The Business Research Company’s report on the Electric Power Steering Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of 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, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the electric power steering market.
Access Your Free Sample of the Global Electric Power Steering Market Report – Get Insights Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=8746&type=smp
How has the electric power steering market size evolved, and what are the latest forecasts for its expansion?
The electric power steering market size has grown strongly in recent years. It will grow from $28.84 billion in 2024 to $30.75 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. 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 $41.01 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. 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.
Gain Exclusive Market Insights—Customize Your Research Report Today For Fast Delivery!
https://www.thebusinessresearchcompany.com/customise?id=8746&type=smp
Which major companies dominate the electric power steering market?
Major companies operating in the electric power steering market are 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., Jiangsu Dajiang Automotive Electric Motor Co. Ltd.
What trends will shape the future of the electric hair clipper and trimmer market?
Major companies operating in the electric power steering market are focused on innovating advanced products such as Modular Pinion-Assist Electric Power Steering (EPS) System. The Modular Pinion-Assist Electric Power Steering (EPS) System is a sophisticated steering solution designed to enhance vehicle performance and manufacturing efficiency. For instance, August 2024, Nexteer Automotive, a US-based motion control technology company launched Modular Pinion-Assist Electric Power Steering (EPS) System. This innovative system is designed to be adaptable across various vehicle platforms, providing manufacturers with greater flexibility in design and implementation. The system enhances steering responsiveness, contributing to a better driving experience. The modular design reduces manufacturing costs and simplifies integration into different vehicle models.
Which region dominates the electric power steering market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the electric power steering market share in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power steering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Order Your Report Now For Swift Delivery
https://www.thebusinessresearchcompany.com/report/electric-power-steering-global-market-report
How is the electric power steering market segmented, and which segment holds the largest share?
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)
Subsegments:
1) By R-EPS (Rack Electric Power Steering): Integrated R-EPS Systems, Standalone R-EPS Systems
2) By P-EPS (Column Electric Power Steering): Electric Column Assist Systems, Electric Power-Assisted Column Systems
3) By C-EPS (Combo Electric Power Steering): Hybrid Systems, Advanced Control Systems
Purchase The Exclusive Report Now To Unlock Valuable Market Insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=8746
What defines the structure and scope of the electric power steering market?
Electric power steering refers to a mechanical system that uses an electric motor to draw energy from the vehicle’s electric system to assist the steering wheel. It is used to provide steering assistance to the driver of a vehicle. This technology enhances maneuverability and control, particularly at low speeds, while also improving fuel efficiency by reducing the energy required for steering compared to traditional hydraulic systems.
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
https://thebusinessresearchcompany.com/
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
