The global electronic power steering (EPS) market is projected to reach USD 41,893.2 million by 2032, growing at a steady CAGR of 5.2% from 2022 to 2032. By the end of 2022, the market is anticipated to be valued at approximately USD 25,234.0 million.
The increasing focus on vehicle safety, along with the rise in competition from electronic, self-driving, and autopilot-enabled vehicles, is driving demand for electronic power steering systems. Enhanced regulatory standards and global commitments to fuel-efficient technology, combined with efforts by OEMs to reduce vehicle weight and complexity, are key factors contributing to the market’s growth.
The growing awareness of advanced automotive technologies and the rising adoption of luxury vehicles equipped with Advanced Driver Assistance Systems (ADAS) are further fueling the expansion of the electronic power steering market. This trend presents significant opportunities for market players to diversify their product offerings and expand their customer base.
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Benefits such as customizable steering power, improved fuel efficiency, enhanced driving comfort, reduced vehicle weight, and lower pollution levels are driving the adoption of electronic power steering systems. Additionally, the ability to provide stability and maneuverability across various terrains supports the continued growth of the market, with a projected steady rate of 5.2% CAGR during the forecast period.
Key Takeaways:
- Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
- On the basis of end-use, the automotive sector will contribute significantly to the market.
- By type, the conventional steering segment will dominate the global marketplace.
- The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
- Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
- The start-ups in this field are keen on product innovations and introducing novel technologies.
“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” – says an FMI analyst.
Competitive Landscape
Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., among others are some of the major players in the electronic power steering market profiled in the full version of the report.
Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.
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Global Electronic Power Steering Market: Segmentation
By EPS type:
- Column Assisted Electronic Power Steering(C-EPS)
- Pinion Assisted Electronic Power Steering (P-EPS)
- Rack Assisted Electronic Power Steering system (R-EPS)
- Electronic Hydraulic Electronic Power Steering (EHPS)
By Vehicle Application:
- Light Motor Vehicles (LMV)
- Passenger Cars
- Heavy Motor Vehicles (HMV)
- Agricultural Tractors
- Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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