Electronic Power Steering Market Expected to Reach Huge Growth by 2031 | Robert Bosch, Delphi, Hyundai Mobis, GKN, Federal-Mogul

DataM Intelligence has released a new research report on the Electronic Power Steering market. The report provides a detailed analysis of current and emerging trends, offering insights into the market dynamics. It utilizes Porter's Five Forces model to assess key factors such as supplier and customer relationships, risks from various agents, competitive intensity, and opportunities for new entrants. The study also includes research data from various companies, analyzing factors like benefits, gross margins, and strategic decisions in the global market. The report is enriched with tables, charts, and infographics for a clear presentation of the findings.

The Global Electronic Power Steering Market is expected to grow at a high CAGR during the forecasting period (2024-2031).

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Electronic Power Steering (EPS) is an advanced steering technology that uses electronic sensors, motors, and control units to assist the driver in steering the vehicle. Unlike traditional hydraulic power steering systems, which rely on hydraulic fluid pressure, EPS provides steering assistance based on real-time feedback from the driver's steering input and vehicle speed. This system enhances fuel efficiency by eliminating the need for a hydraulic pump, reduces weight, and allows for more precise steering control. Additionally, EPS can integrate advanced features such as lane-keeping assist and adaptive steering, contributing to improved vehicle handling and safety.

List of the Key Players in the Electronic Power Steering Market:

Robert Bosch, Delphi, Hyundai Mobis, GKN, Federal-Mogul, ZF Friedrichshafen, Mitsubishi Electric, TRW Automotive, Nexteer, ATS Automation Tooling Systems

Key Developments:

Advancements in Technology: In 2023, companies like Bosch and ZF Friedrichshafen introduced next-generation EPS systems that incorporate advanced algorithms and artificial intelligence to enhance steering precision and responsiveness, adapting to various driving conditions.

Growing Demand for Electric Vehicles (EVs): The increasing adoption of electric vehicles has driven the demand for EPS systems, as they offer better energy efficiency and can be easily integrated with electric drivetrains. In 2023, several automakers, including Tesla and Ford, announced plans to implement advanced EPS systems in their upcoming EV models.

Partnerships and Collaborations: In mid-2023, Denso and Toyota announced a partnership to develop innovative EPS solutions that improve safety and driving comfort. This collaboration aims to leverage Denso's expertise in electronics and Toyota's experience in automotive engineering.

Regulatory Support for Safety Features: In 2022, the European Union implemented stricter regulations for vehicle safety, mandating advanced driver assistance systems (ADAS) in new vehicles. This regulatory environment has spurred the integration of EPS with ADAS technologies, leading to innovations such as lane-keeping assist and automatic emergency steering.

Market Expansion in Asia-Pacific: The Asia-Pacific region is witnessing significant growth in the EPS market, driven by increasing automotive production and demand for advanced steering systems. In 2023, several automotive manufacturers in China and India announced plans to adopt EPS technologies in their new vehicle models.

Research Process:

Both primary and secondary data sources have been used in the global Electronic Power Steering Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Segment Covered in the Electronic Power Steering Market:

By Vehicle Type: Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial vehicles

By Component: Steering Column, Steering Vehicle, Sensors, Electronic Control Unit, Electric motor, and bearings

By Steering Type: Column assisted electronic power steering(C-EPS), Pinion assisted electronic power steering (P-EPS), Rack assisted power steering system (R-EPS), Electronic hydraulic power steering (EHPS)

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Regional Analysis:

➣ North America (US, Canada, Mexico)

➣ Europe (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)

➣ Asia-Pacific (China, India, Japan, Australia, Rest of Asia Pacific)

➣ South America (Brazil, Argentina, Rest of South America)

➣ Middle East and Africa

**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**

Chapter Outline:

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Electronic Power Steering market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Electronic Power Steering Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global Electronic Power Steering market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Electronic Power Steering Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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The Research Report Offers Answers To The Following Questions:

☛ What is the expected growth rate of the global market for the forecast period?

☛ What are the key driving factors that are responsible to shape the fate of the Electronic Power Steering market during the forecast period?

☛ What will be the overall size of the market during the analysis period?

☛ What are the prominent market trends which influence the development of the Electronic Power Steering market across various regions?

☛ Who are the key market players and the market strategies that have helped them to secure the leading position in the global market?

☛ What are the challenges and threats that are likely to act as a barrier to the growth of the Electronic Power Steering market?

☛ What are the major opportunities that the companies can get to attain success in the world?

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