Global Electric Power Steering Market size was valued at US$ 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly US$ 38.17 Bn.
Electric Power Steering Market Overview:
The market research study Electric Power Steering analyses and assesses the market’s position during the forecast period. It is a comprehensive examination that focuses on primary and secondary drivers, market dominance, prominent segments, and regional analysis. Key actors, big partnerships, mergers and acquisitions, as well as current innovation and corporate strategies, are also examined in the research.
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Market Scope:
Using both primary and secondary research approaches, we researched the Electric Power Steering Market from every viewpoint. This helped us gain a better understanding of current market dynamics such as supply-demand imbalances, pricing trends, product preferences, customer habits, and so on. The data is then compiled and analyzed using a range of market estimation and data validation techniques. Furthermore, we have an in-house data forecasting engine that forecasts market growth through 2029.
Segmentation:
In 2021, the Rack assist type (REPS) segment of the electric power steering market retained the majority of market share.
The term “steering rack” refers to a set of rack and pinion gears connected to both front wheels that engage when we turn the steering wheel, moving the wheels of the car to the left or right and giving us control of the vehicle. 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.
Key Players:
Secondary research is used to identify market leaders, while primary and secondary research is used to establish market revenue. Secondary research comprised a review of the leading manufacturers’ annual and financial reports, whilst primary research included thorough interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing professionals. Secondary sources are used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then validated using historical documents. The players highlighted in this report are as follows:
• JTEKT Corporation
• DENSO Corporation
• Sona Koyo Steering Systems Ltd.
• ZF Friedrichshafen AG
• GKN plc.
• Robert Bosch GmbH
• NSK Ltd.
• Mitsubishi Electric Corporation
• China Automotive Systems, Inc.
• Delphi Technologies
• Hyundai Mobis
• Thyssenkrupp Business Area Components Technology
• SHOWA Corporation
• Mando Corp.
• Global Steering Systems
• Zhejiang Shibao Company Limited
• TRIDEC
• Hitachi Automotive Systems
Regional Analysis:
The study offers a comprehensive overview of the regional industry, including both qualitative and quantitative data. It gives an overview and prognosis of the worldwide Electric Power Steering market by segment. It also offers market size and forecast projections for five key regions, including North America, Europe, Asia-Pacific, the Middle East & Africa, and South America, from 2021 to 2029. Each region’s Electric Power Steering market is further subdivided by respective regions and segments. The research analyzes and forecasts different countries, as well as existing trends and prospects in the region.
COVID-19 Impact Analysis on Electric Power Steering Market:
We have studied and analyzed in detail, the Global Electric Power Steering Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyzes the global Electric Power Steering industry’s potential, providing statistical information about market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The report’s main focus is to give firms in the sector a strategic analysis of the impact of COVID-19. Simultaneously, this research examined the markets of key nations and introduced the market potential of these countries.
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Key Questions Answered in the Electric Power Steering Market Report are:
What are some of the most promising high-growth opportunities in the global Electric Power Steering market by product type and End User and Region?
Which Electric Power Steering market segments will expand the fastest, and why?
Which regions will develop quicker, and why?
What are the primary elements influencing Electric Power Steering market dynamics? What are the market drivers and challenges for the Electric Power Steering market?
What are the Electric Power Steering market’s business risks and threats?
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