Europe Electric Power Steering Market Growth, Size, Trends, Demand, Revenue and Future Outlook
Europe Electric Power Steering Market Size- By Type, By Component Type, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Sep-2023 | Report ID: AMIN23134 | Pages: 1 - 158 | Formats*: |
| Category : Automotive & Transportation | |||
Europe Electric Power Steering Market Introduction and Overview
According to SPER Market Research, the Europe Electric Power Steering Market is estimated to reach USD 9.16 billion by 2033 with a CAGR of 4.13%.
The report includes an in-depth analysis of the Europe Electric Power Steering Market, including market size and trends, product mix, distribution channels, and supplier analysis.Electric Power Steering (EPS) is a modern vehicle steering technology that has taken the role of classic hydraulic power steering systems. EPS employs an electric motor to help the driver in turning the wheels of the vehicle. In contrast to hydraulic systems, which rely on fluid pressure, EPS functions via electronic control units and sensors. These components are constantly monitoring variables like as vehicle speed, steering wheel position, and driver input.
- Nexteer Automotive invested in Tactile Mobility in January 2021, a sensing and data startup that collects data from vehicles' built-in, non-visual sensors, such as wheel speed, wheel angle, RPM, paddle position, and gear position, and then analyzes it in real-time to give actionable insights. With this agreement, Nexteer hopes to provide its clients with a better steering experience.
- The torque in automobiles may now be measured in real-time due to a non-contact torque sensor created by NSK Ltd in July 2020. This sensor has never been used before and is the first of its kind.
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Market Opportunities and Challenges
Europe Electric Power Steering market offers both large market possibilities and significant market challenges. The primary factor expected to propel the market over the forecast period is an increase in vehicle production and sales in Europe. Over the past few years, there has been a consistent demand for both passenger automobiles and commercial vehicle sales. 9,942,509 new passenger vehicles were registered in the European Union (EU) in 2020. Germany continued to be by far the largest new car market in Europe in 2020 and had the greatest performance among the major nations, selling about 2,917,678 units. This is primarily due to the fact that the nation is home to significant automotive corporations and actual automotive production capabilities. Furthermore, rice is Japan's most significant crop, accounting for around 47% of agricultural output value each year. Because rice is the most mechanized crop in the country, agricultural equipment, particularly tractors, is used extensively.
The European Electric Power Steering (EPS) market faces multiple challenges. The strict regulatory environment in Europe, which pushes for lower emissions and improved energy efficiency in automobiles, is one of the key obstacles. While EPS systems are more energy-efficient than typical hydraulic systems, fulfilling these stringent emissions regulations necessitates constant innovation and R&D investment. Another challenge is the complexity of current automobiles, which increasingly contain advanced driver-assistance systems (ADAS) and self-driving capabilities. Manufacturers are concerned with integrating EPS seamlessly with these technologies and ensuring their dependability and safety.
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Market Competitive Landscape
The Europe Electric Power Steering (EPS) market competitive landscape is defined by a mix of well-established automotive manufacturers and suppliers, as well as rising competitors fighting for a part of this quickly expanding industry. Established automotive behemoths like as Bosch, ZF Friedrichshafen, and Nexteer Automotive have a strong presence and reputation in the EPS industry, supplying modern EPS systems to a diverse variety of vehicle manufacturers across Europe.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Component Type, By Vehicle Type |
| Regions covered | United Kingdom, France, Germany, Italy, Russia, Rest of Europe |
| Companies Covered | JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, Others |
COVID-19 Impact on Europe Electric Power Steering Market
The epidemic of COVID-19 has had a huge impact on Europe's Electric Power Steering (EPS) market. Due to lockdowns, supply chain delays, and decreased consumer demand in the early stages of the pandemic, the automotive industry witnessed a dramatic reduction in production and sales. This crisis had an immediate impact on the EPS market, as vehicle makers reduced production and delayed or canceled vehicle launches. Furthermore, the pandemic disrupted the supply chain for EPS components, with many vendors experiencing difficulties procuring materials and parts, resulting in production delays and increased costs.
