competitive dynamics across key Electric Power Steering (EPS) System market.