The 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:
This Electric Power Steering Market study looks at current and emerging industry trends and dynamics in the global Electric Power Steering Market. Porous Silicon Substrates Extensive Market forecasting for the major Market segments is carried out between 2021 and 2027. Extensive Electric Power Steering Market analysis is carried out by closely monitoring key product positions and the main competitors in the Market framework. To understand the competitive landscape of the worldwide Electric Power Steering Market, key players are profiled and their strategies are thoroughly evaluated.
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Market Scope:
The analysis contains a current examination of the present Electric Power Steering Market landscape, as well as the most recent trends and drivers, as well as an overview of the entire Electric Power Steering Market environment. Increased demand for Porous Silicon Substrates is driving the Market. The Market research examines the technology, end-user, and type categories, among other things, as well as the geographical landscape.
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.
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.
The Electric Power Steering Market is divided into Application Rigid and Collapsible based on Mechanism. The largest market shear in 2021 was in the collapsible market. The rapid technological development in the automotive sector has recently caused a significant shift in the market for automobile collapsible steering columns. Because of the advancement of power steering, people have been exposed to steering technology. This technology is not only more sophisticated technologically than traditional manual steering systems, but it is also more responsive and increases fuel efficiency.
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.
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Segmentation:
The Market research report provides comprehensive quantitative insights that provide a clear picture of the worldwide Market potential in a variety of categories, as well as country-by-country analyses in each covered topic. The analysis investigates the Market’s major influencing factors, as well as complete company profiles of
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)
Regional Analysis:
Individual Market influencing variables and changes in Market laws that impact present and future Market trends are also included in the regional segment of the Market study. Data points such as downstream and upstream value chain analysis, technology trends, Porter’s five forces analysis, and case studies are just a few of the indicators utilized to anticipate Market scenarios for various industries. When examining projection data for the region, the existence and availability of global players, as well as the obstacles they face as a result of substantial or low to none competition from local and domestic brands, are all taken into account.
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COVID-19 Impact Analysis on Electric Power Steering Market:
The COVID-19 epidemic has had a significant impact on the global Porous Silicon Substrates industry. Porous Silicon Substrates Production facilities were halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Market to decelerate in 2020. The negative impact of COVID-19 on the Market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2021, owing to increased demand for Porous Silicon Substrates.
Key Questions Answered in the Electric Power Steering Market Report are:
- Which segment was responsible for the largest share of the Electric Power Steering Market?
- How was the competitive scenario of the Market in 2020?
- Which are the key factors responsible for the Market growth?
- Which region held the maximum share of the Electric Power Steering Market in 2020?
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