Press release
Electric Power Steering Global Market Report 2024 | Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG
Electric Power Steering Global Market
The Business Research Company presents an extensive market research report on the Electric Power Steering Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric power steering market size has grown strongly in recent years. It will grow from $27.26 billion in 2023 to $29.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to fuel efficiency and emissions reduction, enhanced vehicle safety and control, regulatory standards and norms, consumer preference for comfortable driving experience, reduction in manufacturing costs..
The electric power steering market size is expected to see strong growth in the next few years. It will grow to $38.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to integration with autonomous driving systems, rise in electric and hybrid vehicle production, advancements in eps , consumer demand for enhanced driving experience, environmental regulations and fuel efficiency.. Major trends in the forecast period include demand for noiseless and smooth steering, enhanced connectivity and data integration, focus on energy efficiency, development of dual pinion eps, adoption of steer-by-wire technology..
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Key Market Players:
Major companies operating in the electric power steering market report are Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, Guest, Keen and Nettlefolds Ltd., Federal-Mogul Corporation, Hyundai Mobis Co Ltd., Showa Corporation, Hitachi Astemo Ltd., Mitsubishi Motors Corporation, Denso Corporation, Renesas Electronics Corp., China Automotive System, KYB Corporation, Thyssenkrupp AG, Delphi Technologies, Tenneco Inc., Thompson Ramo Wooldridge Inc., GKN Driveline Service GmbH, Zhejiang Shibao Company Limited, Jilin Dongfeng Power Co. Ltd., Chongqing Jianshe Automobile Electric Co. Ltd., Hella GmbH & Co. KGaA, Valeo Group, Magna International Inc., Huayu Automotive Systems Co. Ltd., Sichuan Tianyi Timing Chain Co. Ltd., Jiangsu Dajiang Automotive Electric Motor Co. Ltd., Zhejiang Jiuli Hi-Tech Metals Co. Ltd.
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, EVs 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. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 will have reached 6600000 units from 2980000 units. Therefore, the increasing demand for electric vehicles is driving the growth of the electric power steering market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/electric-power-steering-global-market-report
The electric power steering market covered in this report is segmented -
1) By Type: R-EPS, P-EPS, C-EPS
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, Bearing
3) By Electric Motor: Brush Motor, Brushless Motor
3) By Mechanism: Rigid, Collapsible
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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