Key Target Audience
- Automobile Manufacturers
- Automotive Component Suppliers
- Regulatory Bodies
- Research and Development Teams
- Aftermarket and Service Providers
- Consumers
Our in-depth analysis of the Europe Electric Power Steering Market includes the following segments:
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Key Topics Covered in the Report
- Europe Electric Power Steering Market Size (FY’2023-FY’2033)
- Overview of Europe Electric Power Steering Market
- Segmentation of Europe Electric Power Steering Market By Type (Column Type, Pinion Type, Dual Pinion Type)
- Segmentation of Europe Electric Power Steering Market By Component Type (Steering Wheel/Column, Sensors, Steering Motor, Others)
- Segmentation of Europe Electric Power Steering Market By Vehicle Type (Passenger Cars, LCV, Heavy Vehicles)
- Statistical Snap of Europe Electric Power Steering Market
- Expansion Analysis of Europe Electric Power Steering Market
- Problems and Obstacles in Europe Electric Power Steering Market
- Competitive Landscape in the Europe Electric Power Steering Market
- Impact of COVID-19 and Demonetization on Europe Electric Power Steering Market
- Details on Current Investment in Europe Electric Power Steering Market
- Competitive Analysis of Europe Electric Power Steering Market
- Prominent Players in the Europe Electric Power Steering Market
- SWOT Analysis of Europe Electric Power Steering Market
- Europe Electric Power Steering Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Europe Electric Power Steering Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Europe Electric Power Steering Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Electric Power Steering Market
7. Europe Electric Power Steering Market, By Type (USD Million)
7.1. Europe Electric Power Steering Market Value Share and Forecast, By Type, 2023-20337.2. Column Type7.3. Pinion Type7.4. Dual Pinion Type
8. Europe Electric Power Steering Market, By Component Type (USD Million)
8.1. Europe Electric Power Steering Market Value Share and Forecast, By Component Type, 2023-20338.2. Steering Wheel/Column8.3. Sensors8.4. Steering Motor8.5. Others
9. Europe Electric Power Steering Market, By Vehicle Type (USD Million)
9.1. Europe Electric Power Steering Market Value Share and Forecast, By Vehicle Type, 2023-20339.2. Passenger Cars9.3. LCV9.4. Heavy Vehicles
10. Europe Electric Power Steering Market Forecast, 2019-2033 (USD Million)
10.1. Europe Electric Power Steering Market Size and Market Share
11. Europe Electric Power Steering Market, By Type, 2019-2033 (USD Million)
11.1. Europe Electric Power Steering Market Size and Market Share By Type (2019-2026)11.2. Europe Electric Power Steering Market Size and Market Share By Type (2027-2033)
12. Europe Electric Power Steering Market, By Component Type, 2019-2033 (USD Million)
12.1. Europe Electric Power Steering Market Size and Market Share By Component Type (2019-2026)12.2. Europe Electric Power Steering Market Size and Market Share By Component Type (2027-2033)
13. Europe Electric Power Steering Market, By Vehicle Type, 2019-2033 (USD Million)
13.1. Europe Electric Power Steering Market Size and Market Share By Vehicle Type (2019-2026)13.2. Europe Electric Power Steering Market Size and Market Share By Vehicle Type (2027-2033)
14. Europe Electric Power Steering Market, By Region, 2019-2033 (USD Million)
14.1. Europe Electric Power Steering Market Size and Market Share By Region (2019-2026)14.2. Europe Electric Power Steering Market Size and Market Share By Region (2027-2033)14.3. United Kingdom14.4. France14.5. Germany14.6. Italy14.7. Russia14.8. Rest of Europe
15. Company Profile
15.1. JTEKT Corporation
15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments
15.2. Nexteer Automotive Group Ltd
15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments
15.3. NSK Ltd
15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments
15.4. Robert Bosch GmbH
15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments
15.5. ZF Friedrichshafen AG
15.5.1. Company details15.5.2. Financial outlook15.5.3. Product summary15.5.4. Recent developments
15.6. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Europe Electric Power Steering Market is projected to reach USD 9.16 billion by 2033, growing at a CAGR of 4.13% during the forecast period.
Europe Electric Power Steering Market grew in market size from 2022. The Market is expected to reach USD 9.16 billion by 2033, at a CAGR of 4.13% during the forecast period.
Europe Electric Power Steering Market CAGR of 4.13% during the forecast period.
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Europe Electric Power Steering Market size is USD 9.16 billion from 2023 to 2033.
Europe Electric Power Steering Market Segment is covered By Type, By Component Type, By Vehicle Type.
The Europe is anticipated to have the highest market share in the Europe Electric Power Steering Market.
The key players in the market include Companies Covered JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, Others.
EPS employs an electric motor to help the driver in turning the wheels of the vehicle. In contrast to hydraulic systems, which rely on fluid pressure, EPS functions via electronic control units and sensors.
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