Press release
Emerging Sub-Segments Transforming the Electric Power Steering Market Landscape
Electric Power Steering Market
Electric Power Steering Market Size Set to Reach New Heights by 2030
The electric power steering market is projected to grow substantially, reaching a valuation of $42.29 billion by 2030. This expansion is expected at a compound annual growth rate (CAGR) of 6.9%. Key factors fueling this growth include the development of steer-by-wire technology, the rising adoption of electric vehicles, integration of autonomous driving capabilities, and a growing demand for energy-efficient steering components. Additionally, the shift toward software-defined steering systems is contributing to the market's momentum. Important trends shaping this period involve the move from hydraulic to electric steering, the use of advanced steering sensors, increasing adoption of brushless motors, preference for lightweight steering systems, and expanded use in compact vehicles.
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Leading Players Dominating the Electric Power Steering Market
Several prominent companies are key players in the electric power steering landscape. These include Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, Hyundai Mobis Co Ltd., Showa Corporation, Hitachi Astemo Ltd., Denso Corporation, China Automotive System, KYB Corporation, Thyssenkrupp AG, Delphi Technologies, Tenneco 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., and Jiangsu Dajiang Automotive Electric Motor Co. Ltd.
Strategic Acquisition Enhances ZF Friedrichshafen AG's Market Presence
In March 2024, ZF Friedrichshafen AG, a German automotive company, acquired a majority stake in Rane Steering Systems Private Limited. This move aims to strengthen ZF's foothold in India's passenger-car and commercial-vehicle electric steering and chassis segments. The acquisition will accelerate the introduction of advanced steering technologies and localize production in a rapidly growing market. Rane Steering Systems is an Indian manufacturer specializing in electric power steering columns and other steering gear components.
View the full electric power steering market report:
https://www.thebusinessresearchcompany.com/report/electric-power-steering-global-market-report
Innovations Driving the Electric Power Steering Industry Forward
Key companies in the electric power steering sector are focusing on innovative motor power pack products like the Column-Type Electric Power Steering Motor Power Pack (EPS-PP) to serve broader customer bases and boost revenue. This advanced system targets the specific steering needs of electric power steering units by enhancing steering smoothness while reducing costs, friction, and torque ripple-especially important for Advanced Driver Assistance Systems (ADAS). For example, in June 2023, Japan's Nidec Corporation launched column-type EPS units designed to match the smoothness of rack-type units while meeting cost-reduction goals. Nidec's EPS-PP technology can detect and correct motor and EPS friction and torque issues in real time, addressing concerns about unnatural steering sensations and optimizing cost efficiency. Furthermore, the product achieves cost savings by replacing traditional materials with lower-grade alternatives, such as substituting electromagnetic steel sheets to reduce friction-related torque loss.
Breakdown of the Electric Power Steering Market's Key Segments
This market report categorizes the electric power steering industry into several key segments:
1) By Type: Rack Electric Power Steering (R-EPS), Column Electric Power Steering (P-EPS), Combo Electric Power Steering (C-EPS)
2) By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor
3) By Electric Motor Type: Brush Motor, Brushless Motor
4) By Application: Passenger Cars (PC), Commercial Vehicles (CV)
Further segmentation includes:
- R-EPS Subcategories: Integrated R-EPS Systems, Standalone R-EPS Systems
- P-EPS Subcategories: Electric Column Assist Systems, Electric Power-Assisted Column Systems
- C-EPS Subcategories: Hybrid Systems, Advanced Control Systems
This detailed segmentation provides a comprehensive look at the various product types, components, and applications driving the electric power steering market's growth and evolution.
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