"Executive Summary Electric Power Steering Market Size and Share Forecast

CAGR Value

Data Bridge Market Research analyses that the electric power steering market would exhibit a CAGR of 7.77% for the forecast period of 2022 to 2029.

The Electric Power Steering Market report showcases the list of top competitors and gives the insights on strategic industry analysis of the key factors affecting the market. Examination of major challenges faced currently by the business and the probable future challenges that the business may have to face while operating in this market are also considered. The collected information and data is tested and verified by market experts before handing over it to the end user. The Electric Power Steering Market report has been prepared with the experience of skilful and inventive team. It helps achieve an extreme sense of evolving industry movements before competitors.

This Electric Power Steering Market research report consists of fundamental, secondary and advanced information allied to the global status and trend, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2018 - 2025. This market study also evaluates the market status, market share, growth rate, sales volume, future trends, market drivers, market restraints, revenue generation, opportunities and challenges, risks and entry barriers, sales channels, and distributors. When a business struggles to gain competitive advantage in this swiftly transforming marketplace, then plumping for such Electric Power Steering Market research report is highly recommended as it offers a lot of benefits for a thriving business.

Gain clarity on industry shifts, growth areas, and forecasts in our Electric Power Steering Market report. Get your copy:
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Electric Power Steering Market Review

Segments

- By Component: Electric Motor, Steering Column, Sensor, Steering Gear, Others
- By Type: Column Assist EPS, Pinion Assist EPS, Rack Assist EPS, Others
- By Vehicle Type: Passenger Cars, Commercial Vehicles
- By Sales Channel: OEM, Aftermarket

The global electric power steering market is segmented based on components, types, vehicle types, and sales channels. In terms of components, the market is categorized into electric motor, steering column, sensor, steering gear, and others. The electric motor segment is expected to witness significant growth due to the increasing demand for efficient steering systems in vehicles. Based on types, the market is segmented into column assist EPS, pinion assist EPS, rack assist EPS, and others. The column assist EPS segment is projected to dominate the market owing to its widespread adoption in passenger cars and commercial vehicles. When it comes to vehicle types, the market is bifurcated into passenger cars and commercial vehicles. The passenger cars segment is anticipated to hold a considerable market share due to the growing production and sales of passenger vehicles globally. By sales channel, the market is divided into OEM and aftermarket, with the OEM segment leading the market as automakers are increasingly incorporating electric power steering systems in new vehicle models.

Market Players

- Robert Bosch GmbH
- ZF Friedrichshafen AG
- NSK Ltd.
- JTEKT Corporation
- Delphi Technologies
- Nexteer Automotive

The global electric power steering market is highly competitive with the presence of several key players striving to gain a competitive edge through strategies such as mergers and acquisitions, product innovations, and geographical expansions. Robert Bosch GmbH, ZF Friedrichshafen AG, NSK Ltd., JTEKT Corporation, Delphi Technologies, and Nexteer Automotive are some of the prominent players in the market. These companies are focusing on enhancing their product portfolios by introducing advanced electric power steering systems with features like enhanced performance, reduced energy consumption, and improved reliability. Additionally, strategic collaborations and partnerships are being undertaken by market players to expand their market presence and cater to a wider customer base.

The global electric power steering market is set to experience steady growth in the coming years driven by factors such as the increasing demand for advanced steering systems in vehicles, growing production of passenger cars and commercial vehicles, and the shift towards energy-efficient technologies in the automotive industry. One of the key trends shaping the market is the preference for electric power steering systems over traditional hydraulic steering systems due to their enhanced performance, improved fuel efficiency, and overall vehicle dynamics. This shift is further fueled by stringent regulatory norms regarding emissions and fuel efficiency, pushing automakers to incorporate more efficient steering solutions in their vehicles.

Market players in the electric power steering segment are focusing on research and development activities to introduce innovative products that offer superior performance and reliability. This emphasis on technological advancements is aimed at meeting the evolving consumer demands for enhanced driving experience, safety features, and comfort in vehicles. Collaborations between industry players and technological advancements are likely to drive the market growth further by bringing cutting-edge solutions to the market that cater to the diverse needs of consumers across different vehicle segments.

Another factor influencing the electric power steering market is the increasing adoption of electric vehicles (EVs) globally. With the rise in EV sales, the demand for electric power steering systems is also expected to surge as automakers look for sustainable and efficient solutions to complement their electric vehicles. The integration of advanced driver assistance systems (ADAS) and autonomous driving technologies in vehicles is also anticipated to drive the demand for electric power steering systems, as they are a crucial component in the functioning of such systems.

Geographically, the Asia Pacific region is projected to witness substantial growth in the electric power steering market attributed to the increasing vehicle production, rising disposable income levels, and rapid urbanization. Countries like China, Japan, and India are expected to be key contributors to the market growth in the region due to the expanding automotive sector and growing demand for technologically advanced vehicles.

In conclusion, the global electric power steering market is poised for significant expansion in the coming years driven by technological advancements, increasing vehicle electrification, and changing consumer preferences towards more efficient and advanced automotive solutions. Market players need to stay abreast of these trends and continuously innovate to stay competitive in this dynamic market landscape.The electric power steering market is evolving rapidly, driven by technological advancements, shifting consumer preferences, and the growing focus on energy-efficient solutions in the automotive industry. One key trend influencing the market is the increasing preference for electric power steering systems over traditional hydraulic systems, attributed to their superior performance, enhanced fuel efficiency, and overall vehicle dynamics. This trend is further fueled by stringent regulatory standards promoting sustainability and emission reduction in vehicles, compelling automakers to adopt more efficient steering solutions. As a result, market players are heavily investing in research and development to introduce innovative products that cater to the evolving consumer demands for enhanced driving experience, safety features, and comfort in vehicles.

Moreover, the rise in electric vehicle (EV) adoption globally is expected to have a significant impact on the electric power steering market. With the increasing sales of EVs, the demand for electric power steering systems is projected to surge as automakers seek sustainable and efficient solutions to complement their electric vehicle offerings. Additionally, the integration of advanced driver assistance systems (ADAS) and autonomous driving technologies in vehicles is anticipated to further drive the demand for electric power steering systems, given their crucial role in enabling the functionality of such systems. This shift towards electric power steering systems is reshaping the automotive industry landscape, prompting market players to innovate and collaborate to meet the changing demands of consumers across various vehicle segments.

Geographically, the Asia Pacific region is forecasted to witness substantial growth in the electric power steering market, buoyed by factors such as increasing vehicle production, rising disposable incomes, and rapid urbanization. Countries like China, Japan, and India are expected to be key contributors to market growth in the region, driven by the expanding automotive sector and growing demand for technologically advanced vehicles. The Asia Pacific region presents significant opportunities for market players to expand their presence and tap into a burgeoning market for electric power steering systems.

In conclusion, the global electric power steering market is on a trajectory of significant growth, propelled by technological innovation, the surge in electric vehicle adoption, and changing consumer preferences towards more efficient and advanced automotive solutions. Market players must adapt to these evolving trends, focus on continuous innovation, and strategic collaborations to maintain a competitive edge in a dynamic and rapidly evolving market landscape.

Uncover the company’s portion of market ownership
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Structured Market Research Questions for Electric Power Steering Market

• What is the present size of the global Electric Power Steering industry?
• What annual growth rate is projected for the Electric Power Steering sector?
• What are the main segment divisions in the Electric Power Steering Market report?
• Who are the established players in the global Electric Power Steering Market?
• What geographic areas are explored in the Electric Power Steering Market report?
• Who are the leading manufacturers and service providers for Electric Power Steering Market?

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