Key Insights
The European electric power steering (EPS) market is experiencing robust growth, driven by the increasing demand for fuel-efficient and environmentally friendly vehicles. The region's strong automotive manufacturing base, coupled with stringent emission regulations and a rising preference for advanced driver-assistance systems (ADAS), are key catalysts for this expansion. The market is segmented by type (column, pinion, dual pinion), component (steering wheel/column, sensors, steering motor, other components), and vehicle type (passenger cars, light commercial vehicles (LCVs), heavy vehicles). Passenger cars currently dominate the market, but the LCV segment is projected to witness significant growth due to increasing urbanization and the rising popularity of delivery services. Technological advancements, such as the integration of EPS with ADAS features like lane-keeping assist and automated parking, are further fueling market expansion. While the initial investment in EPS technology can be high, the long-term benefits in terms of fuel efficiency and reduced emissions make it a compelling proposition for automotive manufacturers. Competition among major players like JTEKT, Hyundai Mobis, TRW (now part of ZF), and Bosch is intense, driving innovation and price optimization. Germany, France, and the UK are major markets within Europe, benefiting from established automotive industries and supportive government policies. The overall market is expected to maintain a steady growth trajectory throughout the forecast period (2025-2033), driven by ongoing technological innovation and the sustained demand for enhanced vehicle dynamics and safety features.
The forecast period of 2025-2033 will likely see a continued shift towards more sophisticated EPS systems, incorporating features like electric boost and variable steering ratios for improved handling and driver comfort. The increasing adoption of electric vehicles (EVs) will also contribute significantly to market growth, as EPS is a crucial component in EV powertrains. However, challenges remain, including potential supply chain disruptions and the need for continuous improvement in system reliability and cost-effectiveness. Nevertheless, the long-term outlook for the European EPS market remains positive, with substantial growth potential driven by the trends outlined above. Companies are likely to focus on strategic partnerships and technological advancements to enhance their competitiveness and capture market share in this rapidly evolving landscape.
Europe Electric Power Steering Industry: A Comprehensive Market Report (2019-2033)
This comprehensive report provides a detailed analysis of the Europe Electric Power Steering industry, offering invaluable insights for stakeholders, investors, and industry professionals. The report covers the period from 2019 to 2033, with a focus on the 2025-2033 forecast period. The base year for the analysis is 2025. Key market segments are analyzed by type, component type, and vehicle type, providing a granular understanding of market dynamics and growth potential.
Europe Electric Power Steering Industry Market Concentration & Innovation
The European electric power steering (EPS) market exhibits a moderately concentrated landscape, with several major players holding significant market share. While precise market share figures for individual companies are proprietary and vary year to year, key players like Robert Bosch GmbH, ZF Friedrichshafen AG, Nexteer Automotive, and JTEKT Corporation consistently command substantial portions of the overall revenue. This concentration is partly driven by high entry barriers related to technology development, manufacturing expertise, and extensive supply chain networks.
- Market Concentration: The Herfindahl-Hirschman Index (HHI) for the European EPS market is estimated to be around xx, indicating a moderately concentrated market.
- Innovation Drivers: Stringent emission regulations, increasing demand for fuel efficiency in vehicles, and the rising adoption of Advanced Driver-Assistance Systems (ADAS) are major innovation drivers. Advancements in electric motor technology, sensor technology, and software algorithms are constantly improving EPS systems' performance, reliability, and features.
- Regulatory Frameworks: EU regulations concerning vehicle safety and emission standards significantly influence the development and adoption of EPS systems. These regulations drive innovation towards more efficient and environmentally friendly technologies.
- Product Substitutes: While EPS is currently the dominant technology for power steering systems in passenger cars and increasingly LCVs, hydraulic power steering systems remain a substitute, although their adoption is declining. However, the cost advantage of hydraulic systems is gradually being eroded by the technological improvements of EPS.
- End-User Trends: The growing preference for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is a primary driver for EPS market growth, as EPS is better suited to these vehicle types than hydraulic power steering.
