Electric Power Steering Controller Market was valued at USD 5.23 Billion in 2022 and is projected to reach USD 8.59 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The Electric Power Steering (EPS) controller market is an essential component of modern vehicle systems, enabling enhanced steering precision and reducing the load on the engine. The market is divided into two primary segments based on application: Commercial Vehicles and Passenger Vehicles. Both segments showcase distinct growth patterns and demands due to their unique operational requirements. In this report, we focus specifically on these two subsegments, providing a thorough analysis of their current status and future prospects within the EPS controller industry.
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The commercial vehicle segment is characterized by a rising demand for Electric Power Steering (EPS) controllers as these vehicles require advanced steering mechanisms for efficient handling, stability, and safety, especially when carrying heavy loads over long distances. EPS controllers in commercial vehicles are designed to cater to a variety of vehicle types, including trucks, buses, and vans, with each requiring specific adaptations of the steering system to ensure that drivers can maneuver them easily, even under demanding conditions. The increasing emphasis on reducing fuel consumption and improving vehicle efficiency is driving the adoption of EPS technology in commercial vehicles, as it reduces the energy demand compared to traditional hydraulic steering systems. Furthermore, commercial vehicles are increasingly adopting more automated systems, and the EPS controllers are a crucial component of the wider move towards autonomous driving capabilities. With enhanced driver comfort and safety benefits, this segment is set to see steady growth over the next few years.
The market for EPS controllers in commercial vehicles is also influenced by the growing trend of electrification in the automotive industry, with commercial vehicle manufacturers striving to meet global environmental regulations. The shift towards electric and hybrid vehicles is prompting fleet owners and operators to adopt more sustainable technologies, and EPS systems are part of that transition. Moreover, the rise in urbanization and increasing demand for goods and services have boosted the need for efficient commercial vehicles, particularly in logistics, where EPS helps in optimizing fleet performance. The continued development of advanced driver assistance systems (ADAS) is expected to further drive the adoption of EPS in this market, as it supports more sophisticated automated and semi-automated driving features. Overall, the commercial vehicle subsegment is expected to maintain robust growth due to the increasing need for safer, more efficient, and environmentally friendly transportation solutions.
The passenger vehicle market represents a substantial share of the global Electric Power Steering (EPS) controller industry, driven by consumer demand for better driving experiences, fuel efficiency, and safety features. EPS technology is now widely used in most modern passenger vehicles, from compact cars to luxury models. With the rising popularity of electric vehicles (EVs) and hybrid cars, there is a growing preference for EPS systems as they are more energy-efficient than traditional hydraulic steering systems, which require a constant supply of power from the engine. The incorporation of EPS technology in passenger vehicles not only enhances fuel efficiency but also reduces the vehicle's overall weight, contributing to better handling and improved overall performance. As car manufacturers focus more on driver assistance technologies such as lane-keeping assistance, adaptive cruise control, and automatic parking, EPS controllers play a pivotal role in facilitating these advanced features.
The demand for EPS in passenger vehicles is expected to grow significantly, driven by evolving consumer preferences for high-performance, fuel-efficient, and safe vehicles. The trend towards autonomous and semi-autonomous driving systems is also playing a crucial role in boosting the integration of EPS controllers in passenger vehicles. EPS systems enable the precise control required for automated steering functions, making them indispensable for the future of driving. Additionally, the increasing adoption of smart vehicle technologies, such as infotainment systems, touch controls, and electronic dashboards, is fostering demand for EPS, as it ensures seamless integration with these systems for an enhanced driving experience. With growing concerns about environmental sustainability, EPS controllers are becoming increasingly popular due to their ability to reduce energy consumption and improve the eco-friendliness of vehicles. The passenger vehicle subsegment remains a key growth area, with significant investments being made in the development of next-generation EPS systems that offer better performance, reliability, and integration with other vehicle technologies.
The Electric Power Steering Controller market is witnessing several key trends that are shaping its growth trajectory. One of the most significant trends is the increasing demand for energy-efficient steering systems, driven by the growing emphasis on fuel efficiency and reduced emissions. EPS technology offers substantial energy savings compared to traditional hydraulic systems, making it a preferred choice for both passenger and commercial vehicles, particularly in the context of rising environmental concerns. Additionally, there is a rising trend towards the electrification of vehicles, with the market seeing a surge in the production of electric and hybrid vehicles that require more efficient steering systems. This trend is expected to drive the adoption of EPS controllers, as they are better suited for electric powertrains than conventional hydraulic systems.
