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 Market Scope
The Electric Power Steering Market Report by Maximize Market Research Pvt Ltd provides a comprehensive and detailed analysis of the global Electric Power Steering Market. The scope of this report encompasses a wide range of aspects related to the market, including market size, growth potential, key drivers, restraints, competitive landscape, and regional insights. It offers valuable information to industry stakeholders, investors, and decision-makers seeking a deep understanding of the Electric Power Steering Market's dynamics.
Our research methodology for this report involves a rigorous and systematic approach to gather and analyze data. We have employed both primary and secondary research techniques to ensure the accuracy and reliability of the information presented. Primary research included interviews with industry experts, surveys, and interactions with key market players. Secondary research involved the collection of data from various credible sources such as industry journals, company reports, government publications, and more.
Additionally, our research team conducted a thorough analysis of historical data and market trends to provide insights into the current and future state of the Electric Power Steering Market. The research process adhered to high standards of data integrity and quality to deliver a comprehensive and unbiased report that serves as a valuable resource for decision-makers in the automotive industry and related sectors.
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What are Electric Power Steering Market Dynamics:
The number of accidents have significantly increased, which has driven end users to adopt improved safety measures. In all first-world nations, accident and fatality rates have consistently decreased thanks to advancements in road and vehicle design. Governments are concentrating on enforcing strict safety regulations and encouraging the adoption of various car subsystems since accident rates are still higher in some developing countries.
The safety of the underlying fundamental vehicle systems will be a factor in how sophisticated driver assistance systems and other automated technologies are integrated into the nation's fleet. Although many already deployed fundamental systems are legacy systems that predate ISO 26262, new technologies may be constructed in line with the functional safety requirement of ISO 26262.
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Electric Power Steering Market Regional Insights:
The Electric Power Steering Market exhibits distinct regional dynamics, with the Asia Pacific region emerging as a dominant force. In 2021, the Asia Pacific region captured a significant market share, accounting for 50% of the global Electric Power Steering Market. This regional dominance can be attributed to several key factors.
China, India, Japan, South Korea, and other countries in the Asia Pacific have witnessed substantial growth in their automotive sectors, driven by advancements in technology, infrastructure, and increasing consumer demand for vehicles. Notably, China, as the world's largest vehicle manufacturer, has played a pivotal role in propelling the market forward.
The Asia Pacific's thriving automotive industry is further bolstered by expanding car manufacturing facilities, increased production of passenger cars, and the growing adoption of electric power steering systems. As urbanization and disposable income levels rise, consumers in this region are increasingly opting for vehicles equipped with advanced steering systems, contributing to the market's growth.
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What is Electric Power Steering Market Segmentation:
by Type
1. Rack assist type (REPS)
2. Colum assist type (CEPS)
3. Pinion assist type (PEPS)
by Mechanism
1. Rigid
2. Collapsible
by Application
1. Passenger Cars (PC)
2. Commercial Vehicles (CV)
by Components
1. Steering column
2. Sensors
3. Steering gear
4. Mechanical rack and pinion
5. Electronic control unit
6. Electric motor
7. Bearing
by Electric Motor
1. Brush motor
2. Brushless motor
by Off Highway Application
1. Construction equipment
2. Agricultural equipment
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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
• M&A 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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