Europe Automobile Electric Power Steering Systems Market was valued at USD 10.2 Billion in 2022 and is projected to reach USD 16.3 Billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030.
The European automobile industry has witnessed significant advancements in power steering technology, with the Electric Power Steering (EPS) systems leading the charge. EPS has rapidly gained popularity as a vital innovation that enhances vehicle handling and fuel efficiency while reducing the environmental impact. As the market for Electric Power Steering Systems expands, it becomes essential to understand the application and requirements that various industries, particularly automotive manufacturers, have from these systems.
In the European market, the demand for Electric Power Steering Systems is increasing due to the growing preference for electric vehicles (EVs) and the need for more energy-efficient solutions. Automakers are turning to EPS technology because of its ability to reduce the weight of vehicles and improve overall driving experience. With stringent environmental regulations and an ongoing push for reduced carbon emissions, EPS is becoming a standard feature in both conventional and electric vehicles.
EPS systems are vital for improving steering performance and vehicle stability. These systems use electric motors to assist in steering, eliminating the need for hydraulic systems that require significant power consumption and maintenance. This shift not only boosts fuel efficiency but also contributes to a greener and more sustainable transportation sector. Additionally, with the integration of EPS, the automotive industry is gaining better control over advanced driver-assistance systems (ADAS) such as lane-keeping assist and automated parking, which heavily rely on precise steering control.
One of the most significant requirements from industries is the need for more compact, lightweight, and energy-efficient EPS solutions. The market is also demanding systems that offer higher customization and adaptability, with manufacturers seeking EPS systems that can be tailored to different vehicle types and driving conditions. Furthermore, safety is another critical consideration for the adoption of EPS systems, with industries pushing for advanced technologies that ensure robust performance even in challenging conditions.
The growing demand for electric power steering technology is fueling innovation across Europe, particularly in automotive manufacturing hubs. Industry players are focusing on the development of EPS systems that are not only reliable but also affordable. For instance, EPS systems that offer better energy consumption, minimal weight, and enhanced ease of installation are quickly becoming the preferred choice for automakers. These systems also contribute to vehicle longevity, reducing the need for costly repairs and replacements.
As the Automobile Electric Power Steering Systems Market continues to grow, it is clear that the automotive sector’s future will be shaped by advancements in EPS technology. This shift toward more efficient, lightweight, and environmentally friendly systems promises to change the way vehicles are designed and driven, driving greater adoption of electric vehicles and making them more appealing to the environmentally conscious consumer.
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Bosch
JTEKT Corporation
Nexteer Automotive
NSK
ZF TRW Automotive Holdings Corporation
Advanced Leading Technology Co
ZHEJIANG SHIBAO COMPANY LIMITED
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe Automobile Electric Power Steering Systems Market
Column Electric Power Steering (CEPS)
Rack Electric Power Steering (REPS)
Pinion Electric Power Steering (PES)
Electro-Hydraulic Power Steering (EHPS)
Fully Electric Power Steering (EPS)
Hybrid Electric Power Steering (HEPS)
Steer-by-Wire Systems
Direct Steer Systems
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric Vehicles (EVs)
Hybrid Vehicles
Original Equipment Manufacturers (OEMs)
Aftermarket
Adaptive Steering Systems
Integrated Safety Systems
Performance-Based Steering Assistance
Fuel Efficiency Enhancements
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
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1. Introduction of the Europe Automobile Electric Power Steering Systems Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe Automobile Electric Power Steering Systems Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe Automobile Electric Power Steering Systems Market, By Type
6. Europe Automobile Electric Power Steering Systems Market, By Application
7. Europe Automobile Electric Power Steering Systems Market, By Geography
Europe
Germany
UK
France
8. Europe Automobile Electric Power Steering Systems Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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