Electric Power Steering Market Forecast 2024-2030: Assessing Market Size and Regional Demand

Comprehensive Market Report Unveiled:

Maximize Market Research, a well-known global consultancy organisation, has released its highly anticipated "Electric Power Steering Market" Report, which provides detailed insights into critical market dynamics, emerging trends, development estimates, and competitive landscapes. This report, which is based on extensive research, provides organisations with essential data to help them make informed decisions. Maximise industry Research's research is an invaluable resource for firms seeking to confidently and precisely navigate the ever-changing Electric Power Steering industry landscape, from recognising market opportunities to outlining strategic paths.

Extensive Market scope:

The Electric Power Steering market analysis study provides a thorough examination of import and export consumption, supply and demand dynamics, cost structures, market shares, sales volumes, revenues, and gross profits. It methodically examines the manufacturing landscape, assessing production capabilities, factory pricing, and market shares for each industry player. Furthermore, the study throws light on the global market scenario, including information on leading players from various regions. Stakeholders gain significant insights by meticulously scrutinising manufacturing bases, production capabilities, revenue streams, and market shares, allowing for strategic decision-making and effective navigation within the dynamic Electric Power Steering market landscape.

For a thorough market analysis, please refer to the study report summary:https://www.maximizemarketresearch.com/market-report/global-electric-power-steering-market/1535/

Identifying Growth Opportunities in the Electric Power Steering Market Industry:

Electric Power Steering Market size was valued at USD 27.37 Bn. in 2023 and the total Electric Power Steering revenue is expected to grow by 5.7 % from 2024 to 2030, reaching nearly USD 40.35 Bn.

Driving Towards Efficiency:

Electric Power Steering replaces old hydraulic systems with electric motors, which results in smoother operation and lower energy use. By eliminating the need for hydraulic pumps, EPS improves fuel efficiency and lowers emissions, making it an environmentally favourable option for current automobiles.

Enhanced driving dynamics:

Gone are the days of heavy steering and slow response. Electric Power Steering provides drivers with effortless manoeuvrability and precision control, particularly at low speeds. Variable assist systems respond to driving conditions, offering the best feedback and control for a safer and more comfortable driving experience.

Electric Power Steering Market Segmentation

by Type

Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)

The Electric Power Steering Market is segmented into Rack assist type (REPS) held maximum market shear in 2023. A combination of rack and pinion gears that are linked to both front wheels is known as a "steering rack." The rack and pinion gears engage when we spin the steering wheel, shifting the wheels of the vehicle to the left or right and allowing us to control the vehicle. Power is an abbreviation for power-assisted. It provides additional assistance that helps us spin the steering rack, which makes steering our automobile easier. The term "electric" indicates the adoption of electronics by the steering rack to supply additional power. Overall, an electric power steering rack is similar to any other steering rack with the exception that it adds more power using electric components.

by Mechanism

Rigid
Collapsible

The Electric Power Steering Market is segmented into Application Rigid, Collapsible. The Collapsible market held highest market share in 2023. The market for Automobile Collapsible Steering Columns has lately seen profound change as a result of the automotive industry's fast technological advancement. People have been exposed to steering technology because of the development of power steering. When compared to conventional manual steering systems, this technology is not only more advanced technologically but also more responsive and improves fuel efficiency.Due to growing consumer demand for increased effectiveness, safety, and comfort, electronic control over steering systems are predicted to have a substantial impact on market growth. The scope of the automobile collapsible steering column market is also expected to grow due to factors like the incorporation of modern driver assist systems in cars and increased consumer purchasing power globally. The car industry agrees that autonomous driving is the way of the future, therefore auto steering makers should expect to receive a lot of attention.

by Application

Passenger Cars (PC)
Commercial Vehicles (CV)

Commercial vehicles held the maximum Electric Power Steering Market share in 2023. Commercial Vehicles (CV) and Passenger Cars (PC) are included in the application segment (CV). The category for commercial vehicles is expected to rise at the fastest rate over the forecast period. The global rise in building and e-commerce operations is the key factor driving this segment's growth. The need for electric power steering for commercial vehicles has been fueled by factors such as reckless expenditures in infrastructure and rural development as well as strict regulatory standards for vehicle length and weight limitations driving the market growth.

by Components

Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing

Electric Motor:The electric motor is a key component of electric power steering systems, providing the torque necessary to assist with steering efforts. The motor generates assistance based on inputs from vehicle sensors and driver commands, adjusting the steering feel and responsiveness as needed. Electric motors in EPS systems are typically brushless, high-efficiency designs that deliver reliable performance and precise control.Steering Gear:The steering gear, also known as the steering rack or gearbox, transmits steering inputs from the steering wheel to the vehicle's wheels. In electric power steering systems, the steering gear may incorporate an electric motor to provide power assistance. Steering gears in EPS systems are designed to optimize steering feel, feedback, and response while minimizing friction and play in the steering mechanism.Controller Unit:The controller unit, also known as the electronic control unit (ECU) or power steering control module (PSCM), is the brain of the electric power steering system. The controller unit processes input signals from vehicle sensors, driver commands, and the electric motor to determine the appropriate level of steering assistance. It regulates motor output and steering feel based on driving conditions, vehicle speed, and other factors.Torque Sensor:The torque sensor measures the amount of steering effort applied by the driver and transmits this information to the controller unit. The torque sensor provides feedback to the EPS system, allowing it to adjust the level of steering assistance based on the driver's input and driving conditions. Torque sensors are essential for achieving precise and responsive steering control in electric power steering systems.

by Electric

Motor Brush motor
Brushless motor

Electrically Assisted Power Steering (EPS):Electrically assisted power steering (EPS) systems use an electric motor to assist with steering efforts, providing variable levels of assistance based on driving conditions and vehicle speed. EPS systems offer improved fuel efficiency, precise steering control, and enhanced driver comfort compared to traditional hydraulic power steering systems. They are commonly used in modern passenger cars, light trucks, and commercial vehicles.Electric Power Steering (EPS):Electric power steering (EPS) systems utilize an electric motor mounted on the steering column or steering rack to provide steering assistance. EPS systems eliminate the need for hydraulic fluid and mechanical linkages, resulting in simplified design, reduced weight, and improved energy efficiency. EPS systems can be configured as column-mounted or rack-mounted systems, offering flexibility in vehicle integration and steering performance.

Regional Evaluation:

Important industry segments and sub-segments are painstakingly identified and examined in the research, which also highlights major growth drivers and obstacles. This report provides market insights and expansion potential, giving industry participants useful information to navigate the complex Electric Power Steering market.

Are you interested in the content? Look at a sample version of this report here:https://www.maximizemarketresearch.com/request-sample/1535

Key Players Unveiled:

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: Electric Power Steering

Part 01: Executive Summary

Part 02: Scope of the Electric Power Steering Report

Part 03: Electric Power Steering Landscape

Part 04: Electric Power Steering Sizing

Part 05: Electric Power Steering Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

Read More :https://www.maximizemarketresearch.com/request-sample/1535

Market Trends and Dynamics:

Technological breakthroughs and quick growth characterise the electric power steering market. Major players spend money on R&D to improve the efficiency, dependability, and performance of the system. EPS systems are used in a wide range of vehicle types, including commercial and passenger cars, which promotes market uptake and expansion.

Steering towards the future:

The Electric Power Steering Market represents a watershed moment in automotive technology, changing the way we drive and interact with automobiles. With its emphasis on efficiency, performance, and sustainability, EPS sets the path for a more environmentally friendly, safer, and pleasant driving experience. As innovation drives the market forward, electric steering will become the norm.

Research on Trending Market Insights:

Grow Light Market https://www.maximizemarketresearch.com/market-report/global-grow-lights-market/13138/

Live Cell Encapsulation Market https://www.maximizemarketresearch.com/market-report/global-live-cell-encapsulation-market/30609/

Transfer Case Market https://www.maximizemarketresearch.com/market-report/transfer-case-market/1665/

Drug Delivery Devices Market https://www.maximizemarketresearch.com/market-report/global-drug-delivery-devices-market/87555/

Loaders Market https://www.maximizemarketresearch.com/market-report/global-loaders-market/99761/

Contact Maximize Market Research:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

sales@maximizemarketresearch.com

+91 96071 95908, +91 9607365656

About Maximize Market Research:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of the majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

This release was published on openPR.