Europe Electric Power Steering Market Share, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Opportunities Till 2033

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Europe Electric Power Steering Market Share, Revenue, Growth Drivers, Key Players, Challenges and Future Investment Opportunities Till 2033: SPER Market Research



 Published: Sep-2023
 Author: SPER Analyst


Europe Electric Power Steering Market is projected to be worth USD 9.16 billion by 2033 and is anticipated to surge at a CAGR of 4.13%.

Electric Power Steering (EPS) is a modern automobile steering technology that has supplanted traditional hydraulic power steering systems. EPS uses an electric motor to assist the driver in turning the vehicle's wheels. Unlike hydraulic systems, which rely on fluid pressure, EPS operates through electronic control units and sensors. Variables like as vehicle speed, steering wheel position, and driver input are constantly monitored by these components.

Europe Electric Power Steering Market Driving Factors and Challenges

The European Electric Power Steering (EPS) industry is expanding rapidly, because of a number of major drivers. For starters, the region's strong commitment to environmental sustainability and severe emissions standards has driven automakers to use more energy-efficient and environmentally friendly technologies. EPS systems are intrinsically more efficient than traditional hydraulic steering systems, providing to increased fuel economy and lower emissions while meeting regulatory standards.

Second, rising demand in Europe for electric and hybrid vehicles has been a big growth driver. These vehicles rely on EPS technology since it compliments the electric drivetrain and improves the overall efficiency of these environmentally conscious vehicles.

The European Electric Power Steering (EPS) market is confronted with many challenges. One of the major challenges is Europe's stringent regulatory framework, which pushes for reduced emissions and higher energy efficiency in autos. While EPS systems are more energy-efficient than traditional hydraulic systems, meeting these severe emissions limits requires ongoing innovation and R&D investment.

Another problem is the rising complexity of today's autos, which include advanced driver-assistance systems (ADAS) and self-driving capabilities. Manufacturers are concerned with effectively integrating EPS with these technologies while also assuring its dependability and safety.


Impact of COVID-19 on Europe Electric Power Steering Market 
The COVID-19 outbreak has had a significant influence on Europe's Electric Power Steering (EPS) market. In the early phases of the pandemic, the automotive industry saw a major decline in production and sales due to lockdowns, supply chain delays, and lower customer demand. The EPS market was immediately impacted by this crisis, as automobile manufacturers curtailed production and delayed or canceled vehicle launches.
Furthermore, the pandemic affected the supply chain for EPS components, causing many vendors to struggle to get materials and parts, resulting in production delays and increased costs.

Europe Electric Power Steering Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, Others.


Europe Electric Power Steering Market Segmentation:

By Type: Based on the Type, Europe Electric Power Steering Market is segmented as; Column Type, Pinion Type, Dual Pinion Type.

By Component Type: Based on the Component Type, Europe Electric Power Steering Market is segmented as; Steering Wheel/Column, Sensors, Steering Motor, Others.

By Vehicle Type: Based on the Vehicle Type, Europe Electric Power Steering Market is segmented as; Passenger Cars, LCV, Heavy Vehicles.

By Region: This research also includes data for United Kingdom, France, Germany, Italy, Russia, and Rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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