Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "Electric Power Steering Market by Component, Mechanism, Type, Vehicle Type, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The comprehensive analysis of the global electric power steering market reveals significant growth prospects with expectations to reach a valuation of US$ 43.8 Billion by the year 2032.
Drastically shifting market dynamics and a Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2032 underpin the forecasted expansion, fuelled by an escalating demand for fuel-efficient vehicles, tightening environmental regulations, and escalating adoption rates within the electric and hybrid vehicle sectors.
The report segments the electric power steering market into various categories including component, mechanism, type, and vehicle type. Analysis within these segments demonstrates that sensors, as a component in the electric power steering system, dominate the market space, while collapsible EPS mechanisms appear to hold a major share within the market structure.
Market Segmentation Insights
- Components: A comprehensive analysis identifying steering columns, sensors, and steering gear among other elements as pivotal components.
- Mechanism: Insight into the prevalence of collapsible EPS demonstrates market preference.
- Type: Comparison of the pervasive use of column assist type electric power steering (CEPS) over others.
- Vehicle Type: An examination reveals the passenger car segment leading the surge in electric power steering demand.
Additionally, regional assessments underscore the dominance of the Asia Pacific electric power steering market, attributing its lead to increased demand for energy-efficient vehicles, reinforced by regulatory mandates and technological advancements.
Emerging trends such as the implementation of dual-pinion electric power steering designs and haptic feedback systems are emphasized as instrumental in propelling market growth. These innovations are contributing significantly to advancements in vehicle handling, fuel efficiency, safety, and overall driving experience.
The analysis further elaborates on the competitive landscape, highlighting key players that are shaping the electric power steering market through technological advancements and strategic initiatives. The report's insights into the dynamics, drivers, and future outlook of the market are invaluable for stakeholders and participants looking to navigate the rapidly evolving automotive landscape.
As the global electric power steering market moves toward increased sophistication and integration with advanced automotive technologies, the full report offers a strategic framework for understanding this growth trajectory and harnessing the potential it presents for the automotive industry at large.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (US$) in 2023 | US$28.3 Billion |
| Forecasted Market Value (US$) by 2032 | US$43.8 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Report Segmentation
Component Insights:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Mechanism Insights:
- Rigid EPS
Type Insights:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Vehicle Type Insights:
- Passenger Car
Companies Profiled
- HELLA
- Hycet Technology
- JTEKT
- Mitsubishi Electric
- Nexteer Automotive
- NSK
- NXP Semiconductors
- Robert Bosch
- ThyssenKrupp
- TT Electronics
- ZF Friedrichshafen
For more information about this report visit https://www.researchandmarkets.com/r/8i10zs
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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