Portland, OR, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric power steering market generated $431 million in 2021, and is estimated to reach $777.4 million by 2031, witnessing a CAGR of 6.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $431 Million |
| Market Size in 2031 | $777.4 Million |
| CAGR | 6.1% |
| No. of Pages in Report | 202 |
| Segments Covered | Sensor Type, System Type, Vehicle Type, and Region. |
| Drivers | Increase in demand for next-generation electric power steering units. |
| Government measures aimed at improving fuel consumption efficiency. | |
| Shift toward higher EV adoption rates throughout the forecast period. | |
| Opportunities | Increase in the number of applications of electric power steering sensors in commercial and passenger vehicles. |
| Increased reliability in automotive software and electrical/electronic architecture. | |
| Restraints | Widespread torque sensor failure and the high costs associated with EPS systems compared to regular steering systems. |
COVID-19 Scenario:
- The COVID-19 pandemic outbreak negatively impacted the growth of the electric power steering market since everything, spanning from ingredients to finished products, including production was partially-closed or in a complete shutdown phase.
- Surge in demand for low fuel consumption and zero carbon-emitting technologies are predicted to support the growth of the global market post the COVID-19 pandemic.
- To maintain existing customers and attract new ones, vendors are launching new products with better features, which would have an impact on the market growth in the short term.
- However, due to improved economic conditions worldwide, global vaccination efforts and a resurrection of the auto sector, the EPS market is predicted to experience robust growth during the forecast period.
The report offers a detailed segmentation of the global electric power steering market based on sensor type, system type, vehicle type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on sensor type, the combination sensor segment dominated the global market in 2021, grabbing around two-fifths of the global electric power steering market, and is likely to rule the roost during the forecast period. However, the steering torque sensors segment is expected to register the fastest CAGR of 6.58% from 2022 to 2031. The report also provides an analysis of the steering angle sensor and others segment under this category.
Based on system type, the column type segment grabbed nearly three-fourths of the global electric power steering market, and is likely to maintain its leadership status during the forecast period. However, the pinion type segment is expected to manifest the fastest CAGR of 7.16% from 2022 to 2031. The report also provides an analysis of others segment.
Based on vehicle type, the passenger vehicles segment was the largest market in 2021, capturing more than two-thirds of the global electric power steering market, and is expected to maintain its dominance throughout 2031. However, the commercial vehicle segment is estimated to register the fastest CAGR of 6.73% during the forecast period.
On a regional level, Asia-Pacific held the highest share of the global market in 2021, contributing to around half of the global electric power steering market and is expected to exhibit noteworthy growth during the forecast period. The same segment is projected to portray the fastest CAGR of 6.26% during the forecast period. The research also analyzes the regions including Europe, North America and LAMEA.
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Leading players of the global electric power steering market analyzed in the market research report include Robert Bosch GmbH, DENSO Corporation, Valeo S.A., Continental AG, Infineon Technology, Honeywell Inc., HELLA GmbH & Co. Kg, Sensata Technologies, TT Electronics Plc. and NXP Semiconductors.
The report analyzes these key players in the global electric power steering market. These players have adopted various strategies such as business expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry. The report helps determine the performance of the global market, operating segments, and product portfolio. It also helps in understanding the developments taking place across the global market and contributions made by each player towards the market.
Key Benefits For Stakeholders:
- This study comprises analytical depiction of the electric power steering market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall electric power steering market share analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunity for electric power steering industry
- The current electric power steering industry forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and electric power steering industry trends.
Electric Power Steering Market Key Segments:
By Sensor Type:
- Steering Angle Sensor
- Steering Torque Sensors
- Combination Sensor
- Others
By System Type:
- Column Type
- Pinion Type
- Others
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicle
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (United Kingdom, Germany, France, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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