- M&A Activities: The EPS market has witnessed several mergers and acquisitions in recent years, with deal values ranging from xx Million to xx Million. These activities have contributed to market consolidation and technological advancements.
Europe Electric Power Steering Industry Industry Trends & Insights
The European electric power steering industry is experiencing robust growth, driven by several factors. The CAGR for the period 2025-2033 is projected to be xx%, reflecting strong demand from both passenger car and commercial vehicle manufacturers. This growth is fueled by increasing vehicle production, rising adoption of electric and hybrid vehicles, and the integration of advanced driver-assistance systems (ADAS) which rely on EPS for enhanced functionality. Technological advancements, including the miniaturization of components, improved energy efficiency, and enhanced safety features, are further boosting market expansion. Market penetration of EPS in passenger cars is already high, but there's significant room for growth in the commercial vehicle segment where adoption rates are currently lower. Competitive dynamics remain intense, with major players investing heavily in research and development (R&D) to improve their product offerings and gain a competitive edge. Consumer preferences are shifting towards vehicles with superior fuel efficiency and enhanced safety features, which is driving demand for high-performance EPS systems.
Dominant Markets & Segments in Europe Electric Power Steering Industry
Leading Region/Country: Germany is expected to remain the dominant market within Europe due to its robust automotive manufacturing sector, high vehicle production volumes, and strong presence of major EPS manufacturers.
Dominant Segment (By Type): Column type EPS currently holds the largest market share, owing to its widespread use in passenger cars. However, the dual pinion type is expected to witness faster growth due to its superior performance in handling and stability.
Dominant Segment (By Component Type): The steering motor segment constitutes a significant portion of the market, as it is a core component of the EPS system. Advancements in electric motor technology are driving growth in this segment.
Dominant Segment (By Vehicle Type): Passenger cars segment continues to dominate, but LCVs and heavy vehicles are showing increasing adoption rates, driven by safety and fuel efficiency benefits.
Key Drivers:
- Germany: Strong automotive industry, high R&D spending, government support for the automotive sector.
- Other European Countries: Growing vehicle production, rising consumer spending, supportive government policies.
- Technological Advancements: Enhanced energy efficiency, miniaturized components, advanced safety features, integration with ADAS.
Europe Electric Power Steering Industry Product Developments
Recent advancements in EPS technology focus on enhancing performance, energy efficiency, and integration with ADAS functionalities. Manufacturers are developing more compact and lighter EPS systems using advanced materials and designs. Integration with advanced driver-assistance systems (ADAS) is a key trend, allowing for features like lane keeping assist, adaptive cruise control, and automated parking. These developments are leading to a market shift towards higher-performance, more feature-rich EPS units, commanding premium pricing and improving overall vehicle safety and driving experience.
Report Scope & Segmentation Analysis
This report provides a comprehensive segmentation of the European electric power steering market.
By Type: Column Type, Pinion Type, Dual Pinion Type (Growth projections, market sizes, and competitive dynamics are provided for each type in the full report).
By Component Type: Steering Wheel/Column, Sensors, Steering Motor, Other Component Types (Growth projections, market sizes, and competitive dynamics are provided for each component type in the full report).
By Vehicle Type: Passenger Cars, LCVs, Heavy Vehicles (Growth projections, market sizes, and competitive dynamics are provided for each vehicle type in the full report).
Key Drivers of Europe Electric Power Steering Industry Growth
The growth of the European electric power steering market is propelled by several key factors:
- Stringent emission regulations: The EU's focus on reducing vehicle emissions is driving the adoption of more fuel-efficient power steering systems. EPS delivers significant fuel savings compared to traditional hydraulic systems.
- Increasing demand for fuel efficiency: Consumers are increasingly prioritizing fuel efficiency, and EPS contributes directly to lower fuel consumption.
- Rising adoption of electric and hybrid vehicles: EPS is an essential component in electric and hybrid vehicles, further boosting market demand.
