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 regulatory standards and commitments relating to fuel-efficient technology are increasing, OEMs around the world are taking steps to make their vehicles lighter and simpler, and there is an increasing supply of vehicles on the market globally. These are the main factors propelling the growth of the electronic power steering market during the anticipated period.
The demand for premium vehicles with ADAS is growing together with the market for electronic power steering as people become more aware of technologically advanced automotive systems. Additionally, this feature presents substantial chances for market participants to grow their clientele and broaden their product line.
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Benefits associated with the target product, such as adjustable power, fuel efficiency, superior steering, minimal emissions, and assistance in reducing vehicle weight, might help the target market grow. Once more, choosing the appropriate steering design allows a vehicle to be stable and manoeuvrable on any surface. As a result, it is predicted that throughout the course of the projection period, the market for electronic power steering will continue to grow at a brisk and steady rate of 5.2%.
“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 technologie
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.
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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
- Middle East and Africa
- Europe
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