Press release
Electric Power Steering Market to reach USD 38.17 Bn by 2029, emerging at a CAGR of 5.7 percent and forecast 2023-2029
Electric Power Steering Market
Electric power steering (EPS) technology, a crucial element for highly autonomous driving, has gained significant importance. It caters to various vehicle types including light commercial vehicles, small, mid-sized, and sports cars. EPS employs an electric motor to manage vehicle steering, offering drivers an enhanced and seamless steering experience. The latest EPS control units also provide safety mechanisms in case of errors, enabling highly automated driving up to SAE-Level 4 with utmost security.
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Electric Power Steering Market Research Methodology
The report is grounded in a blend of primary and secondary data collection techniques. Expert interviews and supplier insights validate the findings. Secondary sources include reputable databases and sources like the National Highway Traffic Safety Administration (NHTSA) and the Environmental Protection Agency (EPA). The report employs a comprehensive research methodology to offer a robust analysis of the Electric Power Steering Market.
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What are Electric Power Steering Market Dynamics:
Rapid population growth fuels demand for both luxury and non-premium vehicles globally, driving the Electric Power Steering Market. Macroeconomic factors like urbanization, industrial activity, improved living standards, and growing preference for luxury and comfort in vehicles contribute to the increasing need for EPS technology. Furthermore, global governments implementing regulations to enhance fuel economy amplify the adoption of EPS systems due to their energy efficiency and elimination of traditional components like hydraulic systems.
While EPS offers numerous advantages, there are challenges too. As compared to hydraulic steering systems, EPS systems are lighter and more efficient, but they can alter the driving experience. This can impact market growth, even though EPS systems are advantageous in terms of efficiency and reduced environmental impact.
Electric Power Steering Market Regional Insights:
The Asia Pacific region leads the Electric Power Steering Market, with a 50% share in 2021. It is expected to maintain this dominance, growing at a CAGR of 50% throughout the forecast period. Countries like China, India, Japan, and South Korea significantly contribute to the market due to their thriving automotive industries and infrastructure advancements. The region's commitment to automotive innovation and growth positions it as a key player in the EPS sector.
What is Electric Power Steering Market Segmentation:
The Rack assist type (REPS), which held the greatest market shear in 2021, is the segmentation by type of the electric power steering market.
The term "steering rack" refers to a set of rack and pinion gears connected to both front wheels. When we turn the steering wheel, the rack and pinion gears turn, shifting the car's wheels to the left or right and giving us control of the car. The word "power" is short for "power-assisted." It offers extra assistance that makes it easier for us to turn the steering rack and steer our car. The use of the word "electric" denotes the steering rack's incorporation of electronics as a source of additional power. With one difference, an electric power steering rack is generally comparable to any conventional steering rack.
Global Electric Power Steering Market, Type (2021-2029)
• Rack assist type (REPS)
• Colum assist type (CEPS)
• Pinion assist type (PEPS)
Global Electric Power Steering Market, Mechanism (2021-2029)
• Rigid
• Collapsible
Global Electric Power Steering Market, Application (2021-2029)
• Passenger Cars (PC)
• Commercial Vehicles (CV)
Global Electric Power Steering Market, Components (2021-2029)
• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing
Global Electric Power Steering Market, Electric Motor (2021-2029)
• Brush motor
• Brushless motor
Global Electric Power Steering Market, Off Highway Application (2021-2029)
•Construction equipment
• Agricultural equipment
Global Electric Power Steering Market, by Region (2021-2029)
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
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Who are Electric Power Steering Market Key Players:
1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)
11. TRIDEC (Germany)
12. Infineon Technologies (Germany)
13. GKN Automotive Limited (UK)
14. Delphi Technologies (UK)
15. China Automotive Systems, Inc. (China)
16. Zhejiang Shibao Company Limited (China)
17. Hyundai Mobis (South Korea)
18. Mando Corp. (South Korea)
19. Global Steering Systems (US)
20. Tenneco (US)
21. Nexteer Automotive (US)
22. Maval Industries LLC (US)
23. Danfoss (Denmark)
24. STMicroelectronics (Switzerland)
Table of content for the Electric Power Steering Market includes:
1.Global Electric Power Steering Market: Research Methodology
2.Global Electric Power Steering Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3.Global Electric Power Steering Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
MandA by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4.Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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