Electric Power Steering Market:
Electric Power Steering Market size was valued at US$ 24.5 Bn. in 2023 and the total revenue is expected to grow at 5.7% of CAGR through 2024 to 2029, reaching nearly US$ 38.17 Bn.
Electric Power Steering Market Overview:
One of the most important technologies for highly autonomous driving is electric power steering (EPS). The EPS variations are acceptable for light commercial vehicles as well as small, mid-sized, and sports automobiles. The steering of the vehicle is managed by an electric motor within the electric power starting. The EPS regulates and supports vehicle steering with the use of an electric motor, giving the driver a satisfying and ideal steering experience.
This Electric Power Steering Market analysis examines present and developing market trends and dynamics in the worldwide level sensor market. Electric Power Steering In-depth market forecasting for the main market segments between 2021 and 2027 is carried out. Extensive Electric Power Steering market analysis is carried out by attentively monitoring important product positioning and the market framework’s top competitors. Key competitors are profiled and their tactics are extensively examined to grasp the competitive perspective of the global Electric Power Steering market.
The COVID-19 pandemic has had a severe influence on the worldwide Electric Power Steering business. Electric Power Steering production facilities have been suspended due to global downturn and personnel scarcity. The COVID-19 pandemic has resulted in a severe and prolonged decline in production utilization, and travel bans and facility closures have kept employees away from their facilities, resulting in a slowdown in the growth of the Electric Power Steering market in 2020. However, the negative impact of COVID-19 on the Electric Power Steering market is projected to be temporary, and the industry is predicted to rebound rapidly by early 2021, owing to the high demand for Electric Power Steering .
Electric Power Steering Market Dynamics:
Accidents have become more frequent, which has prompted end users to adopt better safety precautions. Thanks to improvements in road and vehicle design, accident and death rates have steadily declined in all first-world countries. Since accident rates are still higher in some developing nations, governments are focusing on enforcing rigorous safety standards and promoting the adoption of various automotive subsystems.
The level to which sophisticated driver assistance systems and other automated technologies are incorporated into the nation’s fleet will depend on the safety of the underlying fundamental vehicle systems. New technologies may be developed in accordance with the functional safety requirement of ISO 26262, even though many currently deployed essential systems are legacy systems that predate ISO 26262.
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Market Scope:
The research includes an up-to-date study of the current Electric Power Steering market landscape, as well as the most recent trends and drivers, as well as an overview of the overall Electric Power Steering market environment. The market is being driven by increased demand for Electric Power Steering . The Electric Power Steering market study looks at the technology, end-user, and type categories, etc. as well as the regional landscape.
Electric Power Steering Market Segmentation:
The Rack assist type (REPS), which held the greatest market shear in 2021, is the segmentation by type of the electric power steering market.
The term “steering rack” refers to a set of rack and pinion gears connected to both front wheels. When we turn the steering wheel, the rack and pinion gears turn, shifting the car’s wheels to the left or right and giving us control of the car. The word “power” is short for “power-assisted.” It offers extra assistance that makes it easier for us to turn the steering rack and steer our car. The use of the word “electric” denotes the steering rack’s incorporation of electronics as a source of additional power. With one difference, an electric power steering rack is generally comparable to any conventional steering rack.
Electric Power Steering Market Key Players:
1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)
11. TRIDEC (Germany)
12. Infineon Technologies (Germany)
13. GKN Automotive Limited (UK)
14. Delphi Technologies (UK)
15. China Automotive Systems, Inc. (China)
16. Zhejiang Shibao Company Limited (China)
17. Hyundai Mobis (South Korea)
18. Mando Corp. (South Korea)
19. Global Steering Systems (US)
20. Tenneco (US)
21. Nexteer Automotive (US)
22. Maval Industries LLC (US)
23. Danfoss (Denmark)
24. STMicroelectronics (Switzerland)
The market research study includes thorough quantitative insights that offer a clear picture of the global market potential in numerous categories, as well as country-by-country analysis in each covered area. The study examines the market’s main affecting elements, as well as detailed company profiles of….
Regional Analysis:
The region segment of the Electric Power Steering market analysis also contains individual market influencing aspects and changes in market regulations that affect current and future market trends. Data points such as downstream and upstream value chain analysis, technological trends, porter’s five forces analysis, and case studies are just a few of the indicators used to forecast market scenarios for various areas. When analyzing prediction data for the region, the existence and availability of global players, as well as the difficulties they encounter owing to large or low to none rivalry from local and domestic brands, are all taken into account.
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Key Questions Answered in the Electric Power Steering Market Report are:
- Which segment emerged as the leading segment in the Electric Power Steering market?
- Which are the key players in the Electric Power Steering market?
- What trends are likely to emerge in the Electric Power Steering market in the coming years?
- What will be the Electric Power Steering market size by 2027?
- Which company held the largest share in the Electric Power Steering market in 2020?
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