The global electronic power steering market is anticipated to reach a valuation of US$ 41,893.2 Million by 2032, with the market growing at a moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is set to reach an estimated US$ 25,234.0 Million.
Increasing security concerns coupled with the surging competition with electronic, self-driving, or autopilot-enabled automobiles will boost the demand for the electronic power steering market during the forecast period.
An upsurge in regulatory standards and commitments connected to fuel-efficient technology, measures implemented by OEMs all around the world to lower the weight and complexity of their cars, and rising global vehicle supply are the major considerations that spur the growth of the electronic power steering market during the projected period.
In addition, rising awareness regarding technologically sophisticated automotive systems and the increasing acceptance of luxury vehicles with ADAS are bolstering the growth of the electronic power steering market. This factor further provides important prospects for market participants to develop their product portfolio and increase their consumer base.
Moreover, benefits associated with the target product such as customizable power, fuel efficiency, excellent steering, minimal pollution, and assisting in reducing vehicle weight facilitate the growth of the target market. Again, the choice of a proper steering design provides vehicle stability and maneuverability in any terrain. Hence, the market for electronic power steering is still expected to grow at a rapid and steady rate of 5.2% during the forecast period.
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“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” says an FMI analyst.
Key Takeaways:
Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
On the basis of end-use, the automotive sector will contribute significantly to the market.
By type, the conventional steering segment will dominate the global marketplace.
The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
The start-ups in this field are keen on product innovations and introducing novel technologies.
Competitive Landscape
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., among others are some of the major players in the electronic power steering market profiled in the full version of the report.
Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.