Another key trend is the growing integration of advanced driver assistance systems (ADAS) and automated driving features in vehicles, which rely heavily on EPS technology. The increased focus on safety and autonomous driving is pushing manufacturers to develop more advanced EPS controllers that can provide precise and reliable steering responses in various driving conditions. Furthermore, the development of smart steering systems, which can adapt to different driving environments and driver preferences, is becoming a critical trend in the market. These systems offer greater comfort and enhanced driving experience, contributing to their growing popularity in both passenger and commercial vehicle segments. As the automotive industry moves towards greater automation, EPS technology will play a central role in enabling more advanced and efficient driving solutions.
The Electric Power Steering Controller market presents numerous opportunities, particularly as the automotive industry continues to evolve. One of the biggest opportunities lies in the growing adoption of electric and hybrid vehicles, where EPS systems offer significant advantages over traditional hydraulic systems in terms of energy efficiency and integration with electric powertrains. Manufacturers that specialize in EPS controllers can capitalize on this trend by focusing on developing solutions that cater to the unique needs of electric and hybrid vehicle platforms. Moreover, as governments around the world impose stricter regulations on emissions and fuel efficiency, the demand for more sustainable vehicle technologies, including EPS, is expected to rise.
Another promising opportunity in the market lies in the development of autonomous vehicles. As self-driving technology advances, EPS systems will become increasingly important for steering control and driving precision. Companies that focus on creating advanced EPS controllers that can work seamlessly with autonomous vehicle technologies are likely to see significant growth. Additionally, the rising demand for connected and smart vehicles presents opportunities for the integration of EPS systems with other vehicle technologies, such as infotainment systems, sensors, and real-time data analytics. These integrated solutions will enhance the driving experience and open new avenues for growth in the market.
What is the role of Electric Power Steering Controllers in vehicles?
Electric Power Steering Controllers regulate the steering response and assist in controlling the steering mechanism to ensure smoother and more efficient handling of the vehicle.
Why are Electric Power Steering systems better than hydraulic systems?
Electric Power Steering systems are more energy-efficient, lighter, and require less maintenance compared to hydraulic systems, making them a popular choice for modern vehicles.
What factors are driving the growth of the Electric Power Steering Controller market?
The growth of electric and hybrid vehicles, the increasing demand for energy-efficient technologies, and the rise of autonomous driving systems are major drivers in the EPS controller market.
Are Electric Power Steering Controllers used in commercial vehicles?
Yes, Electric Power Steering Controllers are increasingly used in commercial vehicles to enhance driver comfort, fuel efficiency, and safety, particularly in trucks and buses.
What are the benefits of Electric Power Steering Controllers in passenger vehicles?
EPS controllers offer improved fuel efficiency, reduced vehicle weight, and enhanced steering precision, which translates to a better overall driving experience in passenger vehicles.
How does EPS technology contribute to autonomous driving?
EPS technology plays a crucial role in autonomous driving by providing precise and reliable steering control, essential for vehicles to navigate and make decisions without human input.
What is the future of Electric Power Steering Controllers?
The future of EPS controllers looks promising, with growing adoption in electric and autonomous vehicles, along with advancements in smart and adaptive steering technologies.
Are there any challenges in the Electric Power Steering Controller market?
Challenges in the EPS market include the high cost of advanced technologies and the need for continued innovation to meet the requirements of autonomous and electric vehicles.
How is the market for Electric Power Steering Controllers segmented?
The market is segmented primarily by application, with key segments being commercial vehicles and passenger vehicles, each having distinct demands and growth drivers.
What role do Electric Power Steering Controllers play in vehicle safety?
EPS controllers contribute to vehicle safety by offering enhanced stability, better control during steering, and supporting advanced safety systems like lane-keeping assist and automatic parking.
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JINGWEI HIRAIN
Bosch
Continental AG
Denso Corporation
ZF Friedrichshafen AG
Aisin Seiki Co.
Ltd.
Hitachi Automotive Systems Ltd.
Valeo
Magna International Inc.
Hella KGaA Hueck & Co.
Koito Manufacturing Co.
Ltd.
Stanley Electric Co.
Ltd.
JTEKT Corporation
Nexteer Automotive
NSK Ltd
Sensata Technologies
NXP Semiconductors
TT Electronics
Mitsubishi Electric Corporation
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Power Steering Controller Market
Commercial Vehicles
Passenger Vehicles
Based on Types the Market is categorized into Below types that held the largest Electric Power Steering Controller market share In 2023.
Front-Mounted Electric Power Steering Controller
Central Electric Power Steering Controller
Rear-Mounted Electric Power Steering Controller
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Electric Power Steering Controller Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Electric Power Steering Controller Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Electric Power Steering Controller Market, By Type
6. Global Electric Power Steering Controller Market, By Application
7. Global Electric Power Steering Controller Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Electric Power Steering Controller Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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