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Europe Electronic Power Steering Market
Europe Electronic Power Steering (EPS) Market Overview
The automotive industry is undergoing a transformative shift with the integration of IoT and the rise of autonomous vehicles. A key enabler of this revolution is the Electronic Power Steering (EPS) system, which enhances driver experience and supports the development of self-driving cars. The rapid advancement of connected vehicles presents significant opportunities for both automotive manufacturers and technology companies.
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The growing middle-class population in emerging economies, coupled with increasing automotive sales, is fueling demand for EPS systems. Europe, in particular, remains a crucial market due to its large fleet of passenger and commercial vehicles, ensuring steady growth through aftermarket sales and distribution networks. However, the COVID-19 pandemic has disrupted the automotive sector, leading to production halts, supply chain challenges, and economic slowdowns across major European economies like Germany, France, Italy, Spain, and the UK. Despite these setbacks, the adoption of Steer-by-Wire (SbW) technology and the push toward autonomous driving are expected to drive long-term growth in the EPS market.
Market Growth Projections
The Europe Electronic Power Steering Market was valued at US$ 12,256.23 million in 2019 and is projected to reach US$ 12,387.43 million by 2027, growing at a CAGR of 3.2% (2020–2027). The increasing focus on self-driving vehicles—led by companies like Google, Toyota, Audi, and Mercedes-Benz—is expected to further boost EPS adoption. According to the Institute of Electrical and Electronics Engineers (IEEE), autonomous vehicles could account for 75% of all cars on the road by 2040, creating substantial opportunities for EPS manufacturers.
Key Market Segments
By Type:
- Column-Assisted Electronic Power Steering (C-EPS) (Dominant in 2019)
- Pinion-Assisted Electronic Power Steering (P-EPS)
- Rack-Assisted Power Steering System (R-EPS)
- Electronic Hydraulic Power Steering (EHPS)
By Application:
- Passenger Cars (Leading segment in 2019)
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
By Country:
- Germany
- France
- Italy
- United Kingdom
- Russia
- Rest of Europe
Competitive Landscape
Major players in the Europe EPS market include:
- HYUNDAI MOBIS
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- SHOWA CORPORATION
- thyssenkrupp AG
- ZF Friedrichshafen AG
Why Invest in This Report?
- Identify high-growth segments in the Europe EPS market for strong ROI.
- Stay ahead of competitors by understanding evolving market dynamics.
- Plan strategic M&A and partnerships by targeting lucrative segments.
- Make data-driven business decisions with comprehensive market analysis.
- Access revenue forecasts for EPS market segments (2020–2027).
This report leverages insights from company websites, annual reports, financial statements, government publications, and statistical databases to provide a detailed analysis of the Europe Electronic Power Steering Market.
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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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