Market Size of US Automotive EPS Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Automotive EPS Market Analysis
United States Automotive Electric Power Steering Market is anticipated to register a CAGR of about 6.2% during the forecast period (2020 - 2025).
The EPS market is primarily driven by the growing luxury vehicle production and sales, owing to the increasing preference for safety and comfort. Also, the rapid electrification of vehicles and rising stringency of emission norms in developed economies such as the United States is expected to increase the demand for EPS equipped cars.
However, the United States automotive EPS market continues to be affected by the country's economic turbulence. In 2019, despite a declining car market, the overall United States market remained strong, with total industry sales as high as 17 million. Moreover, the United States has the largest EPS market in North America and globally, the second largest EPS market.
The rising popularity of self-driving vehicles fueled demand for the electric power steering system market worldwide. Vehicles equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
US Automotive EPS Industry Segmentation
The United States Electric Power Steering Market report covers the latest technology trends and provides an analysis of various areas of the market demand by vehicle, EPS, and component type. The market share of significant players across the United Sates will be provided in the scope.
US Automotive EPS Market Size Summary
The United States automotive electric power steering (EPS) market is experiencing robust growth, driven by the increasing production and sales of luxury vehicles that prioritize safety and comfort. The rapid electrification of vehicles and the stringent emission norms in developed economies like the United States are further propelling the demand for EPS-equipped cars. Despite economic challenges, the U.S. remains a stronghold in the EPS market, being the largest in North America and the second largest globally. The growing popularity of self-driving vehicles is also contributing to the demand for EPS, as these systems offer reduced weight and improved fuel efficiency. The passenger car EPS market is witnessing significant expansion, fueled by the rising demand for advanced technologies and safety systems.
The adoption of EPS in passenger cars is on the rise, offering benefits such as reduced maintenance costs and enhanced driving ease, particularly during low-speed maneuvers. Consumers' increasing focus on safety systems is influencing their preference for vehicles equipped with EPS. Innovations in EPS technology, such as Bosch's fail-operational function and Nexteer's advanced steering technology, are setting the stage for future developments in autonomous driving. The market is consolidated, with key players like JTEKT Corporation, ZF Friedrichshafen AG, and Nexteer Automotive holding significant shares. These companies are actively expanding their technologies and partnerships, such as Nexteer's joint venture with Dongfeng Motor Parts and Components Group, to enhance their market presence and comply with evolving regulatory standards.
US Automotive EPS Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Car
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2.1.2 Commercial Vehicle
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2.2 EPS Type
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2.2.1 Colum Assist Type
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2.2.2 Pinion Assist Type
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2.2.3 Rack Assist Type
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2.3 Component Type
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2.3.1 Steering Column
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2.3.2 Sensor
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2.3.3 Steering Motor
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2.3.4 Other Components
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US Automotive EPS Market Size FAQs
What is the current US Automotive EPS Market size?
The US Automotive EPS Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in US Automotive EPS Market?
ATS Automation Tooling Systems Inc. , Delphi Automotive Systems , GKN PLC , Hitachi Automotive Systems and Hyundai Mobis Co. are the major companies operating in the US Automotive EPS Market.
