Russia Electric Power Steering Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.34 Billion |
| Market Size (2029) | USD 12.58 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Russia Electric Power Steering Market Analysis
The Russia Electric Power Steering Market size is estimated at USD 10.34 billion in 2024, and is expected to reach USD 12.58 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
Over the long term, the enactment of stringent fuel economy norms and safety initiatives by governments and international associations are considered important drivers for the growth and development of advanced steering systems.
Electric power steering systems are fuel-efficient compared to the other alternatives due to the absence of belt-driven hydraulic or manual pumps, which run constantly, whether assistance is required or not. EPS provides fuel savings as high as 0.4 l for every 100 km, along with a reduction in CO2 emissions of up to 7 g/km. The integration of numerous steering sensors in an electric power steering (EPS) helps provide additional safety benefits to the driver.
Large commercial vehicles, such as buses and trucks, are different from passenger cars, as the large vehicles have the requirement of higher torque to provide steering assistance; additionally, they have much higher mileages, heavier loads, and more constant use than passenger cars, due to all the above reasons EPS is a much-needed solution for commercial vehicles.
Russia Electric Power Steering Market Trends
Battery Electric Vehicles Witnessing Major Growth
Russia's automobile industry is electrifying at a rapid pace, but the country still lags in absolute numbers. The world's main vehicle markets, Europe, the United States, and China, are making significant progress toward zero- and low-emissions transportation, such as Russia.
In 2022, the number of new electric cars sold in Russia reached 2,998. Since 2016, when the sales volume was only 83 automobiles per year, the volume has been growing. However, the world's largest country is now moving forward with plans to increase electric vehicle manufacturing.
Over the forecasting years, Russia intends to increase the number of electric vehicles on the roads and to develop a market for battery-powered vehicles. Russia is focusing more on the automotive industry and investing billions of dollars in electric vehicle (EV) manufacturing rather than the production of combustion-engine vehicles.
The Russian government has set the goal that EV manufacturing in the country should reach 10% of total automobile production by the end of 2030. It will cost around 591 billion rubles (USD 8 billion). The country has plans to have at least 25,000 EVs on the road and more than 9,000 charging stations on its roadways in the first stage of the strategy, which runs from 2021 to 2024. Fast-charging stations have been established around the country to let customers power their automobiles fast and effectively.
In Russia, the government has installed about 4,367 charging stations, with 3,679 slow charging points and 688 rapid charging points in the first half of 2023. Moreover, to boost EV adoption, the government would provide purchasers with incentives such as loans and favorable lease conditions for electric vehicles. Furthermore, since 2022, EVs are free to use on Russia's toll highways.
The developments mentioned above across the country are likely to enhance the demand for battery electric vehicles, which in turn is anticipated to witness major growth for the market during the forecast period.
Sensor Component Witnessing Major Growth
The steering sensor is an integral part of the vehicle safety system as the sensor combines with other sensors and works in tandem to efficiently operate the vehicle鈥檚 electronic stability system (ESC).
Electronic stability control (ESC) is a system of sensors and computers that detect and reduce traction loss to improve vehicle stability. Hence, all the cars manufactured since come with a steering angle sensor. This includes commercial vehicles and passenger cars irrespective of their powertrain (e.g., electric, gasoline, fuel cell, etc.).
Multi-sensor fusion has recently emerged as a potential technique owing to its use in the Internet of Things [IoT], intelligent autonomous systems, robotics, intelligent industries, self-driving mobility, and others. These many application areas all have one thing in common: they contain many sensors from the same or distinct categories.
The steering wheel position and torque applied by the driver are both combined are measured by a multi-function sensor system. The Electronic Control Unit receives the inputs, and to apply the required torque, the ECU sends signals to the steering drive. The multi-function sensor in the automotive steering is used in both types of power steering systems, electronic as well as hydraulic.
The health monitoring sensor is built into the steering wheel that tracks vital signs and stress levels using metrics like heart rate and blood oxygen saturation and takes action to decrease distractions or slow the car down. Using the data from the sensors, the vehicle can also detect driver drowsiness, increasing vehicle safety on the road.
As the majority of the cars with advanced driver aid systems (ADAS) come with health monitoring sensors, the growing demand for cars with ADAS will propel the market in the coming years.
With the growth in the number of vehicles, the demand for the sensors in electric power steering is expected to grow in the forecast period.
Russia Electric Power Steering Industry Overview
The Russian automotive electric power steering market is dominated by several key players such as Robert Bosch GmbH, JTEKT Corporation, NSK Ltd., and Others. Several key players are introducing electric power steering in their upcoming vehicle models, which in turn is likely to witness major growth for the market during the forecast period. For instance,
In February 2023, JSC Avtoelektronika Russia developed an electric power steering prototype for a new sedan vehicle model, the Lada Vesta sedan, in Russia. Through this development, the company expanded its product portfolio for the passenger car segment in the country.
