DUBLIN, March 26, 2024 /PRNewswire/ — 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 global electric power steering market size reached US$ 28.3 Billion in 2023 and is forecast to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.0% during 2023-2032.
The rising demand for fuel-efficient vehicles, the implementation of strict government policies, the widespread system utilization in electric and hybrid vehicles, and the introduction of dual-pinion electric power steering represent some of the key factors driving the market.
Electric Power Steering Market Trends:
The rising demand for fuel-efficient vehicles across the globe is one of the primary factors favoring the market growth. Electric power steering is a lightweight, compact, and durable system that consumes less power compared to traditional hydraulic power steering, which, in turn, improves vehicle performance, enhances fuel efficiency, reduces weight, and extends the traveling range. In addition to this, the growing awareness among the masses regarding the adverse environmental impact of fossil fuel consumption is acting as another growth-inducing factor.
Furthermore, the implementation of strict government regulations to curb pollution and reduce greenhouse gas emissions is facilitating the product demand to improve vehicle performance and increase overall efficiency. Additionally, the introduction of dual-pinion electric power steering designs, which provides a precision steering experience, reduce sensitivity to variations in steering load, and improve the feel, responsiveness, and accuracy of the steering mechanism, is positively influencing the market growth. Besides this, the incorporation of the haptic feedback system, which provides tactile cues and vibrations to enhance the driver’s situational awareness, increase attention, reduce fatigue, and improve the driving experience, is contributing to the market growth.
Moreover, the widespread system utilization in electric and hybrid vehicles, as it improves energy efficiency and can be easily integrated into the electric drivetrain architecture, is providing an impetus to the market growth. Other factors, including the significant growth in the automotive industry, increasing investment in the development of advanced systems, and growing demand for enhanced driving experience, are anticipated to drive the market growth.
Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global electric power steering market, along with forecasts at the global, regional, and country levels from 2024-2032.
The report has provided a detailed breakup and analysis of the electric power steering market based on the component. This includes steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. According to the report, sensors represented the largest segment.
A detailed breakup and analysis of the electric power steering market based on the mechanism has also been provided in the report. This includes rigid EPS and collapsible EPS. According to the report, collapsible EPS accounted for the largest market share.
A detailed breakup and analysis of the electric power steering market based on the type has also been provided in the report. This includes rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). According to the report, column assist type (CEPS) accounted for the largest market share.
A detailed breakup and analysis of the electric power steering market based on the vehicle type has also been provided in the report. This includes passenger car and commercial vehicle. According to the report, passenger car accounted for the largest market share.
Regional Insights:
Asia Pacific was the largest market for electric power steering. Some of the factors driving the Asia Pacific electric power steering market included rising demand for energy-sufficient vehicles, implementation of strict government regulations, and various technological innovations.
Key Questions Answered in This Report:
- How has the global electric power steering market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global electric power steering market?
- What is the impact of each driver, restraint, and opportunity on the global electric power steering market?
- What are the key regional markets?
- Which countries represent the most attractive electric power steering market?
- What is the breakup of the market based on the component?
- Which is the most attractive component in the electric power steering market?
- What is the breakup of the market based on the mechanism?
- Which is the most attractive mechanism in the electric power steering market?
- What is the breakup of the market based on type?
- Which is the most attractive type in the electric power steering market?
- What is the breakup of the market based on vehicle type?
- Which is the most attractive vehicle type in the electric power steering market?
- What is the competitive structure of the global electric power steering market?
- Who are the key players/companies in the global electric power steering market?
Report Segmentation
Component Insights:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Mechanism Insights:
Type Insights:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Vehicle Type Insights:
- Passenger Car
- Commercial Vehicles
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/pgmujg
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SOURCE Research and Markets
