Overview and Scope
Electric power steering refers to a mechanical system that uses an electric
motor to draw energy from the vehicle's electric system to assist the steering
wheel. It is used to provide steering assistance to the driver of a vehicle.
Sizing and Forecast
The electric power steering market size has grown strongly in recent years. It
will grow from $27.26 billion in 2023 to $29.25 billion in 2024 at a compound
annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed
to fuel efficiency and emissions reduction, enhanced vehicle safety and
control, regulatory standards and norms, consumer preference for comfortable
driving experience, reduction in manufacturing costs..
The electric power steering market size is expected to see strong growth in the
next few years. It will grow to $38.47 billion in 2028 at a compound annual
growth rate (CAGR) of 7.1%. The growth
in the forecast period can be attributed to integration with autonomous driving
systems, rise in electric and hybrid vehicle production, advancements in eps ,
consumer demand for enhanced driving experience, environmental regulations and
fuel efficiency.. Major trends in the forecast period include demand for
noiseless and smooth steering, enhanced connectivity and data integration,
focus on energy efficiency, development of dual pinion eps, adoption of
steer-by-wire technology..
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Segmentation & Regional Insights
The electric power steering market covered in this report is segmented –
1) By Type: R-EPS, P-EPS, C-EPS
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack and
Pinion, Electronic Control Unit, Electric Motor, Bearing
3) By Electric Motor: Brush Motor, Brushless Motor
3) By Mechanism: Rigid, Collapsible
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
Asia-Pacific was the largest region in the electric power steering market share
in 2023 and is expected to be the fastest-growing region in the forecast
period. The regions covered in the electric power steering market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles across the world is expected to
propel the growth of the electric power steering market going forward. Electric
vehicles are vehicles that consist of a motor that is powered by electricity
stored in batteries. Additionally, with defense against COVID-19 and
aspirations to achieve net-zero emissions, EVs and hybrid vehicles are suddenly
adopted. With electric power steering being the primary component in electric
vehicles, an increase in electric vehicles necessitates more electric power
steering, which raises demand for the electric power steering market. For
instance, according to the Global EV Outlook 2022 report, electric vehicle (EV)
sales had doubled from the previous year in 2021, reaching a new high of 6.6
million. Additionally, the sales of electric car vehicles worldwide in 2021
will have reached 6600000 units from 2980000 units. Therefore, the increasing
demand for electric vehicles is driving the growth of the electric power
steering market.
Key Industry Players
Major companies operating in the electric power steering market report are
Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF
Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, Guest,
Keen and Nettlefolds Ltd., Federal-Mogul Corporation, Hyundai Mobis Co Ltd.,
Showa Corporation, Hitachi Astemo Ltd., Mitsubishi Motors Corporation, Denso
Corporation, Renesas Electronics Corp., China Automotive System, KYB
Corporation, Thyssenkrupp AG, Delphi Technologies, Tenneco Inc., Thompson Ramo
Wooldridge Inc., GKN Driveline Service GmbH, Zhejiang Shibao Company Limited,
Jilin Dongfeng Power Co. Ltd., Chongqing Jianshe Automobile Electric Co. Ltd.,
Hella GmbH & Co. KGaA, Valeo Group, Magna International Inc., Huayu
Automotive Systems Co. Ltd., Sichuan Tianyi Timing Chain Co. Ltd., Jiangsu
Dajiang Automotive Electric Motor Co. Ltd., Zhejiang Jiuli Hi-Tech Metals Co.
Ltd.
The electric power steering market report table of contents includes:
1. Executive Summary
2. Electric
Power Steering Market Characteristics
3. Electric
Power Steering Market Trends And Strategies
4. Electric
Power Steering Market - Macro Economic Scenario
5. Global
Electric Power Steering Market Size and Growth
.
31. Global Electric Power Steering Market Competitive Benchmarking
32. Global
Electric Power Steering Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Electric Power Steering Market
34.
Electric Power Steering Market Future Outlook and Potential Analysis
35.
Appendix
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