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:
Maximize Market Research (MMR) conducts an in-depth analysis of the global Electric Power Steering Market, examining each sector and taking into account both global and regional trends. The report ensures a balanced market overview by extensively covering the primary drivers and significant restraints. To offer readers a comprehensive understanding of the Electric Power Steering Market, the report is organized into distinct sections, encompassing Products, Applications, Retailers, and Regions. Furthermore, the report provides long-term industry forecasts for the global Electric Power Steering Market, allowing for informed decision-making.
Electric Power Steering Market Scope
This report provides an extensive analysis of the Electric Power Steering Market, encompassing its presence at country, regional, and global levels. The regional analysis offers insights into the Electric Power Steering Market’s penetration, competitive landscape, and demand dynamics at the local, regional, and global scales. The data utilized in this analysis is obtained through a combination of primary and secondary research methods. The primary research methods involve surveys, telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals. Secondary data, sourced from reliable and selected references, includes official databases from various organizations, industry journals, white papers, and annual reports, ensuring the reliability of the obtained insights.
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.
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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.
Commercial vehicles held the largest market share in 2021, depending on the application. The application segment (CV) includes both Commercial Vehicles and Passenger Cars. Over the projected period, the category for commercial vehicles is anticipated to grow at the quickest rate. The main element fueling this segment’s growth is the increase in building and e-commerce operations on a global scale. Commercial vehicles need electric power steering because of things including careless infrastructure and rural development spending, rigorous regulatory standards for truck length and weight limits, and market growth.
1 Global Electric Power Steering Market, Type (2021-2029)
• Rack assist type (REPS)
• Colum assist type (CEPS)
• Pinion assist type (PEPS)
2 Global Electric Power Steering Market, Mechanism (2021-2029)
• Rigid
• Collapsible
3 Global Electric Power Steering Market, Application (2021-2029)
• Passenger Cars (PC)
• Commercial Vehicles (CV)
4 Global Electric Power Steering Market, Components (2021-2029)
• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing
5 Global Electric Power Steering Market, Electric Motor (2021-2029)
• Brush motor
• Brushless motor
6 Global Electric Power Steering Market, Off Highway Application (2021-2029)
•Construction equipment
• Agricultural equipment
7 Global Electric Power Steering Market, by Region (2021-2029)
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Electric Power Steering Market Key Players are:
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)
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Regional Analysis
The report offers a comprehensive analysis of the growth pattern of the global Electric Power Steering Market, providing detailed insights into its trajectory. It focuses on the most influential regions in the Electric Power Steering Market, including North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa, which collectively have a global impact. The forecast of the Electric Power Steering Market for each country incorporates significant indicators such as consumption quantities, manufacturing sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and value chain analysis. These indicators play a vital role in understanding the market dynamics and predicting its future trends.
Key Questions answered in the Electric Power Steering Market Report are:
What is the Electric Power Steering Market?
What is the forecast period of the Electric Power Steering Market?
What is the competitive scenario of the Electric Power Steering Market?
Which region held the largest market share in the Electric Power Steering Market?
What are the opportunities for the Electric Power Steering Market?
What are the restraining factors in the Electric Power Steering Market?
Who are the key players of the Electric Power Steering Market?
Key offerings:
Market Share, Size, and Forecast by Revenue|2022-2029
Market Dynamics- Growth Drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation: A detailed analysis of Electric Power Steering Market
Landscape- Leading key players and other prominent key players.
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