EUROPE AUTOMOTIVE ELECTRIC POWER STEERING MARKET FORECAST 2022-2030

The Europe automotive electric power steering market is anticipated to propel with a 3.95% CAGR by 2030, and generate $9582.57 million in revenue during the forecasted years 2022 and 2030.

Europe homes various major global automakers and OEM (original equipment manufacturing) companies, supporting the growth of the studied market. The constant technological advancements in the automotive sector, high production of automobiles, and the surging demand for effective steering systems in fuel-efficient vehicles are expected to drive the market growth over the forecast period. Further, vehicular emissions and carbon tax regulations force companies to reduce emissions and fuel the automotive electric power steering market.

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The Europe automotive electric power steering market growth evaluation includes the analysis of the Czech Republic, Germany, United Kingdom, Spain, France, Italy, Slovakia, and Rest of Europe. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), an automotive industry body, the United Kingdom had a production volume of 932488 vehicles in 2021. It had committed to phasing out new diesel & petrol cars and vans by 2030. Furthermore, from 2035 all new vehicles must be at the tailpipe of zero-emission. As a result, the electrification of vehicles is taking on a large scale across the country.

Further, electric power steering is becoming more popular as automotive customers in the United Kingdom support the inclusion of electronic power steering (EPS) and related steering sensor features as standard equipment in cars, aiming to improve road safety and driving experience. There has been a huge increase in the number of pure-electric and plug-in hybrid models available in the United Kingdom. Several top manufacturers in the country are now offering several EVs as part of their model range. Thus, the growing electrification drive and strong automobile industry are the major factors for adopting electric power steering systems.

The Europe automotive electric power steering market segmentation includes the component, mechanism, and vehicle type. Market by mechanism covers column type, pinion assist, rack assist, and other mechanisms.

In pinion assist, the electric motor is mounted on the pinion. Additionally, in single-pinion EPS, the motor force is applied directly to the pinion gear’s steering rack. Even though it gives a better feel than column type, single-pinion EPS has a serious disadvantage as the motor is located just in front of the pedals. As a result, the motor is likely to cause injuries by pushing against the driver’s legs during a frontal collision. Therefore, many manufacturers have turned to the dual-pinion system due to safety concerns.

The dual pinion segment is anticipated to lead the market in demand and adoption by providing a better steering feel and fuel economy. Dual pinion provides additional design flexibility to locate the motor and controller. These ESPs also assist in opposite driver-side mechanisms, reducing the risks of leg injury in case of a collision. In addition, the increasing penetration of C and D vehicle segments is predicted to accelerate the dual pinion segment growth during the forecast period.

Key players in the Europe automotive electric power steering market include thyssenkrupp AG, Robert Bosch GmbH, ZF Group, etc.

Thyssenkrupp AG has businesses in automotive, engineering, energy and utilities, processing, trading, construction packaging, etc. The company’s offerings include marine systems, automotive OEMs, supply chain management, component technology solutions, and steel products. Thyssenkrupp also partners in engineering and construction and provides industrial plants and systems services. It operates in the United States, China, Germany, and other countries. Thyssenkrupp owns and operates manufacturing, R&D, and other facilities worldwide. The company is headquartered in Essen, Germany.

Column EPS from thyssenkrupp is mounted on the upper column (ColPAS) and provides steering assistance with an electromechanical power unit. The system is designed for the existing installation space and high acoustic requirements in the cockpit area.

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