Electronic Power Steering Market Set to Reach US$ 41,893.2 Million by 2032 with 5.2% CAGR

The global electronic power steering market is anticipated to reach a valuation of US$ 41,893.2 Million by 2032, with the market growing at a  moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is set to reach an estimated US$ 25,234.0 Million.

Increasing security concerns coupled with the surging competition with electronic, self-driving, or autopilot-enabled automobiles will boost the demand for the electronic power steering market during the forecast period. 

An upsurge in regulatory standards and commitments connected to fuel-efficient technology, measures implemented by OEMs all around the world to lower the weight and complexity of their cars, and rising global vehicle supply are the major considerations that spur the growth of the electronic power steering market during the projected period.

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In addition, rising awareness regarding technologically sophisticated automotive systems and the increasing acceptance of luxury vehicles with ADAS are bolstering the growth of the electronic power steering market. This factor further provides important prospects for market participants to develop their product portfolio and increase their consumer base.

Moreover, benefits associated with the target product such as customizable power, fuel efficiency, excellent steering, minimal pollution, and assisting in reducing vehicle weight facilitate the growth of the target market. Again, the choice of a proper steering design provides vehicle stability and maneuverability in any terrain. Hence, the market for electronic power steering is still expected to grow at a rapid and steady rate of 5.2% during the forecast period.

"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.  

Key Takeaways:

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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Competitive Landscape 

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, Zhuzhou Elite Electro-Mechanical Co. Ltd., among others are some of the major players in the electronic power steering market profiled in the full version of the report.

Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.

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.)

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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More Insights into Electronic Power Steering Market Report

In its latest report, FMI offers an unbiased analysis of the global electronic power steering market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of electronic power steering (EPS) type (column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted electronic power steering (R-EPS), electronic hydraulic electronic power steering (EHPS)), application (light motor vehicles (LMV), passenger cars, heavy motor vehicles (HMV), agricultural tractors, special utility vehicles (cranes, sports cars, earth moving, military vehicles)), and region.

According to the latest FMI reports, based on segmentation, the automotive sector will dominate the global electronic power steering market as an end-user. In terms of type, the conventional steering segment is continuously enhanced due to the transforming dynamics of the sector and many updates are made to this due to the introduction of self-driving cars.

Based on region, the electronic power steering market in the Asia Pacific region will present substantial growth during 2022-2032. The target market in this region will expand at a robust CAGR of 8%. Owing to the presence of high-volume markets and escalating adoption of electronic and fuel-efficient technologies in commercial vehicles, the target market will observe high demand in this region. Apart from Asia Pacific, Europe is anticipated to demonstrate notable growth in the electronic power steering market during the forecast period.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.