CHICAGO, Aug. 25, 2021 /PRNewswire/ — According to the new market research report “Electric Power Steering Market By Component, Type (Ceps, Peps, Reps), Mechanism (Collapsible, Rigid), Motor Type, Application, Off-Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), EV Gear Type, And Region”, published by MarketsandMarkets™, the global Electric Power Steering Market is projected to grow at a CAGR of 5.0% from 2021 to 2026, to reach a market size of USD 32.2 billion by 2026 from USD 25.2 billion in 2021.
The major factors driving the growth of the Electric Power Steering Market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
Browse in-depth TOC on “Electric Power Steering Market”
284 – Tables
85 – Figures
267 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58413446
Column assist EPS (CEPS) holds the largest market share in 2021
The column assists EPS (CEPS), which incorporates the steering assist mechanism on the column, is estimated to hold the largest share of the Electric Power Steering Market in 2021. The growth of this EPS type can be attributed to the higher production of passenger cars as compared to commercial vehicles. CEPS can support the steering function of the driver on low torques and low frontal axle loads, which is suitable for low-end and mid-range passenger cars. As these vehicle segments account for the largest share of the overall vehicle production, CEPS has the highest market share amongst all the EPS types.
Collapsible steering column– Largest share of Electric Power Steering Market in 2021
The collapsible steering column is estimated to hold the largest share of the Electric Power Steering Market in 2021. It is a mechanism of an upper column and a lower shaft in which the lower shaft enters a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=58413446
Asia Pacific: Rapid vehicle electrification in China is propelling the growth of Asia Pacific market
The growth of the Electric Power Steering Market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.
The report profiles the most promising players in the Electric Power Steering Market. The market presents an interesting picture of many big and small players that have become a force to reckon. The key players in this market are Robert Bosch (Germany), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (US), ZF (Germany), ThyssenKrupp (Germany), NSK (Japan), Hyundai Mobis (South Korea), GKN (UK), and Federal-Mogul (US).
Browse Related Reports:
Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region – Global Forecast to 2025
Automotive Interior Market by Component (Seat, Interior Lighting), Material (Glass Composite, Carbon Composite, Metal, Vinyl, Fabric), Autonomous Driving (Semi-autonomous, Autonomous), Electric Vehicle, Vehicle Type and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electric-power-steering-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/electric-power-steering.asp
SOURCE MarketsandMarkets
