The Automotive Electric Power Assist Equipment Market size was valued at USD 22.5 Billion in 2022 and is projected to reach USD 39.2 Billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030. The rising demand for fuel-efficient and environmentally friendly vehicles is driving the adoption of electric power steering systems, which significantly enhance driving comfort and control. With an increasing number of electric vehicles (EVs) and hybrid vehicles in production, the market for electric power assist equipment continues to expand across the globe, particularly in emerging regions where automotive manufacturing is growing rapidly.
The market's growth is supported by advancements in automotive technologies and regulatory pressures to reduce emissions, which is prompting automakers to integrate more efficient and sustainable power-assist technologies. The electric power assist equipment market is benefitting from trends such as the shift towards autonomous vehicles, lightweight materials, and smart vehicle technologies. The development of more precise and responsive electric power steering systems, as well as innovations in powertrain design, are expected to further propel the market's growth in the coming years.
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Automotive Electric Power Assist Equipment Market Research Sample Report
The automotive electric power assist equipment market has seen significant growth due to the increasing demand for advanced automotive technologies and growing consumer preference for vehicles that offer enhanced comfort, safety, and fuel efficiency. Electric power assist systems (EPAS) are designed to reduce the effort required by the driver to steer the vehicle, improving overall driving experience. The applications of electric power assist equipment can be primarily categorized into two major segments: passenger vehicles and commercial vehicles. These systems are gaining traction across both segments, owing to their efficiency in fuel consumption, weight reduction, and a smoother driving experience compared to traditional hydraulic power steering systems.
In this report, we focus on the two main application subsegments: Passenger Vehicles and Commercial Vehicles. Each segment presents its own set of drivers, challenges, and growth opportunities. As the demand for electric and hybrid vehicles rises, electric power assist equipment is increasingly being integrated into both types of vehicles, ensuring better energy efficiency and contributing to global sustainability goals. These systems also improve vehicle handling and safety by responding faster to driver inputs, making them increasingly popular among manufacturers and consumers alike.
Passenger vehicles are the dominant application segment in the automotive electric power assist equipment market. As consumer preferences evolve toward electric and hybrid vehicles, the demand for power steering systems that support energy efficiency and reduce fuel consumption continues to grow. The integration of electric power assist equipment in passenger vehicles has allowed automakers to enhance vehicle performance while contributing to reduced CO2 emissions. Additionally, electric power assist systems enable automakers to design vehicles with smaller, lighter engines that deliver a superior driving experience. They also help minimize the weight of the vehicle, which is critical for improving fuel efficiency, an essential factor for both traditional and electric vehicles.
The adoption of electric power steering systems (EPS) in passenger vehicles is also driven by advancements in autonomous driving technologies. As self-driving cars become more prevalent, the integration of EPAS is expected to grow, as it provides a smoother, more precise steering control essential for automation. Additionally, automakers are increasingly focusing on improving driving comfort and safety in passenger vehicles, which is expected to drive further growth in this segment. Over the next few years, passenger vehicles equipped with electric power assist equipment are likely to become the standard in both internal combustion engine vehicles and electric vehicle segments due to their various operational and environmental benefits.
In the commercial vehicles sector, the use of electric power assist systems is also gaining momentum, though the market is comparatively smaller than that of passenger vehicles. Commercial vehicles, such as trucks, buses, and vans, require powerful and robust steering systems to handle the increased weight and operational demands associated with these vehicles. Electric power assist systems are becoming an attractive alternative to traditional hydraulic systems because of their ability to deliver precise control while also offering weight-saving advantages that improve fuel efficiency. In addition, electric power steering systems reduce the need for maintenance compared to conventional systems, which is a key consideration for fleet operators looking to reduce overall maintenance costs.
The increasing focus on fuel efficiency, coupled with regulatory pressures to reduce emissions, is driving the adoption of electric power assist equipment in commercial vehicles. Additionally, the rise of electrification trends within the commercial vehicle market is contributing to the demand for EPAS. As more commercial vehicles, particularly buses and delivery trucks, transition to electric drivetrains, the need for electric power assist systems that complement these drivetrains will increase. This shift is expected to create significant growth opportunities for manufacturers of electric power assist equipment targeting commercial vehicles, particularly in regions focused on achieving sustainability targets through electrification.
One of the key trends in the automotive electric power assist equipment market is the shift towards lighter and more energy-efficient steering systems. As automakers are focusing on reducing vehicle weight to meet fuel efficiency standards and improve performance, electric power assist systems offer significant advantages over traditional hydraulic steering. This trend is particularly evident in the development of electric vehicles (EVs) and hybrid vehicles, where weight reduction plays a critical role in extending battery range and improving energy efficiency. Furthermore, the growing preference for electric steering solutions is being driven by the evolving demands of modern consumers for better fuel economy, lower emissions, and improved vehicle handling.
Another significant trend is the growing popularity of autonomous vehicles and the increasing integration of advanced driver-assistance systems (ADAS). These technologies require more precise and responsive steering capabilities, which is spurring the demand for electric power assist equipment. With advancements in automation and connectivity, the role of electric power assist systems in providing smoother and safer steering control is becoming more important. Additionally, as the automotive industry focuses on electrification, both passenger and commercial vehicle segments are witnessing a transition from traditional hydraulic systems to electric power assist systems, presenting a lucrative growth opportunity for EPAS manufacturers.
1. What is automotive electric power assist equipment?
Automotive electric power assist equipment, commonly referred to as Electric Power Steering (EPS), is a system designed to assist the driver in steering the vehicle more easily by providing electrical assistance instead of hydraulic power.
2. How does Electric Power Steering (EPS) work?
EPS uses an electric motor to provide assistance to the driver, making the steering wheel easier to turn without requiring a hydraulic pump, offering better fuel efficiency and lower maintenance costs.
3. What are the advantages of electric power assist equipment over hydraulic systems?
Electric power assist systems are lighter, more fuel-efficient, require less maintenance, and provide more precise steering control compared to traditional hydraulic systems.
4. Why is the market for automotive electric power assist equipment growing?
The growth is driven by the increasing demand for fuel-efficient, eco-friendly, and lightweight vehicles, as well as the rising adoption of electric and hybrid vehicles.
5. Are electric power assist systems used in both passenger and commercial vehicles?
Yes, electric power assist systems are used in both passenger and commercial vehicles, with growing adoption in both sectors due to their efficiency, cost savings, and ease of integration into electric drivetrains.
6. What are the main challenges in the electric power assist equipment market?
The main challenges include high manufacturing costs, technological complexity, and the need for continuous innovation to meet evolving consumer and regulatory demands.
7. How does electric power assist equipment improve vehicle performance?
By providing more precise and responsive steering control, electric power assist equipment enhances vehicle maneuverability and stability, contributing to improved driving performance.
8. What is the future outlook for electric power assist systems in commercial vehicles?
The future outlook is positive, as electrification trends in commercial vehicles, such as electric trucks and buses, drive the demand for electric power assist systems to complement the new drivetrains.
9. What role do electric power assist systems play in autonomous vehicles?
Electric power assist systems provide the necessary precision and responsiveness required for steering in autonomous vehicles, which rely on advanced driver-assistance systems (ADAS) for safe navigation.
10. How can manufacturers capitalize on the opportunities in the electric power assist equipment market?
Manufacturers can capitalize on the growing demand for electric power assist systems by focusing on innovations in lightweight materials, energy efficiency, and integration with electric vehicle technology to meet market needs.
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