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. Throughout the predicted period, demand for the electronic power steering market will increase due to rising security concerns and fierce competition from vehicles with electronic, self-driving, or autopilot technology.
More regulations and obligations to fuel-efficient technology are being set as vehicle manufacturing rises. OEMs from all over the world are attempting to create lighter, easier-to-drive vehicles. These are the main factors projected to propel the market for electronic power steering forward. Both the market for electronic power steering and the demand for high-end automobiles with ADAS are growing as consumers get more understanding about modern automotive technologies. Additionally, this feature gives market participants a tremendous opportunity to grow their consumer and product bases.
Automakers are attempting to make their vehicles lighter and easier to drive, while regulatory demands and promises linked to fuel-efficient technology are expanding. All of these factors contribute to an increase in global vehicle production. Over the anticipated time frame, these reasons will be primarily responsible for driving the market for electronic power steering. The market for electronic power steering is growing as high-end vehicles with advanced driver assistance systems (ADAS) are in greater demand. This attribute also provides market actors with enormous potential to grow their customer base and portfolio of goods.
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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.
- 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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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.)
- North America
- Latin America
- Asia Pacific
- Middle East and Africa