Power Assisted Steering Market Size & Share 2021 to 2027
Market Size by Power (Electric, Hydraulic), by Type (Rack Type EPS, Column Type EPS, Pinion Type EPS, H-EPS, HPS), by Vehicle (Passenger Cars, LCV, HCV), by Propulsion Type (ICE, EV), by Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI5036
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Published Date: April 2021
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Power Assisted Steering Market Size
Power Assisted Steering Market size was valued at around USD 14.89 billion in 2020 and is estimated to exhibit over 4.6% CAGR from 2021 to 2027. Power assisted steering decreases the energy required for the driver to turn the vehicle, mainly during low-speed maneuvers such as turning a 90-degree corner, pulling into a parking spot, and maneuvering in a traffic area. Power assisted steering also improves the fuel efficiency of the vehicles, lowering 90% of energy and saving fuel of up to 0.8 liters per 100 Kms compared to manual steering. Power assisted steering also provides the basic functions of driver assistance systems, which include lane-departure warning systems, automatic elusion in hazardous situations, and traffic jam assist.
The power assisted steering are steering systems that utilize engine power. It provides the reduction in input effort on the steering wheel by utilizing the hydraulic pump or electric motor. It can reduce the drivers’ input by 25 - 30%, which results in making it easier for the vehicle to maneuver or turn. In addition, the electric or hydraulic actuators are installed to controlled power of the steering system, because of that driver required less effort to turn the steered wheels while driving at higher speeds, and it also decreases the significantly the physical effort required to turn the wheels when a vehicle running at a lower speed.
Power assisted steering also be engineered to offer the artificial feedback of forces acting on the steered wheels to control the car steering while driving. Several automotive manufacturers are adopting the electric power steering system in commercial vehicles since it improves safety features, fuel efficiency, and also enables ADAS feature since EPS interprets data from the automotive vehicle ECU into precise mechanical steering functions.
Power Assisted Steering Market Analysis
The EV segment is predicted to witness a 5.3% CAGR till 2027 owing to rising sales and production of new energy vehicles over the last five years. In countries, such as China, the U.S., and Norway, the potential of power assisted steering sales is huge as the demand for alternative energy vehicles, such as PHEVs and BEV, is poised to increase significantly.
The passenger cars segment accounted for USD 10 billion in 2020 led by rising passenger car production and increasing EPS adoption in compact and sedan cars. Furthermore, in emerging regions, such as India, Brazil, and Indonesia, among others, the adoption of electric power steering systems and ADAS has increased in passenger cars to improve safety and fuel efficiency. The current electric power steering opens a new hydraulic-to-electric conversion wave for commercial vehicles and heavy-duty pick-up trucks, which enables advanced safety, comfort, and fuel economy. This factor is set to propel the demand for power assisted steering in the passenger car segment. Moreover, the increasing penetration of power assisted steering systems, such as hydraulic power steering, in light trucks and vans will lead to a bigger demand for power assisted steering.
The electric segment in the power assisted steering market is expected to reach USD 12 billion by 2027 on account of its lower fuel consumption, quicker steering, and lower driver exertion compared to hydraulic steering system since it uses an engine driven hydraulic pump to amplify the load, lowering fuel efficiency of the vehicle. Electric power steering has lower maintenance cost, since it does not require any additional fluids or leakage problems. Additionally, the hydraulic steering pump constantly is running, even the steering system is not been used, which results in lower fuel efficiency, which will further foster the electric power steering market.
The OEM segment dominated more than 95% of the market share in 2020 impelled by the increasing automotive production to meet the rising demand. In 2020 according to the International Organization of Motor Vehicle Manufacturers (OICA), China alone produced around 25.2 million units of automotive vehicles, which are likely to enhance the market during the forecast period.
Asia Pacific power assisted steering market will capture over 50% of revenue share by 2027 owing to large automotive production across Asia Pacific. In 2020, automotive vehicle production in APAC was nearly 43.4 million units. Automotive manufacturers are implementing an inclusive range of advanced technologies in automotive steering to develop semi-autonomous and autonomous driving, such as park assist steering, lane keeping, among others, augmenting the market during the forecast period. In addition, many Asian countries are adopting electric vehicles in public transports.
Power Assisted Steering Market Share
The market is consolidated with the top ten companies holding more than half of the global industry. Top market participants are involved in partnerships with automotive manufacturers to have a competitive edge over other competitors; for instance, the Nexteer Automotive steering systems are installed by Maruti Suzuki India Limited, General Motors, Ford Motor Company (Ford), Fiat Chrysler Automobiles N.V. (FCA), and Company Dongfeng Peugeot Citroën Automobile Co., Ltd. (DPCA). With the increasing demand for power assisted steering, many manufacturers are investing in steer by wire technologies to have an advantage in the ADAS and autonomous vehicle market.
Some of the key manufacturers of the industry are
Some of the main strategies implemented by industry leaders are new product development and expansion of production facilities.
The power assisted steering market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand Units and revenue in USD million from 2017 to 2027 for the following segments:
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Market, by Propulsion Type
Market, by Vehicle
Market, By Power
Market, By Type
Market, by Sales Channel
The above information is provided on a regional and country basis for the following:
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