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Electric Power Steering Market Key Trends, Market Segments, and Growth Factors Fuel Robust Demand and Future Expansion
Electric Power Steering Market
As per the report, 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 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%.
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The Surge In Electric Vehicle Demand Fuels Growth In The Electric Power Steering Market
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.
Breakthrough Modular Column-Assist Eps System Sets New Standards In Electric Power Steering Market
Product innovations are a key trend gaining popularity in the electric power steering market. Major companies operating in the electric power steering market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, Nexteer Automotive, a US-based motion control technology company, launched a new modular column-assist EPS system. The unique feature of the new system is high-performance torque and angle sensors that make the steering feel more accurate to the driver. It is an innovative system that offers a cost-efficient, modular design to achieve scalability and flexibility. The system is expected to support various load capacities and will offer reconfigurable and customizable steering.
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)
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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.
Contents of the report:
1. Executive Summary
2. Electric Power Steering Market Report Structure
3. Electric Power Steering Market Trends And Strategies
4. Electric Power Steering Market - Macro Economic Scenario
5. Electric Power Steering Market Size And Growth
…..
27. Electric Power Steering Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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