Electric Power Steering Market to Hit USD 38.17 Bn and Emergent at Growth Rate of 9.2 percent by 2029 Competitive Landscape, New Market Opportunities, Trends and Growth Hubs.

December 07 02:48 2022
Electric Power Steering Market to Hit USD 38.17 Bn and Emergent at Growth Rate of 9.2 percent by 2029 Competitive Landscape, New Market Opportunities, Trends and Growth Hubs.
Electric Power Steering Market
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.

Pune, 06, Dec2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for “Electric Power Steering Market” was USD 24.5 Bn in 2021 and is expected to grow at CAGR of 5.7% over the forecast period to reach USD 38.17 Bn by 2029.

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Electric Power Steering Market Scope and Research Methodology

The Electric Power Steering (EPS) system uses an electric motor, instead of a pump, to steer the wheel. The usage of the pump continually places a load on the engine, in turn, affecting the fuel consumption and performance of the vehicle. The automotive electric power steering (eps) market is segmented by type (column type, pinion type, and dual pinion type), by mechanism( Rigid, Collapsible), by application( Passenger Cars, Commercial vehicles) and by geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).For each segment, market sizing and forecast have been done on basis of a value (in USD billion).

Collection of data involves both primary and secondary methods. In which Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. And Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. 

SWOT analysis was conducted to provide the strengths and weaknesses of Electric Power steering market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the electric power steering Market. Thus the report provides a detailed overview of the electric power steering Market.

Electric Power steering Market Overview.

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 main driver driving the global Electric Power Steering Market is the rapid population growth, which has increased demand for both luxury and non-premium cars in all major economies. Macroeconomic reasons such as increasing urbanization and industrial activity, as well as an improvement in living standards and an increase in demand for luxury and comfort in automobiles globally, are all contributing to the need for electric power steering. .

Governments all around the world are adopting laws and regulations to regulate the fuel economy. Due to their superior energy efficiency and lack of a power steering pump, hoses, hydraulic fluids, drive belt, and pulley on the engine, electric power steering systems have become increasingly popular as a result of these restrictions. Electric power steering vehicle driving experience restricts the market growth. Compared to hydraulic steering systems, electric power steering systems are lighter, which will appeal to drivers and create new opportunities in the future.

Electric Power steering Market Dynamics

Governments are concentrating on enforcing strict safety regulations and encouraging the adoption of various car subsystems since accident rates are still higher in some developing countries. Automated lateral control technologies like ALC are built on the base of fundamental steering. These concerns are motivating automakers to include a number of safety-enhancing features in their vehicles. Modern cars may now be found with cutting-edge security and safety measures. Consumers are now more interested in choosing automobiles that are outfitted with improved safety systems as a result of their increased concern for safety systems and technology

Tesla is becoming more well-known in the autonomous vehicle market as a result of its switch to steer-by-wire systems, which do away with the need for mechanical linkages in a steering system. This makes using electrical or electro-mechanical steering systems more advantageous

Electric Power steering Market Regional Insights

The Asia Pacific region dominated the market with a 50 % share in 2021. The Asia Pacific region is expected to have significant growth at a CAGR of 50% during the forecast period. China, India, Japan, South Korea, and the rest of APAC make up APAC. One of the key factors propelling the automotive electric steering system market in the region is the existence of a robust automotive sector and the rise in the number of passenger car and commercial vehicle manufacturers. 

However, Thailand is South East Asia’s top producer of automobiles. The Thai government declared in February 2022 that it will provide subsidies ranging from $1911 to $4097, depending on the make and model of the car, to promote domestic production and supply of electric vehicles between 2022 and 2025. 

Electric Power steering Market Segmentation 

By Type

  • Rack assist type (REPS)
  • Colum assist type (CEPS)
  • Pinion assist type (PEPS)

By Mechanism

  • Rigid
  • Collapsible

By Application

  • Passenger Cars (PC)
  • Commercial Vehicles (CV)

Electric Power steering Market Key Manufacturers include:

  • 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

Key questions answered in the Electric Power steering Market are: 

  • What was the market size of the Electric Power steering Market in 2021? 
  • What are the key factors driving the Electric Power steering Market? 
  • What is the expected growth of Electric Power steering Market in 2022? 
  • What are COVID-19 impact on Electric Power steering Market?
  • What are the key region in the global Electric Power steering Market?
  • What are the factors affecting growth in the Electric Power steering Market? 
  • Who held the largest market share in Electric Power steering Market? 
  • Who are the key players in the global Electric Power steering Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Types, Mechanism and Application.
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:

Off-Highway Electric Vehicle Market: Off-Highway Electric Vehicle Market was valued at USD 4.45 Billion in 2021, and is expected to reach USD 40.28 Billion by 2029, exhibiting a CAGR of 31.7 % during the forecast period (2022-2029). Government across the globe are giving subsidies and tax rebate programs to promote the adoption of off-highway electric vehicles. Environmental and sustainability objectives drive electric vehicle market.

Motorhome Vehicle Market: The Motorhome Vehicle Market size was valued at USD 32.80 Bn. in 2021 and the total Motorhome Vehicle revenue is expected to grow at a CAGR of 8.4% from 2022 to 2029, reaching nearly USD 62.53 Bn. The growing trend of weekend trips or travel with big passenger groups due to hectic schedules is increasing demand for motorhome vehicle rental services. Thus, the increase in vehicle rental services is expected to boost the motorhome vehicle market growth

Low-Speed Vehicle Market– The market size was valued at USD 9.02 Bn. in 2021 and the total market is expected to grow at 8.4% of CAGR through 2022 to 2029, reach USD 17.20 Bn. The report covers more investment M&A and JVs and new development in low-speed vehicles by region and a new strategy for market expansion covered in the report.

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