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Europe Electric Power Steering Market Size, Share, Trends: By Product Type: Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS); By Component: Steering Rack/Column, Sensors, Electric Motor, Others; By Vehicle Type; By Sales Channel; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Europe Electric Power Steering Market Outlook
The Europe electric power steering market size reached USD 5.36 billion in 2023. The market is expected to grow at a CAGR of 4.3% between 2024 and 2032, reaching almost USD 7.84 billion by 2032.
Key Takeaways:
- The demand for light commercial vehicle rentals in Europe has surged due to the expansion of e-commerce, logistics, and various industries across the region. The United Kingdom stands out as a key driver of growth in the light commercial vehicle (LCV) market in Europe. With the emergence of major e-commerce players and significant regional operations, sales of vans up to 3.5 tons saw a notable increase of 15.3% to 25,359 units by May 2023. However, sales of trucks ranging from 3.5 to 6.0 tons declined by 24.5% to 386 units, and taxi sales dropped by 14.6% to 111 units during the same period.
- Additionally, according to the Federal Motor Transport Authority in Germany, registrations of electric cars rose by a quarter in the first half of 2022 compared to the previous year. The proportion of fully electric vehicles among all new registrations increased to 13.5%. Overall, registrations of alternative-drive cars grew by 14.2%, representing more than half of all new car registrations, including battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles. German automakers captured 50.6% of new passenger car registrations with electric powertrains during this period.
The Europe electric power steering market is expected to witness growth, driven by the increasing integration of steering-mounted electronics that enhance functionality and intuitiveness. Over the past two decades, steering wheels have evolved into multifunctional hubs, managing a range of dashboard features including radio, cruise control, climate settings, and call functions. Advancements in steering-assist safety technologies are further refining steering responsiveness and balance across various driving conditions by minimising lateral and yaw movements.
Technological progress, digital steering innovations, and the use of high-quality materials are anticipated to propel the automotive steering wheel market forward. The burgeoning demand for fuel-efficient vehicles and effective steering systems, coupled with continuous advancements in the European automotive sector, will fuel market expansion. The trend towards electric power steering (EPS) is reshaping steering systems, leveraging sensors to replace traditional components and enhance precision and performance. These sensors play a critical role in electric and hybrid vehicles, aligning with the push towards fuel efficiency.
The electric power steering market in Europe is also influenced by safety considerations, with automakers increasingly integrating driver assistance systems and steering assistance technologies into their vehicles. Regulatory mandates emphasizing fuel efficiency and de-carbonization are further bolstering demand for advanced steering solutions. Despite the setbacks, the automotive sector remains pivotal to the European economy, employing millions and serving as a linchpin for commercial transportation and e-commerce logistics.
Key players like BMW Group, VW Group, and Daimler Group, based in Germany, are at the forefront of automotive innovation, contributing to the region's automotive prowess and expanding market dynamics. The growth of the automotive industry is intertwined with economic development and modern distribution demands driven by expanding e-commerce activities across Europe, influencing the Europe electric power steering market development.
Market Segmentation
Europe Electric Power Steering Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Market Breakup by Component
- Steering Rack/Column
- Sensors
- Electric Motor
- Others
Market Breakup by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Market Breakup by Country
- Germany
- United Kingdom
- France
- Italy
- Others
Competitive Landscape
The companies are introducing new EPS systems with enhanced technology with the aim of broadening their clientele and product offerings.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Denso Corporation
- JTEKT Corporation
- NSK Ltd.
- thyssenkrupp AG
- ZF Friedrichshafen AG
- Knorr-Bremse AG
- Dowlais Group Plc (GKN Automotive Ltd.)
- Nexteer Automotive Corporation
- GENERAL RICAMBI S.P.A
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Component |
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| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Power Steering Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Power Steering Historical Market (2018-2023)
8.3 Global Electric Power Steering Market Forecast (2024-2032)
8.4 Global Electric Power Steering Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Europe Electric Power Steering Market Overview
9.1 Key Industry Highlights
9.2 Europe Electric Power Steering Historical Market (2018-2023)
9.3 Europe Electric Power Steering Market Forecast (2024-2032)
10 Europe Electric Power Steering Market by Product Type
10.1 Rack Assist Type (REPS)
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Column Assist Type (CEPS)
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Pinion Assist Type (PEPS)
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Europe Electric Power Steering Market by Component
11.1 Steering Rack/Column
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Sensors
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Electric Motor
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Europe Electric Power Steering Market by Vehicle Type
12.1 Passenger Car
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicle
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Europe Electric Power Steering Market by Sales Channel
13.1 Original Equipment Manufacturer (OEM)
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Aftermarket
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Europe Electric Power Steering Market by Country
14.1 Germany
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 United Kingdom
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 France
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Italy
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Mitsubishi Electric Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Robert Bosch GmbH
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Denso Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JTEKT Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 NSK Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 thyssenkrupp AG
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 ZF Friedrichshafen AG
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Knorr-Bremse AG
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Dowlais Group Plc (GKN Automotive Ltd.)
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Nexteer Automotive Corporation
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 GENERAL RICAMBI S.P.A
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
2. Europe Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
3. Europe Electric Power Steering Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. Europe Electric Power Steering Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. Europe Electric Power Steering Historical Market: Breakup by Component (USD Billion), 2018-2023
6. Europe Electric Power Steering Market Forecast: Breakup by Component (USD Billion), 2024-2032
7. Europe Electric Power Steering Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. Europe Electric Power Steering Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. Europe Electric Power Steering Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
10. Europe Electric Power Steering Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
11. Europe Electric Power Steering Historical Market: Breakup by Country (USD Billion), 2018-2023
12. Europe Electric Power Steering Market Forecast: Breakup by Country (USD Billion), 2024-2032
13. Europe Electric Power Steering Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 5.36 billion in 2023.
The market is projected to grow at a CAGR of 4.3% between 2024 and 2032.
The electric power steering market is expected to reach USD 7.84 billion in 2032.
The market is categorised according to its product type, which includes rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS).
The key market players are Mitsubishi Electric Corporation, Robert Bosch GmbH, Denso Corporation, JTEKT Corporation, NSK Ltd., thyssenkrupp AG, ZF Friedrichshafen AG, Knorr-Bremse AG, Dowlais Group Plc (GKN Automotive Ltd.), Nexteer Automotive Corporation, GENERAL RICAMBI S.P.A, and others.
The market is driven by factors that include increasing integration of steering-mounted electronics that enhance functionality and intuitiveness, technological progress, digital steering innovations, and the use of high-quality material, among others.
The market is categorised according to its component, which includes steering rack/column, sensors, electric motor, and others.
Direct Adaptive Steering employs electronic signals to transmit driver steering inputs more rapidly than traditional mechanical systems. Simultaneously, this innovative system swiftly communicates road surface information to the driver in a manner that is both faster and more intuitive.
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