Luton, Bedfordshire, United Kingdom, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Power Steering Market.
The global Electric Power Steering Market size is USD 23.10 Billion in 2020 and is expected to grow till USD 39.15 Billion by 2029, at a Compounded annual growth rate (CAGR) of 6.25%.
Fast population growth, which has raised demand for both luxury and non-premium automobiles in all major economies, is the primary factor driving the global Electric Power Steering Market. The need for electric power steering is being further boosted by macroeconomic factors including rising urbanization and industrial activity, together with an improvement in living standards and a rise in desire for luxury and comfort in cars across many countries.
The global Electric Power Steering Market is anticipated to grow significantly due to the sudden increase in vehicle sales driven on by increased fuel economy and low emissions. Additionally, the global Electric Power Steering Market will benefit from significant growth in the Asian and European automotive industries as well as technological advancements in traditional vehicle steering.
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Regional Opportunities- Electric Power Steering Market is anticipated to grow at the fastest rate in the Asia Pacific region. China has the most cars with EPS systems than any other country, but Japan, India, and South Korea are not far behind. The largest market share for steering systems worldwide belongs to JTEKT, which has its headquarters in Japan. In addition, Japan is home to numerous more notable steering system producers, including Mitsubishi Electric and NSK. Major manufacturers are a significant factor in Japan's adoption of EPS systems. The installation of EPS is directly tied to the increase in vehicle production in the Asia-Pacific region.
Industry Developments
- NSK Develops the World’s Lightest Electric Power Steering System
- NSK Ltd.President and CEO: Toshihiro Uchiyama) today announced that it has developed the world’s lightest column-type electronic power steering (EPS) system with the tilt, designed to contribute to fuel efficiency in automobiles. NSK plans to sell this product on a global scale for mid to small-sized cars with a particular need for fuel efficiency.
- In May 2020, ZF Friedrichshafen AG acquired WABCO in a USD 7 billion deal. WABCO is now integrated into ZF as its Commercial Vehicle Control Systems Division, and ZF and WABCO will form global integrated systems for commercial vehicle technology
Electric Power Steering Market Scope and Segmentation
| Report Feature | Details |
| Base Year: | 2021 |
| Projection Period: | 2022-2029 |
| Market Details: | Total revenue and forecast, CAGR, Market value, share, and Y-o-Y growth by segment and region |
| Segment Covered: | Current Type, Power Output, Propulsion Type, and Vehicle Type |
| Region Covered: | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Report Coverage: | Market growth driving factors, challenges & pitfalls, opportunities, trends, key players analysis, and region analysis |
| Market Players Covered | JTEKT (Japan), Nexteer (US), Robert Bosch (Germany), ZF (Germany), and NSK (Japan) |
| Drivers | In an effort to simplify and boost efficiency, OEMs have recently moved their attention from hydraulic to electric power steering systems. EPS systems give steering assistance by using an electric motor rather than a hydraulic pump, which helps to lighten the weight of the car. Electronic sensors determine how much steering power the driver is using, and an electric motor amplifies that force to make steering simpler. |
Browse Detailed Research Insights with TOC:
https://exactitudeconsultancy.com/reports/7695/electric-power-steering-market
Market regulation against steer-by-wire technology is a threat to the electric power steering market.
With the shifting dynamics of the automotive industry, the steering market is always changing. OEMs are modernizing the traditional steering mechanism in response to the rise of autonomous vehicles. One such breakthrough that will take the place of the complete steering system in an autonomous car is steer-by-wire technology. The steering linkage of a conventional electric power steering system will be eliminated by this kind of steering system.
Segments Covered: Electric Power Steering Market
Electric Power Steering Market by Components, 2020-2029, (USD Millions)
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Bearing
Electric Power Steering Market by Electric Motor, 2020-2029, (USD Millions)
- Brush Motor
- Brushless Motor
Electric Power Steering Market by Application, 2020-2029, (USD Millions)
- Passenger Cars (PC)
- Commercial Vehicles (CV)
Electric Power Steering Market by Highway Application, 2020-2029, (USD Millions)
- Construction Equipment
- Agricultural Equipment
Electric Power Steering Market by Electric Vehicle, 2020-2029, (USD Millions)
- BEV
- PHEV
- FCEV
Electric Power Steering Market by EV Gear Type, 2020-2029, (USD Millions)
- Worm Gear
- Ball Screw
Electric Power Steering Market by Type, 2020-2029, (USD Millions)
- Rack Assist Type (REPS)
- Colum Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Electric Power Steering Market by Mechanism, 2020-2029, (USD Millions)
- Rigid
- Collapsible
Key Questions Answered in Electric Power Steering Market Report:
- What is the market size of global Electric Power Steering market?
- What is the CAGR of Electric Power Steering market?
- Who are the major participants in the market for Electric Power Steering?
- Which is the largest regional market for Electric Power Steering market?
- What is the study period of this Electric Power Steering market?
Finally, researchers throw light on the pinpoint analysis of Global Electric Vehicle Battery Market dynamics. It also measures the sustainable trends and platforms which are the basic roots behind the market growth. The degree of competition is also measured in the research report. With the help of SWOT and Porter’s five analysis, the market has been deeply analyzed. It also helps to address the risk and challenges in front of the businesses. Furthermore, it offers extensive research on sales approaches.
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