- Integration with ADAS: EPS's integration with ADAS enhances vehicle safety and driving experience, encouraging adoption.
Challenges in the Europe Electric Power Steering Industry Sector
Despite the positive growth outlook, the European EPS market faces certain challenges:
- High initial investment costs: The upfront costs of adopting EPS can be high for smaller vehicle manufacturers.
- Supply chain disruptions: Global supply chain issues can impact the availability of components and affect production timelines.
- Intense competition: The market is characterized by intense competition among established players and new entrants, putting pressure on pricing and profit margins.
Emerging Opportunities in Europe Electric Power Steering Industry
Several promising opportunities are emerging within the European EPS market:
- Growing demand for autonomous driving features: The development of autonomous driving technologies will further increase the demand for sophisticated EPS systems.
- Expansion into commercial vehicles: The commercial vehicle segment presents significant growth potential, with increased adoption expected.
- Technological advancements in motor and sensor technology: Ongoing R&D will yield more efficient and feature-rich EPS systems.
Leading Players in the Europe Electric Power Steering Industry Market
- JTEKT Corporation
- Hyundai Mobis Co Ltd
- TRW Automotive
- Infineon Technologies
- GKN PLC
- NSK Ltd
- Hitachi Automotive Systems
- Mitsubishi Electric Corporation
- Mando Corporation
- Nexteer Automotive
- Robert Bosch GmbH
- ATS Automation Tooling Systems Inc
- Delphi Automotive Systems
- Thyssenkrupp Presta AG
- Hafei Industrial Group Automobile Redirector Obligate Co Ltd
- ZF Friedrichshafen AG
Key Developments in Europe Electric Power Steering Industry Industry
June 2023: Bosch showcased its electric drive systems and steering systems at the Shanghai International Carbon Neutrality Expo 2023, highlighting its commitment to sustainable mobility.
May 2023: Infineon Technologies launched the OptiMOS 7 40V MOSFET family, enhancing the performance and efficiency of EPS systems.
May 2023: ZF Friedrichshafen AG unveiled its AxTrax 2 electric axle platform, including EPS technology, for commercial vehicles, showcasing its leadership in electrification.
September 2022: Knorr-Bremse AG showcased its all-electric EPS steering system at IAA Transportation, demonstrating its expansion into the EPS market.
Strategic Outlook for Europe Electric Power Steering Industry Market
The European electric power steering market is poised for continued growth, driven by factors like stricter emission regulations, increased demand for fuel-efficient vehicles, and the rising adoption of ADAS and autonomous driving technologies. Opportunities exist in developing advanced features, optimizing energy efficiency, and expanding into new vehicle segments, particularly commercial vehicles and off-highway applications. The market's future success hinges on continued innovation, strategic partnerships, and adapting to the evolving needs of the automotive industry's transition toward electrification and automation.
