Global Electric Power Steering Market, By Type (R-EPS, P-EPS, C-EPS), Component (Steering Column, Sensors Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor Bearing), Electronic Motor Type (Brushless DC Motors, Brushed DC Motors), Mechanism (Rigid EPS, Collapsible EPS), Vehicle Type (Commercial Vehicles, Passenger Cars), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights : Global Electric Power Steering Market
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.
EPS (Electric Power Steering) is a type of power steering that uses a motor to aid the driver. In the automotive business, electric steering is progressively replacing hydraulic steering. Because it eliminates the hose, fluid, drive belt, pulley, and pump, these steering systems enable higher steering capabilities with less effort.
An increase in global population and per capita income is fuelling a surge in demand for well-equipped automobiles. As a result, the global electric power steering market is expanding at a rapid pace in the forecast period of 2022 to 2029. Furthermore, the Regulatory push towards efficient technologies, various measures by OEMs to reduce complexity and weight of vehicles, rise in the vehicle production and high investment in automotive are also expected to drive the growth of the electric power steering market. However, the high cost of EPS as compared to traditional steering systems and lack of steering feel restrains the electric power steering market, whereas, the failure of EPS system subcomponents will challenge market growth.
In addition, adoption of steer-by-wire technology, penetration in commercial vehicles, and enabling ADAS features in EPS will create ample opportunities for the electric power steering market.
This electric power steering market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on electric power steering market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Electric Power Steering Market Scope and Market Size
The electric power steering market is segmented on the basis of type, component, electric motor type, mechanism, and vehicle type. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of type, the electric power steering market has been segmented into R-EPS, P-EPS, and C-EPS.
- On the basis of component, the electric power steering market is segmented into steering column, sensors steering gear, mechanical rack and pinion, electronic control unit, electric motor bearing.
- On the basis of electric motor type, the electric power steering has been segmented into brushless DC motors, brushed DC motors.
- On the basis of mechanism, the electric power steering market is segmented into rigid EPS and collapsible EPS.
- On the basis of vehicle type, the electric power steering market is segmented into commercial vehicles and passenger cars.
Electric Power Steering Market Country Level Analysis
The electric power steering market is analysed and market size insights and trends are provided by country, type, component, electric motor type, mechanism, and vehicle type as referenced above.
The countries covered in the electric power steering market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the electric power steering market due to the high investment and presence of major key players. Asia-Pacific is expected to expand at a significant growth rate over the forecast period of 2022 to 2029 due to high demand for electronic and fuel efficient systems in passenger cars
The country section of the electric power steering market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Electric Power Steering Market Share Analysis
The electric power steering market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric power steering market.
Some of the major players operating in the electric power steering market report are JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Robert Bosch GmbH, Melrose Industries PLC, Tenneco Inc., NSK Ltd, HYUNDAI MOBIS, thyssenkrupp AG,SHOWA CORPORATION, DENSO CORPORATION, BorgWarner Inc., ZF Steering Gear (India) Limited, Renesas Electronics Corporation, Infineon Technologies AG, Mando Corp, Rane Holdings Limited, NIDEC CORPORATION, Mitsubishi Electric Corporation and Johnson Electric Holdings Limited ., among others.