In June 2022, KAMAZ signed a memorandum of understanding (MoU) with Murom Machine-Building Plant Production Association JSC. Through this partnership, the company started the development and production of power steering mechanisms, electric transmissions, and mechatronic devices for generating and recovering electricity, as well as other electromechanical devices to ensure the operation of vehicles.
Russia Electric Power Steering Market Leaders
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JTEKT Corporation
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NSK Ltd
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ZF Friedrichshafen AG
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Robert Bosch GmbH
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Nexteer Automotive Corporation
*Disclaimer: Major Players sorted in no particular order
Russia Electric Power Steering Market News
- December 2023: The Industrial Development Fund (IDF) announced an investment of USD 23.97 million to create the production of import-substituting components. Through this investment, the company will build a new production facility at its site in Murom, Vladimir region. The plant will begin mass production of electric power steering racks for vehicles on the AURUS platform, as well as for light commercial vehicles (LCV) Gazelle and Sobol, making it the first in Russia to do so.
- September 2023: OMODA Russia introduced a new S5 GT sedan in Russia. The new OMODA S5 GT is offered in two different trim levels, Neo and Ultra. The Neo variant offers cruise control, dual-zone climate control, an electric parking brake, and a heated steering wheel with electric power steering.
Russia Electric Power Steering Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Electric Vehicle Sales May Drive the Market
4.2 Market Restraints
4.2.1 The Ongoing Russia-Ukraine May Hamper the Growth of the Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD)
5.1 By Type
5.1.1 Column Type
5.1.2 Pinion Type
5.1.3 Dual Pinion Type
5.2 By Component Type
5.2.1 Steering Rack/Column
5.2.2 Sensor
5.2.3 Steering Motor
5.2.4 Other Component Types
5.3 By Propulsion
5.3.1 Internal Combustion Engine
5.3.2 Battery Electric Vehicles
5.3.3 Hybrid Electric Vehicles
5.3.4 Plug-in Hybrid Electric Vehicles
5.3.5 Fuel Cell Electric Vehicles
5.4 By Vehicle Type
5.4.1 Passenger Cars
5.4.2 Commercial Vehicles
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 JTEKT Corporation
6.2.2 Nexteer Automotive Corporation
6.2.3 NSK Ltd.
6.2.4 ZF Friedrichshafen AG
6.2.5 Robert Bosch GmbH
6.2.6 Mitsubishi Electric Corporation
6.2.7 GKN PLC
6.2.8 Denso Corporation
6.2.9 Hyundai Mobis Co. Ltd.
6.2.10 Thyssenkrupp AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Russia Electric Power Steering Industry Segmentation
The electric power steering (EPS) system uses an electric motor, instead of a pump, to steer the wheel. The usage of the pump continually places a load on the engine, in turn affecting the fuel consumption and performance of the vehicle.
The Russian automotive electric power steering (EPS) Market is segmented by type, component type, propulsion, and vehicle type. By type, the market is segmented into column type, pinion type, and dual pinion type. By component type, the market is segmented into steering rack/column, sensor, steering motor, and other components. By propulsion, the market is segmented into internal combustion engines, battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. By vehicle type, the market is segmented into passenger cars and commercial vehicles.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Type | |
| Column Type | |
| Pinion Type | |
| Dual Pinion Type |
| By Component Type | |
| Steering Rack/Column | |
| Sensor | |
| Steering Motor | |
| Other Component Types |
| By Propulsion | |
| Internal Combustion Engine | |
| Battery Electric Vehicles | |
| Hybrid Electric Vehicles | |
| Plug-in Hybrid Electric Vehicles | |
| Fuel Cell Electric Vehicles |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
Russia Electric Power Steering Market Research FAQs
How big is the Russia Electric Power Steering Market?
The Russia Electric Power Steering Market size is expected to reach USD 10.34 billion in 2024 and grow at a CAGR of 4.20% to reach USD 12.58 billion by 2029.
What is the current Russia Electric Power Steering Market size?
In 2024, the Russia Electric Power Steering Market size is expected to reach USD 10.34 billion.
Who are the key players in Russia Electric Power Steering Market?
JTEKT Corporation, NSK Ltd, ZF Friedrichshafen AG, Robert Bosch GmbH and Nexteer Automotive Corporation are the major companies operating in the Russia Electric Power Steering Market.
What years does this Russia Electric Power Steering Market cover, and what was the market size in 2023?
In 2023, the Russia Electric Power Steering Market size was estimated at USD 9.91 billion. The report covers the Russia Electric Power Steering Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Russia Electric Power Steering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Russia Electric Power Steering Industry Report
Statistics for the 2024 Russia Electric Power Steering market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Russia Electric Power Steering analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