Europe Electric Power Steering Industry Segmentation
-
1. Type
- 1.1. Column Type
- 1.2. Pinion Type
- 1.3. Dual Pinion Type
-
2. Component Type
- 2.1. Steering Wheel/Column
- 2.2. Sensors
- 2.3. Steering Motor
- 2.4. Other Component Types
-
3. Vehicle Type
- 3.1. Passenger Cars
- 3.2. LCV
- 3.3. Heavy Vehicles
Europe Electric Power Steering Industry Segmentation By Geography
-
1. Europe
- 1.1. United Kingdom
- 1.2. France
- 1.3. Germany
- 1.4. Italy
- 1.5. Russia
- 1.6. Rest of Europe
Europe Electric Power Steering Industry REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 3.90% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Technological Advancements in Steering Systems Would Drive the Market
- 3.3. Market Restrains
- 3.3.1. Growing Popularity of Steer-By-Wire Technology Can Hinder the Growth of the Market
- 3.4. Market Trends
- 3.4.1. Technological Advancements in Steering Systems Would Drive the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Column Type
- 5.1.2. Pinion Type
- 5.1.3. Dual Pinion Type
- 5.2. Market Analysis, Insights and Forecast - by Component Type
- 5.2.1. Steering Wheel/Column
- 5.2.2. Sensors
- 5.2.3. Steering Motor
- 5.2.4. Other Component Types
- 5.3. Market Analysis, Insights and Forecast - by Vehicle Type
- 5.3.1. Passenger Cars
- 5.3.2. LCV
- 5.3.3. Heavy Vehicles
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1. Europe
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Germany Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 7. France Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 8. Italy Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 9. United Kingdom Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 10. Netherlands Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 11. Sweden Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 12. Rest of Europe Europe Electric Power Steering Industry Analysis, Insights and Forecast, 2019-2031
- 13. Competitive Analysis
- 13.1. Market Share Analysis 2024
- 13.2. Company Profiles
- 13.2.1 JTEKT Corporation
- 13.2.1.1. Overview
- 13.2.1.2. Products
- 13.2.1.3. SWOT Analysis
- 13.2.1.4. Recent Developments
- 13.2.1.5. Financials (Based on Availability)
- 13.2.2 Hyundai Mobis Co Ltd
- 13.2.2.1. Overview
- 13.2.2.2. Products
- 13.2.2.3. SWOT Analysis
- 13.2.2.4. Recent Developments
- 13.2.2.5. Financials (Based on Availability)
- 13.2.3 TRW Automotive
- 13.2.3.1. Overview
- 13.2.3.2. Products
- 13.2.3.3. SWOT Analysis
- 13.2.3.4. Recent Developments
- 13.2.3.5. Financials (Based on Availability)
- 13.2.4 Infineon Technologies
- 13.2.4.1. Overview
- 13.2.4.2. Products
- 13.2.4.3. SWOT Analysis
- 13.2.4.4. Recent Developments
- 13.2.4.5. Financials (Based on Availability)
- 13.2.5 GKN PLC
- 13.2.5.1. Overview
- 13.2.5.2. Products
- 13.2.5.3. SWOT Analysis
- 13.2.5.4. Recent Developments
- 13.2.5.5. Financials (Based on Availability)
- 13.2.6 NSK Ltd
- 13.2.6.1. Overview
- 13.2.6.2. Products
- 13.2.6.3. SWOT Analysis
- 13.2.6.4. Recent Developments
- 13.2.6.5. Financials (Based on Availability)
- 13.2.7 Hitachi Automotive Systems
- 13.2.7.1. Overview
- 13.2.7.2. Products
- 13.2.7.3. SWOT Analysis
- 13.2.7.4. Recent Developments
- 13.2.7.5. Financials (Based on Availability)
- 13.2.8 Mitsubishi Electric Corporation
- 13.2.8.1. Overview
- 13.2.8.2. Products
- 13.2.8.3. SWOT Analysis
- 13.2.8.4. Recent Developments
- 13.2.8.5. Financials (Based on Availability)
- 13.2.9 Mando Corporation
- 13.2.9.1. Overview
- 13.2.9.2. Products
- 13.2.9.3. SWOT Analysis
- 13.2.9.4. Recent Developments
- 13.2.9.5. Financials (Based on Availability)
- 13.2.10 Nexteer Automotive
- 13.2.10.1. Overview
- 13.2.10.2. Products
- 13.2.10.3. SWOT Analysis
- 13.2.10.4. Recent Developments
- 13.2.10.5. Financials (Based on Availability)
- 13.2.11 Robert Bosch GmbH
- 13.2.11.1. Overview
- 13.2.11.2. Products
- 13.2.11.3. SWOT Analysis
- 13.2.11.4. Recent Developments
- 13.2.11.5. Financials (Based on Availability)
- 13.2.12 ATS Automation Tooling Systems Inc
- 13.2.12.1. Overview
- 13.2.12.2. Products
- 13.2.12.3. SWOT Analysis
- 13.2.12.4. Recent Developments
- 13.2.12.5. Financials (Based on Availability)
- 13.2.13 Delphi Automotive Systems
- 13.2.13.1. Overview
- 13.2.13.2. Products
- 13.2.13.3. SWOT Analysis
- 13.2.13.4. Recent Developments
- 13.2.13.5. Financials (Based on Availability)
- 13.2.14 Thyssenkrupp Presta AG
- 13.2.14.1. Overview
- 13.2.14.2. Products
- 13.2.14.3. SWOT Analysis
- 13.2.14.4. Recent Developments
- 13.2.14.5. Financials (Based on Availability)
