The Electric Power Steering Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Power Steering Global Market Report 2024, 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..
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.
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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)
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 report table of contents includes:
- Executive Summary
- Electric Power Steering Market Characteristics
- Electric Power Steering Market Trends And Strategies
- Electric Power Steering Market – Macro Economic Scenario
- Global Electric Power Steering Market Size and Growth
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- Global Electric Power Steering Market Competitive Benchmarking
- Global Electric Power Steering Market Competitive Dashboard
- Key Mergers And Acquisitions In The Electric Power Steering Market
- Electric Power Steering Market Future Outlook and Potential Analysis
- Appendix
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