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Electric Power Steering Global Market Predicted to Augment and Reach over $38.47 Billion at a CAGR of 7.1% By 2028
Electric Power Steering Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing adoption of driver assistance systems is expected to propel the growth of the electric power steering market going forward. Driver assistance systems refer to a group of electronic technologies that assist drivers in driving and parking functions. EPS integration with ADAS allows for precise and controlled steering responses, facilitating features such as lane-keeping assistance and automated lane centering for improved vehicle stability and safety. For instance, in April 2022, according to the Insurance Institute for Highway Safety and Highway Loss Data Institute, a US-based nonprofit research organization that conducts research related to automotive safety and insurance, the adoption of adaptive cruise control with lane centering, a specific type of driver assistance system, is projected to grow significantly from 7% in 2021 to 15% by 2026. Additionally, the deployment of rear parking sensors is expected to surpass 60% fleet penetration by 2026, compared to the 41% recorded in 2021. Therefore, increasing adoption of driver assistance systems will drive the growth of the 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.
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Major Key Players of the Market:
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.
Electric Power Steering Market 2024 Key Insights:
• 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 Surge In Electric Vehicle Demand Fuels Growth In The Electric Power Steering Market
• Breakthrough Modular Column-Assist Eps System Sets New Standards In Electric Power Steering Market
• Asia-Pacific was the largest region in the electric power steering market share in 2023 and is expected to be the fastest-growing region in the forecast period
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