The global electronic power steering market is anticipated to reach US$ 41,893.2 Million in 2032 with a moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is expected to produce US$25,234.0 Million. Rising security concerns and intense competition from electronic, self-driving, or autopilot-equipped automobiles will both enhance demand for the electronic power steering market throughout the anticipated period.
The worldwide market for automobiles is seeing an increase in production as well as legal criteria and commitments linked to fuel-efficient technology. OEMs throughout the world are also taking steps to make their vehicles lighter and simpler. These are the primary driving forces behind the predicted growth of the electronic power steering industry. The market for electronic power steering is expanding along with the demand for high-end vehicles with ADAS as people become more knowledgeable about technologically advanced automotive systems. Additionally, this feature offers market participants significant opportunities to increase their customer base and diversify their product offering.
The worldwide market for vehicles is seeing an increase in production, OEMs are working to make their cars lighter and simpler, and regulatory criteria and commitments linked to fuel-efficient technology are rising. These are the primary elements driving the market for electronic power steering throughout the expected period of time. As more people become aware of technologically advanced automotive systems, there is an increasing demand for premium automobiles with ADAS and an expanding market for electronic power steering. Additionally, this feature offers significant opportunities for market participants to expand their customer base and product offering.
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“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.
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
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Competitive Landscape
Among the leading companies in the electronic power steering market profiled in the full report are 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, and Zhuzhou Elite Electro-Mechanical Co. Ltd.
Leading market participants are concentrating on new investments and product innovation to broaden their product offerings. To acquire a competitive edge, these companies are using strategic merger and acquisition techniques.
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
- Middle East and Africa
- Europe
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