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Italy 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: Passenger Car, Commercial Vehicle; By Sales Channel; Competitive Landscape; 2024-2032
Italy Electric Power Steering Market Outlook
The Italy electric power steering market size was valued at USD 277.36 million in 2023. The market is further projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of USD 430.19 million by 2032.
Key Takeaways
- The surge in demand for vehicles worldwide is a key driver fuelling the Italy electric power steering market growth, which is witnessing remarkable technological advancements, including Steer by Wire (SbW) and control technology.
- EPS systems are also playing a pivotal role in enabling autonomous driving, enhancing safety and reducing driver workload.
- As per industry reports, the passenger cars segment is anticipated to gain a larger share of the market due to advancements in technology in cars and the growing demand for connected cars across the world.
An electric power steering has benefits over traditional hydraulic power steering systems as it uses an electric motor, instead of a pump, to steer the wheel, which reduces the load on the engine, improves fuel efficiency, and reduces CO2 emissions. The electric power steering market in Italy is also expected to be driven by the increasing demand for fuel-efficient vehicles and the growing trend of autonomous driving.
Italian automaker, Fiat Chrysler Automobiles (FCA), has been incorporating electric power steering systems in their vehicles to improve fuel efficiency and reduce emissions. Companies like Waymo, a subsidiary of Alphabet Inc., are pioneering the development of self-driving vehicles that rely on sophisticated EPS systems for autonomous steering capabilities.
Moreover, electric vehicle manufacturers like Tesla have been at the forefront of vehicle electrification, utilising advanced EPS systems to enhance steering control and efficiency. Tesla's Model 3, Model S, and Model X showcase the integration of EPS technology in electric vehicles, contributing to their popularity and performance.
The column assist segment is expected to dominate the Italy electric power steering market share during the forecast period due to its high penetration in passenger vehicles. They enhance steering agility, stability, low-temperature resistance, and low power consumption, making them a preferred choice for vehicles in Italy.
The rack assist type (REPS) segment in the market is designed for heavier vehicles to handle higher front-axle loads. They also save valuable space in engine compartments, reduce assembly costs, and increase performance integrity compared to systems with remote electronic controls. On the other hand, PEPS systems are known for their good steering agility, stability, and low power consumption. They are favoured for their ease of integration and secondary development, showing strong vitality in the power steering systems of automobiles in Italy.
Market Segmentation
Italy 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
Competitive Landscape
Market players are capitalising on the growing demand for advanced power-driven steering systems, coupled with regulations and initiatives towards decarbonisation.
- Mitsubishi Electric Corporation
- Denso Corporation
- Knorr-Bremse AG
- thyssenkrupp AG
- ZF Friedrichshafen AG
- Nexteer Automotive Corporation
- Dowlais Group Plc (GKN Automotive Ltd.)
- NSK Ltd.
- 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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| 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 Europe Electric Power Steering Market Overview
8.1 Key Industry Highlights
8.2 Europe Electric Power Steering Historical Market (2018-2023)
8.3 Europe Electric Power Steering Market Forecast (2024-2032)
9 Italy Electric Power Steering Market Overview
9.1 Key Industry Highlights
9.2 Italy Electric Power Steering Historical Market (2018-2023)
9.3 Italy Electric Power Steering Market Forecast (2024-2032)
10 Italy 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 Italy 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 Italy 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 Italy 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 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Mitsubishi Electric Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Denso Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Knorr-Bremse AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 thyssenkrupp AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ZF Friedrichshafen AG
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Nexteer Automotive Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Dowlais Group Plc (GKN Automotive Ltd.)
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 NSK Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 GENERAL RICAMBI S.P.A
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
2. Italy Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
3. Italy Electric Power Steering Historical Market: Breakup by Product Type (USD Million), 2018-2023
4. Italy Electric Power Steering Market Forecast: Breakup by Product Type (USD Million), 2024-2032
5. Italy Electric Power Steering Historical Market: Breakup by Component (USD Million), 2018-2023
6. Italy Electric Power Steering Market Forecast: Breakup by Component (USD Million), 2024-2032
7. Italy Electric Power Steering Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
8. Italy Electric Power Steering Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
9. Italy Electric Power Steering Historical Market: Breakup by Sales Channel (USD Million), 2018-2023
10. Italy Electric Power Steering Market Forecast: Breakup by Sales Channel (USD Million), 2024-2032
11. Italy Electric Power Steering Historical Market: Breakup by Region (USD Million), 2018-2023
12. Italy Electric Power Steering Market Forecast: Breakup by Region (USD Million), 2024-2032
13. Italy Electric Power Steering Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 277.36 million.
The market is expected to grow at a CAGR of 4.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 430.19 million by 2032.
The market is being driven due to the advancement in ADAS & steering control technology and the shift toward entirely electric powered vehicles.
Key trends aiding the market expansion include the increasing demand for electric vehicles, rising sales of passenger cars, and the presence of many OEMs and aftermarket players.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
Based on product type, the market segmentations include Type Rack Assist Type (REPS), Column Assist Type (CEPS), and Pinion Assist Type (PEPS).
Passenger car and commercial vehicles are considered in the report.
Key players in the market are Mitsubishi Electric Corporation, Denso Corporation, Knorr-Bremse AG, thyssenkrupp AG, ZF Friedrichshafen AG, Nexteer Automotive Corporation, Dowlais Group Plc (GKN Automotive Ltd.), NSK Ltd., and GENERAL RICAMBI S.P.A., among others.
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