Europe Electronic Power Steering Market Trends, Size, Segment and Growth by Forecast to 2030

Market Introduction

The integration of IoT in the cars is the next big digital development that persists in the automotive industry. This fact will result in bringing another revolution via the introduction of autonomous vehicles. The self-driving cars/autonomous vehicles that integrates an EPS system to further boost the driving experience of the driver. The quick development of connected cars offers opportunities to both the automotive industry and tech companies. The factor described above of autonomous vehicles is projected to contribute towards the use of EPS in the vehicles. Furthermore, the growing middle-class income group, especially in several fast-growing economies, also has impacted the market growth and provide various profitable business opportunities for the market players. Thus, the EPS market is poised to offer several profitable business market opportunities for market players during the coming years. The growth of the automotive sales continues to play a substantial crucial role in the growth of the Europe market during the past years and is projected to remain significant factor in powering the system demand in the coming years. In addition to this, the significant presence of existing number of passenger vehicles and commercial vehicles across Europe is also expected to provide a steady business growth opportunity for the market players across the developed economies through aftermarket sales and distribution networks. Also, as the economic conditions as well as several automotive OEMs witnessed a disruption in their business conditions following the outbreak of COVID-19 during the early months of 2020. Also, Steer-by-Wire (SbW) technology being adopted in Europe is driving the Europe electronic power steering market.

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Also, the ongoing COVID-19 pandemic is having a bad impact over the Europe region. Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The entire region is heavily hit by the COVID-19 which has resulted into closure of tech giants and many industrial sector. This closure has obstructed the company’s investment decision on different software. The region is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. However, due to business lockdowns, travel bans, and supply chain disruptions, the region has witnessed decline in activities in above-mentioned industries. Decline in activities of above-mentioned industries has resulted into lesser development of electronic power steering market.

The electronic power steering market in Europe is expected to grow from US$ 12,256.23 million in 2019 to US$ 12387.43 million by 2027; it is estimated to grow at a CAGR of 3.2% from 2020 to 2027. The automotive manufacturers, along with tech companies, are robustly focusing on the development of sophisticated technologies that permit the automobiles to drive themselves. In the race of testing self-driving vehicles, Google is among the leading players, followed by Toyota, Audi, and Mercedes-Benz. Additionally, the Institute of Electrical and Electronics Engineers forecasts that the self-driving vehicles are anticipated to account for up to 75% of vehicles on the road by 2040. The self-driving car industry is projected to benefit the car-sharing services, such as taxi services, Zipcar, public transportation, and rental car companies. Self-driving vehicles are robustly demanding the integration of electronic power steering (EPS) and creating huge opportunity for the EPS manufacturers to develop advanced systems.

Key Market Segments

In terms of type, the C-EPS segment led the Europe electronic power steering market in 2019. In terms of application, passenger cars segment led the Europe electronic power steering market in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.

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Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe electronic power steering market
Obtain market revenue forecast for electronic power steering market by various segments from 2020-2027 in Europe region.

Europe Electronic Power Steering Market Segmentation

Europe Electronic Power Steering Market – By Type