- 13.2.15 Hafei Industrial Group Automobile Redirector Obligate Co Ltd*List Not Exhaustive
- 13.2.15.1. Overview
- 13.2.15.2. Products
- 13.2.15.3. SWOT Analysis
- 13.2.15.4. Recent Developments
- 13.2.15.5. Financials (Based on Availability)
- 13.2.16 ZF Friedrichshafen AG
- 13.2.16.1. Overview
- 13.2.16.2. Products
- 13.2.16.3. SWOT Analysis
- 13.2.16.4. Recent Developments
- 13.2.16.5. Financials (Based on Availability)
- 13.2.1 JTEKT Corporation
List of Figures
- Figure 1: Europe Electric Power Steering Industry Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: Europe Electric Power Steering Industry Share (%) by Company 2024
List of Tables
- Table 1: Europe Electric Power Steering Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Europe Electric Power Steering Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 3: Europe Electric Power Steering Industry Revenue Million Forecast, by Component Type 2019 & 2032
- Table 4: Europe Electric Power Steering Industry Revenue Million Forecast, by Vehicle Type 2019 & 2032
- Table 5: Europe Electric Power Steering Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 6: Europe Electric Power Steering Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 7: Germany Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: France Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: Italy Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 10: United Kingdom Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 11: Netherlands Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 12: Sweden Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 13: Rest of Europe Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Europe Electric Power Steering Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 15: Europe Electric Power Steering Industry Revenue Million Forecast, by Component Type 2019 & 2032
- Table 16: Europe Electric Power Steering Industry Revenue Million Forecast, by Vehicle Type 2019 & 2032
- Table 17: Europe Electric Power Steering Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 18: United Kingdom Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 19: France Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 20: Germany Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 21: Italy Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 22: Russia Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 23: Rest of Europe Europe Electric Power Steering Industry Revenue (Million) Forecast, by Application 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Europe Electric Power Steering Industry?
The projected CAGR is approximately 3.90%.
2. Which companies are prominent players in the Europe Electric Power Steering Industry?
Key companies in the market include JTEKT Corporation, Hyundai Mobis Co Ltd, TRW Automotive, Infineon Technologies, GKN PLC, NSK Ltd, Hitachi Automotive Systems, Mitsubishi Electric Corporation, Mando Corporation, Nexteer Automotive, Robert Bosch GmbH, ATS Automation Tooling Systems Inc, Delphi Automotive Systems, Thyssenkrupp Presta AG, Hafei Industrial Group Automobile Redirector Obligate Co Ltd*List Not Exhaustive, ZF Friedrichshafen AG.
3. What are the main segments of the Europe Electric Power Steering Industry?
The market segments include Type, Component Type, Vehicle Type.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
Technological Advancements in Steering Systems Would Drive the Market.
6. What are the notable trends driving market growth?
Technological Advancements in Steering Systems Would Drive the Market.
7. Are there any restraints impacting market growth?
Growing Popularity of Steer-By-Wire Technology Can Hinder the Growth of the Market.
8. Can you provide examples of recent developments in the market?
June 2023: Bosch announced its participation in the Shanghai International Carbon Neutrality Expo 2023, where it will set up exhibition areas for New Energy electric drive systems, steering systems and driving safety, recycling and short-distance green mobility, and autonomous driving enabling intelligent mobility.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 4950, and USD 6800 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Europe Electric Power Steering Industry," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Europe Electric Power Steering Industry report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Europe Electric Power Steering Industry?
To stay informed about further developments, trends, and reports in the Europe Electric Power Steering Industry, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
