The Business Research Company's Electric Power Steering Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
What Is The Estimated Market Size Of The Global Electric Power Steering Market And Its Annual Growth Rate?
The electric power steering global market is projected to continue its strong growth, reaching 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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Growth Driver Of The Electric Power Steering Market
The increasing demand for electric vehicles across the world is expected to propel the growth of the 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 market.
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Which Market Players Are Steering the Electric Power Steering Market Growth?
Key players in the electric power steering market include 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.
What Are the Dominant Trends in Electric Power Steering Market Overview?
Product innovations are a key trend gaining popularity in the electric power steering market. Major companies operating in the market are focused on developing new technological solutions to strengthen their position.
How Is The Global Electric Power Steering Market 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)
Geographical Insights: North America Leading The Electric Power Steering Market
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 global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Electric Power Steering Market Definition
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.
Electric Power Steering Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global electric power steering market report covering trends, opportunities, strategies, and more
The Electric Power Steering Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric power steering market size, electric power steering market drivers and trends, electric power steering market major players, electric power steering competitors' revenues, electric power steering market positioning, and electric power steering market growth across geographies. The electric power steering global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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