New Report: Automotive Electric Power Steering Market 2022 Size, Growth Analysis Report, Forecast to 2028

The global automotive electric power steering is anticipated to grow at a CAGR of 6.3% during the forecast period (2022-2028).

An electric power steering (EPS) system deletes the piston and pump altogether and utilizes a small, independent motor and torque sensor mounted directly to the steering column or gear. An electric power steering system is an alternative to traditional steering systems such as hydraulic and electro-hydraulic systems. The rising popularity of self-driving vehicles and vehicles that are equipped with electric power steering which tend to have a reduced overall weight are driving factors for the growth of the market. Additionally, the efficient technologies and measures taken by the manufacturers to reduce the complexity and weight of vehicles are boosting the growth of the market. Additionally, an increase in demand for luxury in the automotive electric power steering is accelerating the growth of the market. However, the higher cost of electric power steering compared to traditional systems is a restraining factor for the growth of the market.

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The market is segmented based on the type and component type. Based on the type, the market is sub-segmented into column type, pinion type, and dual pinion type. The column-type steering system is used in cars as it is suitable for compact vehicles that have a smaller space in the engine room. Pinion-type steering vehicle is used as it allows wheels to rotate from side to side while turning steering wheel. The dual-pinion type is used to provide additional design flexibility to locate the motor, controller, and assist mechanism opposite the driver side of the vehicle underhood.

Some major companies in the market include JTEKT Corp., Robert Bosch GmbH, and NSK Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in August 2021, Nexteer Automotive announced the expansion of its pinion electric steering (EPS) systems to meet the needs of heavier electric vehicles. The new high output solutions benefit OEM customers to steer heavier EV loads without the need for traditional premium EPS technologies for heavy load vehicles. Additionally, in September 2021, ThyssenKrupp invested nearly $6.7 million into a new automotive R&D Competence Center in Budapest to develop electromechanical power steering systems that can co-operate with a variety of driver assistance and self-driving systems.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Component Type

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

Competitive Landscape- JTEKT Corp., Robert Bosch GmbH, and NSK Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Automotive Electric Power Steering Market Report by Segment

By Type
• Column Type
• Pinion Type
• Dual Pinion Type

By Component Type
• Steering Rack/Column
• Sensor
• Steering Motor
• Other

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This release was published on openPR.