Europe Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Europe Electric Power Steering Industry Overview

Automotive original equipment manufacturers (OEMs) have introduced a multitude of advanced features to enhance vehicle efficiency and overall performance. Among these innovations, automotive steering systems stand out as crucial components designed to elevate vehicle steering capabilities. Many manufacturers are dedicating substantial investments to research and development to offer cutting-edge features, giving them a competitive edge in the market.

For instance, in May 2023, Robert Bosch GmbH underwent a restructuring initiative, resulting in the formation of Bosch Mobility as a distinct business sector within the company. This restructuring bestowed Bosch Mobility with its own dedicated business and leadership team. Furthermore, this sector will be divided into seven distinct divisions in the future, each specializing in specific areas such as Electrified Motion for electric motors, including e-axles; Vehicle Motion for enhancing vehicle dynamics with technologies like ABS, ESP, and steering; and Power Solutions focused on combustion-engine technology, fuel cells, hydrogen engines, and more.

In August 2022, Dodge made an exciting announcement with the unveiling of the Dodge Charger Daytona SRT, a forward-looking concept car in the realm of battery-electric muscle vehicles. This concept car provides a glimpse into Dodge's electrified future. Notably, the steering wheel is equipped with a one-button system, allowing the driver to swiftly alter the vehicle's characteristics and the displayed information by selecting from driving modes like Auto, Sport, Track, and Drag. This innovation promises an immersive driving experience with versatile control options.