Europe Electronic Power Steering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Column Assisted Electronic Power Steering(C-EPS), Pinion Assisted Electronic Power Steering (P-EPS), Rack Assisted Power Steering System (R-EPS), and Electronic Hydraulic Power Steering (EHPS)), and Application (Light Commercial Vehicles (LCV), Passenger Cars, and Heavy Commercial Vehicles (HCV))

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.

Growing demand for electronically assisted steering systems in vehicles owing to the strict guideline announced by the governments for fuel efficiency is one of the major drivers for the market. Furthermore, growing production of vehicles and increasing preference for smooth driving experience and high comfort are boosting the demand for electronic steering systems across Europe. Presently, the majority of light-duty vehicles are well equipped with gasoline-powered spark-ignition-engine powertrains, which tend to have higher fuel consumption. The diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles powered with the help of gasoline and have lower fuel consumption. The hybrid vehicle engine operates to its peak efficiency as well as accommodates an amount of energy from regenerative braking. The electric vehicles (EV) have the lowest energy consumption as they operate through battery that uses intrinsically higher efficiency of electric motors as compared with internal combustion engines. Several manufacturers are focusing on ensuring the newly registered EU fleet to limit with the average CO2 emissions per km by 2030, as penalties would be issued for noncompliance. The selling of EVs offers the original equipment manufacturers (OEMs) the opportunity to meet their targets with extra credits and make compliance easier by reducing the limit’s stringency by up to 5%. Furthermore, the rising adoption of steer-by-Wire (SbW) technology is fueling the growth of the Europe electronic power steering market.

Based on type, the column assisted electronic power steering (C-EPS) segment led the Europe electronic power steering market in 2019. The electronic power steering system is gradually replacing the conventional steering system in modern vehicles. The main benefit of using electronic power steering system is its ability to minimize energy consumption. The C-EPS systems are generally used in small vehicles that can take a load of about 6 kN. The system consists of steering torque sensor, engine control unit (ECU), vehicle speed sensor, a motor, and assist mechanisms such as gear box and gear rack. When the system is operated, the driver torque signal and the vehicle speed signal are transmitted to engine control unit. These two signals are required to calculate the assist torque for the driver. Moreover, there are a few players such as Hyundai Mobis, JTEKT Corporation, Nexteer Automotive, NSK Ltd., The Mando Corporation, and ThyssenKrupp AG operating in the market.

Spain, Italy, Germany, the UK, and France are a few of the worst affected member states due to COVID-19 outbreak. The entire region is heavily hit by the COVID-19 outbreak, which has resulted into closure of tech giants and many industrial sectors. This closure is obstructing the company’s investment decision on adopting different software. The region is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. Businesses in the region are facing severe financial difficulties as they are either suspending their operations or reducing their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, Europe witnessed an economic slowdown in 2020, and it is most likely to continue in 2021 also. All these factor are restraining the growth of the Europe electronic power steering market.  

The overall Europe electronic power steering market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe electronic power steering market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe electronic power steering market. HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, and ZF Friedrichshafen AG are a few players operating in the market.