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United States Electric Power Steering Market Size, Share: 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
United States Electric Power Steering Market Outlook
The United States electric power steering market size reached USD 5.51 billion in 2023. The market is expected to grow at a CAGR of 3.9% between 2024 and 2032, reaching almost USD 7.78 billion by 2032.
Key Takeaways:
- Electric power steering (EPS) systems offer high fuel efficiency by eliminating belt-driven hydraulic or manual pumps that operate continuously, regardless of the need for assistance. EPS can save up to 0.4 litres of fuel for every 100 kilometers travelled and reduce CO2 emissions by up to 7 grams per kilometer.
- As per industry reports, in 2022, the majority of U.S. households (91.7%) owned at least one vehicle, with 22.1% of households having three or more vehicles. The total number of registered personal and commercial vehicles in the U.S. reached 278,870,463 in the same year. Trucks emerged as the most prevalent vehicle type, accounting for 170,239,357 registrations, surpassing cars, which totalled 98,573,935 registrations.
- Nearly all households (91.7%) in 2022 owned at least one vehicle, with only 8.3% of households not possessing any vehicles at all. These statistics underscore the widespread ownership and use of vehicles across the United States.
The United States electric power steering market has undergone significant growth, reflecting the automotive industry's evolution towards more advanced technologies. EPS has emerged as a key feature in modern vehicles, replacing traditional hydraulic systems due to its numerous benefits, including improved fuel efficiency, enhanced safety, and seamless integration with Advanced Driver Assistance Systems (ADAS).
A notable trend shaping this market is the integration of EPS with ADAS features like lane-keeping assist and adaptive cruise control, facilitating semi-autonomous driving capabilities and bolstering vehicle safety. The push towards electric and hybrid vehicles has further propelled the demand for EPS, with these systems offering energy-efficient solutions that contribute to vehicle efficiency and performance.
As the automotive industry prioritises eco-friendly practices, EPS aligns well with this trend. EPS systems are lighter and more energy-efficient than hydraulic systems, contributing to reduced emissions and fuel consumption. The rising adoption of electric and hybrid vehicles, which heavily rely on EPS for energy-saving attributes, underscores the growing importance of advanced EPS technology.
Safety features and driver assistance systems are also driving EPS adoption. EPS enables precise steering control, supporting advanced driver assistance functionalities and improving vehicle stability. Government regulations focused on reducing fuel consumption and emissions have further accelerated the adoption of EPS systems among automakers striving to meet stringent standards.
Consumer preferences for smooth and responsive steering experiences have also fuelled the demand for EPS. Variable steering assistance and quieter operation enhance driving comfort, addressing key concerns of modern drivers.
Innovation within the EPS market, including advancements in materials, electronic sensors, and software algorithms, continues to enhance steering efficiency and safety. These developments underscore how EPS technology is advancing automotive innovation, offering cleaner, more efficient, and safer transportation solutions in the United States while supporting the United States electric power steering market development.
Market Segmentation
United States 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 Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
One of the main strategies used by manufacturers in the market to benefit customers and gain market share is local manufacturing to reduce operating expenses.
- 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
- 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 |
|
| 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 North America Electric Power Steering Market Overview
8.1 Key Industry Highlights
8.2 North America Electric Power Steering Historical Market (2018-2023)
8.3 North America Electric Power Steering Market Forecast (2024-2032)
9 United States Electric Power Steering Market Overview
9.1 Key Industry Highlights
9.2 United States Electric Power Steering Historical Market (2018-2023)
9.3 United States Electric Power Steering Market Forecast (2024-2032)
10 United States 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 United States 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 United States 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 United States 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 United States Electric Power Steering Market by Region
14.1 New England
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Mideast
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Great Lakes
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Plains
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Southeast
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Southwest
14.6.1 Historical Trend (2018-2023)
14.6.2 Forecast Trend (2024-2032)
14.7 Rocky Mountain
14.7.1 Historical Trend (2018-2023)
14.7.2 Forecast Trend (2024-2032)
14.8 Far West
14.8.1 Historical Trend (2018-2023)
14.8.2 Forecast Trend (2024-2032)
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 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
2. United States Electric Power Steering Market: Key Industry Highlights, 2018 and 2032
3. United States Electric Power Steering Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. United States Electric Power Steering Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. United States Electric Power Steering Historical Market: Breakup by Component (USD Billion), 2018-2023
6. United States Electric Power Steering Market Forecast: Breakup by Component (USD Billion), 2024-2032
7. United States Electric Power Steering Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. United States Electric Power Steering Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. United States Electric Power Steering Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
10. United States Electric Power Steering Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
11. United States Electric Power Steering Historical Market: Breakup by Region (USD Billion), 2018-2023
12. United States Electric Power Steering Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. United States Electric Power Steering Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 5.51 billion in 2023.
The market is projected to grow at a CAGR of 3.9% between 2024 and 2032.
The electric power steering market is expected to reach USD 7.78 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, and others.
The market is driven by factors that include innovation within the EPS market, growing emphasis on safer automotive systems, integration of EPS in passenger vehicles, and growing consumer preference for electric and hybrid vehicles.
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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