United Kingdom Automotive EPS Market Outlook
According to the report by Expert Market Research (EMR), the United Kingdom automotive EPS market reached a value of around USD 1.49 billion in 2023. Aided by rapid technological advancements and the proliferation of electric cars, the market is projected to grow at a CAGR of 6.10% between 2024 and 2032 to reach a value of nearly USD 2.53 billion by 2032.
Electric power steering (EPS) systems are pivotal in modern vehicles, enhancing steering performance with better handling and fuel efficiency compared to traditional hydraulic systems. The shift towards more sustainable automotive solutions and the increasing adoption of electric and hybrid vehicles are primary drivers of the EPS market in the UK.
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The integration of advanced technologies like artificial intelligence (AI) and the Internet of things (IoT) into EPS systems is facilitating the United Kingdom automotive EPS market growth. These technologies facilitate the development of smarter, more adaptive steering mechanisms that can automatically adjust to driving conditions and driver preferences, improving safety, and driving experience.
In addition, the move towards autonomous vehicles is also influencing the market. As the automotive industry gears up for the future of self-driving cars, EPS systems are becoming increasingly sophisticated, equipped with sensors and actuators that allow for precise control and real-time responsiveness. This is one of the key United Kingdom automotive EPS market trends.
Stringent regulations regarding vehicle emissions and the UK government’s commitment to reducing carbon footprints are also significant factors contributing to the growth of the EPS market. The shift from hydraulic power steering systems to EPS is encouraged as part of broader efforts to enhance fuel efficiency and reduce emissions in new vehicles. This is expected to accelerate the United Kingdom automotive EPS market development.
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Moreover, consumer preferences are evolving, with a growing inclination towards vehicles that offer not only performance and comfort but also sustainability. The demand for EPS is expected to surge as consumers continue to favour vehicles that align with these values.
Despite the optimistic growth trajectory, the United Kingdom automotive EPS market faces challenges such as high initial costs and complexity in design and integration of advanced EPS systems. However, these challenges also present opportunities for innovation and development. As automotive manufacturers and technology providers collaborate to overcome these hurdles, the market is likely to witness a surge in innovative solutions that could further drive growth.
The United Kingdom automotive EPS market growth is increasingly characterised by strategic investments by major players aiming to capitalise on the growing demand for more efficient and technologically advanced steering systems. These investments are frequently channelled into research and development, leading to breakthroughs that not only enhance the functionality of EPS systems but also reduce their overall cost, thereby making them more accessible to a broader range of consumers.
Manufacturers are also exploring partnerships with tech companies to integrate cutting-edge technologies like machine learning and predictive analytics into their EPS systems. These technologies can improve vehicle safety by predicting and adapting to various driving conditions without human intervention, thereby enhancing the appeal of EPS-equipped vehicles.
The future of the United Kingdom automotive EPS market looks promising, with strong growth prospects fuelled by technological advancements, regulatory policies, and evolving consumer preferences. As the market navigates through technological, economic, and regulatory changes, its ability to adapt and innovate will be key to its sustained growth and relevance. With strategic investments and a focus on sustainable practices, the EPS market in the UK is poised to make significant strides toward more efficient and intelligent automotive solutions.
United Kingdom Automotive EPS Market Segmentation
The market can be divided based on product type, component type, vehicle type, and sales channel.
Market Breakup by Product Type
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Market Breakup by Component Type
- Steering Rack/Column
- Sensor
- Steering Motor
- Others
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United Kingdom automotive EPS market. Some of the major players explored in the report by Expert Market Research are as follows:
- Robert Bosch GmbH
- Hitachi Limited
- Infineon Technologies AG
- Mitsubishi Electric Corporation
- ZF Friedrichshafen AG
- BMW AG
- GKN Automotive Limited
- JTEKT Corporation
- NSK Ltd.
- Hyundai Motor Company
- Others
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