The automotive industry has gone through many phases of improvements in design, power and efficiency in the last few decades. The technology has brought automobiles to perform in any terrains, which were earlier meant only for smooth roads. The selection of correct steering design provides stability and manoeuvrability to vehicle in any terrains.
The steering mechanism is a combination of various linkages which are intended to turn vehicle in minimum radius without over turning it. Unlike conventional steering, the modern electronic power steering comprises of various electronic components which assist to reduce power and provide precision turning. The electronic power steering can improve fuel efficiency and driving experience.
The global electronic power steering market is expected to be valued at US$ 25,234.0 Million in 2022. The electronic power steering market size is set to expand at a 5.2% CAGR during the projection period to US$ 41,893.2 Million by 2032.
Earlier, the electronic power steering was used only in only high-end vehicle or sports utility vehicles (SUVs). In recent years, the reliability of electronic power steering has increased, which in result, has boosted its involvement in almost every categories of vehicle. The modern electronic power steering are much more compact and includes many other controlling features and airbags.
Global Electronic Power Steering Market: Dynamics
The electronic power steering market is basically dependent on the automobile manufacturing sector. Also, research and development activities by various automotive firms is one of the driving factor of the global electronic steering market. Developments of sophisticated and robust steering mechanism is estimated to fuel up the global electronic steering market. Moreover, increasing competition to develop electric, self-driven or auto-pilot enabled vehicles is expected to boost the global market of power steering. Whereas, unavailability of cent percent reliable steering system and failure of electronics of steering are major restraints to global electronic power steering market.
Unlike conventional steering which have constant direct connection of links, development of electronic power steering with no direct contact of links is expected to trend in the forecast market.
Global Electronic Power Steering Market: Region-wise Outlook
The global electronic power steering (EPS) or electric power assisted steering (EPAS) market is segmented into 5 key regions, namely North America, Latin America, Middle East & Africa, Asia-Pacific and Europe. Asia-Pacific is expected to attain high growth rate because of large production of automobiles in this region. Whereas, Europe and North America is expected to have saturated market growth rate due to mature automobile market.
Global Electronic Power Steering Market: Key Players
The major key players in global electronic power steering market includes companies like Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro Mechanical Co. Ltd.
Regional analysis includes:
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg, Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand, Japan)
Middle East and Africa (GCC, S. Africa, N. Africa)
Global Electronic Power Steering Market: Segmentation
The global electronic power steering (EPS) or electric power assisted steering (EPAS) market can be segmented into various categories on the basis of its type and application vehicle.
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Report Highlights:
Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint