Press release
Electric Power Steering Market Size, Global Demands, Overview, Growth Rate And Key players Analysis (2023-2032) | Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporat
Electric Power Steering Market
Electric Power Steering Market Size, Growth Rate, And Forecast
The global electric power steering market is expected to grow from $25.70 billion in 2022 to $27.67 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric power steering market is expected to reach $35.59 billion in 2027 at a CAGR of 6.5%.
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Electric Power Steering Market Drivers
The increasing demand for electric vehicles across the world is expected to propel the growth of the electric power steering market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. With electric power steering being the primary component in electric vehicles, an increase in electric vehicles necessitates more electric power steering, which raises demand for the electric power steering market.
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Electric Power Steering Market Segments
By Type: R-EPS, P-EPS, C-EPS
By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, Bearing
By Electric Motor: Brush Motor, Brushless Motor
By Mechanism: Rigid, Collapsible
By Application: Passenger Cars (PC), Commercial Vehicles (CV)
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Electric Power Steering Market.
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Electric Power Steering Market Key Players
Major competitors in the electric power steering market include Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, GKN Ltd.
The Business Research Company's "Global Electric Power Steering Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Electric Power Steering Market Include:
1. Executive Summary
2. Electric Power Steering Market Characteristics
3. Electric Power Steering Market Trends And Strategies
4. Electric Power Steering Market - Macro Economic Scenario
5. Electric Power Steering Market Size And Growth
……
26. Africa Electric Power Steering Market
27. Electric Power Steering Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Power Steering Market
29. Electric Power Steering Market Future Outlook and Potential Analysis
30. Appendix
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