"Executive Summary Electric Power Steering Market Size and Share Forecast

CAGR Value

Data Bridge Market Research analyses that the electric power steering market would exhibit a CAGR of 7.77% for the forecast period of 2022 to 2029.

With a capable and wide-ranging market research study, Electric Power Steering Market report provides the facts associated with any subject in the field of marketing. This report unearths the common market conditions, trends, preferences, key players, opportunities, geographical analysis and many other parameters that support to drive the business into right direction. With the precise and high-tech information given in the top notch Electric Power Steering Market report, businesses can know about the types of consumers, consumer’s demands and preferences, their perspectives about the product, their buying intentions, their response to particular product, and their varying tastes about the specific product already active in the market.

Electric Power Steering Market research report consists of fundamental, secondary and advanced information allied to the global status and trend, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2022 - 2029. This report conducts study of market drivers, market restraints, opportunities and challenges underneath market overview which provides valuable insights to businesses for taking right moves. Moreover, the report endows with the data and information for actionable, most recent and real-time market insights which make it uncomplicated to take critical business decisions. Market research analysis lends a hand to businesses for the planning of production, product launches, costing, inventory, purchasing and marketing strategies.

Gain clarity on industry shifts, growth areas, and forecasts in our Electric Power Steering Market report. Get your copy:
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Electric Power Steering Market Review

Segments

- By Component: Steering Column, Steering Wheel, Sensors, Electric Motor, Electronic Control Unit (ECU)
- By Type: Column Assist EPS, Pinion Assist EPS, Rack Assist EPS
- By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

The global electric power steering market is segmented based on components, types, and vehicle types. In terms of components, the market is divided into steering column, steering wheel, sensors, electric motor, and electronic control unit (ECU). The type segment includes column assist EPS, pinion assist EPS, and rack assist EPS. Furthermore, the market is also categorized by vehicle types such as passenger cars, light commercial vehicles, and heavy commercial vehicles. These segments help in understanding the diverse aspects of the electric power steering market and cater to the specific needs of different vehicle manufacturers and consumers.

Market Players

- JTEKT Corporation
- Robert Bosch GmbH
- NSK Ltd.
- Nexteer Automotive
- ZF Friedrichshafen AG
- Hitachi Automotive Systems, Ltd.
- Mitsubishi Electric Corporation
- Delphi Technologies
- Mando Corporation
- Thyssenkrupp AG

Key market players in the global electric power steering market include JTEKT Corporation, Robert Bosch GmbH, NSK Ltd., Nexteer Automotive, ZF Friedrichshafen AG, Hitachi Automotive Systems, Ltd., Mitsubishi Electric Corporation, Delphi Technologies, Mando Corporation, and Thyssenkrupp AG. These players are actively involved in product development, partnerships, and mergers to strengthen their market position and expand their product offerings. The competitive landscape of the market is characterized by technological advancements and innovations aimed at improving the efficiency and performance of electric power steering systems.

The global electric power steering market is witnessing growth driven by various factors such as the increasing demand for fuel-efficient vehicles, the growing trend towards vehicle electrification, and the emphasis on enhanced driving experience and safety. Electric power steering systems offer advantages over traditional hydraulic systems, including improved fuel efficiency, reduced maintenance requirements, and enhanced control and responsiveness. These systems are becoming increasingly popular in modern vehicles due to their ability to adapt to different driving conditions and provide a more comfortable and convenient driving experience for consumers.

Market players in the electric power steering industry are focusing on technological advancements and product innovation to stay competitive in the market. Companies are investing in research and development to introduce advanced features such as autonomous driving capabilities, adaptive steering, and predictive analytics to enhance the performance and reliability of electric power steering systems. Additionally, strategic partnerships and collaborations with automakers and technology providers are helping market players expand their customer base and penetrate new market segments.

The passenger car segment is expected to hold a significant share in the global electric power steering market due to the increasing production and sales of passenger vehicles worldwide. The rising consumer preference for advanced safety features, comfort, and convenience in vehicles is driving the adoption of electric power steering systems in passenger cars. Light commercial vehicles and heavy commercial vehicles are also adopting electric power steering systems to improve vehicle handling, reduce driver fatigue, and enhance overall driving experience.

Emerging trends in the electric power steering market include the integration of advanced driver assistance systems (ADAS) with electric power steering systems to enable features such as lane-keeping assist, automatic parking, and collision avoidance. These integrated systems are expected to enhance vehicle safety and performance while paving the way for autonomous driving technologies in the future. Additionally, the shift towards steer-by-wire technology, which eliminates the mechanical connection between the steering wheel and the wheels, is expected to revolutionize the design and functionality of electric power steering systems.

In conclusion, the global electric power steering market is poised for significant growth with advancements in technology, increasing vehicle electrification, and the focus on improving driving dynamics and safety. Market players are anticipated to continue investing in research and development to introduce innovative solutions and expand their presence in the rapidly evolving automotive industry. The collaboration between automakers, suppliers, and technology providers is expected to drive further innovation and integration of electric power steering systems into next-generation vehicles.The global electric power steering market is a dynamic and rapidly evolving industry driven by factors such as the increasing demand for fuel-efficient vehicles, vehicle electrification trends, and the emphasis on enhanced driving experience and safety. Market players are focused on innovation and technological advancements to stay competitive in the market. Collaboration with automakers and technology providers is crucial for expanding customer base and penetrating new market segments. Passenger cars are expected to dominate the market share due to the rising production and sales of passenger vehicles globally, coupled with consumer preferences for advanced safety features and driving comfort. Light commercial vehicles and heavy commercial vehicles are also adopting electric power steering systems to enhance vehicle handling, reduce driver fatigue, and improve the overall driving experience.

The integration of advanced driver assistance systems (ADAS) with electric power steering systems is an emerging trend in the market, enabling features such as lane-keeping assist, automatic parking, and collision avoidance. These integrated systems are anticipated to boost vehicle safety and performance while paving the way for autonomous driving technologies in the future. The shift towards steer-by-wire technology is also expected to revolutionize the design and functionality of electric power steering systems by eliminating the mechanical connection between the steering wheel and the wheels, leading to more innovative and efficient steering solutions.

Overall, the global electric power steering market is on track for substantial growth with advancements in technology, the rise of vehicle electrification, and the continuous focus on enhancing driving dynamics and safety. Market players are likely to continue investing in research and development to introduce cutting-edge solutions and expand their foothold in the competitive automotive sector. Collaboration among key industry players is essential for further innovation and the seamless integration of electric power steering systems into the next generation of vehicles, shaping the future of automotive technology and driving experiences.

Uncover the company’s portion of market ownership
https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market/companies

Structured Market Research Questions for Electric Power Steering Market

• • • What is the competitive positioning of leading brands?

• • • What export regulations affect the Electric Power Steering Market?

• • • What is the market share by sales channel (retail, online)?

• • • How are consumer expectations evolving?

• • • What product attributes are most valued?

• • • Which regions face supply chain constraints?

• • • What funding trends are visible in this Electric Power Steering Market?

• • • How do regional taxes affect pricing?

• • • What are the projected risks in the Electric Power Steering Market?

• • • What collaborations exist between public and private sectors?

• • • What role does influencer marketing play in Electric Power Steering Market?

• • • How do cultural factors impact Electric Power Steering Market trends?

• • • How is the resale or second-hand Electric Power Steering Market performing?

• • • What’s the churn rate in consumer loyalty?

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