"In-Depth Study on Executive Summary Electric Power Steering Market Size and Share

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.

As the high quality Electric Power Steering Market survey report has precise and accurate analysis of market trends, future developments, market segments and competitive analysis which suits the needs of all sizes of businesses. This market research report is one of the best and wide-ranging market reports which provide market insights by considering number of factors. The first class Electric Power Steering Market business report highlights CAGR value fluctuation during the forecast period of 2023-2030, historic data, current market trends, market environment, technological innovation, upcoming technologies and the technical progress in the related industry.

The data included in Electric Power Steering Market report is mainly plotted in the form of graphs, charts and tables which makes it easy to understand facts and figures about the market. This report makes available the pertinent information about certain niche and saves lot of time which may otherwise need for decision making. Global market research report also identifies, analyses, and estimates the up-and-coming trends along with major drivers, challenges and opportunities in the industry. Further, analysis of vendors, geographical regions, types, and applications has been carried out here. The winning Electric Power Steering Market report is presented with full commitment and best possible service depending upon business requirements.

Uncover strategic insights and future opportunities in the Electric Power Steering Market. Access the complete report: https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market

Electric Power Steering Market Landscape

**Segments**

- **By Component**: Electric Motor, Sensor, Steering Column, Electronic Control Unit (ECU), Others
- **By Type**: Column Assist Type EPS, Pinion Assist Type EPS, Dual Pinion Assist Type EPS, Rack Assist Type EPS
- **By Vehicle Type**: Passenger Cars, Commercial Vehicles
- **By Sales Channel**: Original Equipment Manufacturer (OEM), Aftermarket

Electric Power Steering (EPS) systems have become increasingly prevalent in the automotive industry due to their efficiency, compact design, and improved fuel economy. The market can be segmented by component, type, vehicle type, and sales channel. In terms of components, the market is divided into electric motors, sensors, steering columns, electronic control units (ECU), and others. Different types of EPS systems include column assist type EPS, pinion assist type EPS, dual pinion assist type EPS, and rack assist type EPS. By vehicle type, the market caters to passenger cars and commercial vehicles. Additionally, the sales channels for EPS systems include OEMs and the aftermarket.

**Market Players**

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

The global electric power steering market is highly competitive and is characterized by the presence of several key players. JTEKT Corporation, NSK Ltd., Nexteer Automotive, ZF Friedrichshafen AG, Robert Bosch GmbH, Mitsubishi Electric Corporation, Hitachi Automotive Systems, Ltd., Delphi Technologies, Thyssenkrupp, and Showa Corporation are some of the prominent companies operating in the market. These players focus on innovative product developments, strategic partnerships, and mergers and acquisitions to enhance their market presence and gain a competitive edge in the industry.

The global electric power steering market is witnessing significant growth as automotive manufacturers continue to adopt EPS systems for their vehicles. The shift towards EPS is driven by the increased focus on fuel efficiency, vehicle performance, and overall driving experience. With advancements in technology, EPS systems offer improved responsiveness, enhanced steering control, and reduced energy consumption compared to traditional hydraulic power steering systems.

One of the key trends shaping the market is the growing demand for electric motors in EPS systems. Electric motors play a crucial role in converting electrical energy into mechanical energy to assist in steering, thereby reducing the effort required by the driver. The increasing preference for compact and lightweight electric motors with higher power output is driving innovation in the market. Furthermore, the integration of sensors in EPS systems enables real-time monitoring of steering inputs, vehicle speed, and road conditions to deliver precise and adaptive steering assistance.

In terms of vehicle type segmentation, passenger cars dominate the market due to the rising production and sales of passenger vehicles worldwide. The automotive industry's focus on enhancing driver comfort, safety, and performance in passenger cars has led to the widespread adoption of EPS systems. Commercial vehicles are also increasingly incorporating EPS systems to improve maneuverability, reduce maintenance costs, and enhance overall fleet efficiency. The demand for EPS in commercial vehicles is driven by the need for advanced steering technologies to cater to urban logistics and long-haul transportation.

The aftermarket segment is gaining traction in the electric power steering market as vehicle owners seek replacement or upgrade options for their existing steering systems. Aftermarket suppliers offer a wide range of EPS components and kits that can be retrofitted into various vehicle models, providing cost-effective solutions for consumers. OEMs continue to be a significant sales channel for EPS systems, as automotive manufacturers integrate these advanced steering technologies into their new vehicle models to meet regulatory standards and consumer preferences.

In conclusion, the electric power steering market is poised for steady growth with ongoing technological advancements, increasing vehicle production, and the focus on automotive safety and performance. The competition among key players in the market is driving innovation and strategic alliances to capitalize on the expanding opportunities in the automotive sector. As consumer demand for efficient and sustainable steering solutions continues to rise, the electric power steering market is set to evolve with cutting-edge technologies and tailored solutions for diverse vehicle applications.The electric power steering market is experiencing notable growth, driven by the automotive industry's inclination towards EPS systems to enhance fuel efficiency, vehicle performance, and driving experience. Manufacturers are increasingly adopting EPS systems due to their compact design, improved fuel economy, and efficiency compared to traditional hydraulic power steering systems. This market segment can be further analyzed by considering the technological advancements related to electric motors and sensors within EPS systems. The integration of advanced sensors enables real-time monitoring of steering inputs, vehicle speed, and road conditions, contributing to precise and adaptive steering assistance. Electric motors are pivotal in converting electrical energy into mechanical energy for steering assistance, leading to reduced driver effort and improved overall driving experience. The demand for compact, lightweight electric motors with enhanced power output is fueling innovation in this segment.

Moreover, the segmentation by vehicle type reveals interesting trends within the market. Passenger cars dominate the market due to the increasing production and sales of such vehicles globally. The focus on driver comfort, safety, and performance in passenger cars has accelerated the adoption of EPS systems. Similarly, commercial vehicles are incorporating EPS systems to enhance maneuverability, reduce maintenance costs, and improve overall fleet efficiency. The need for advanced steering technologies in commercial vehicles to address urban logistics and long-haul transportation requirements is propelling the demand for EPS systems in this segment.

Additionally, the aftermarket segment is gaining traction in the electric power steering market as it offers replacement and upgrade options for existing steering systems. Aftermarket suppliers provide a range of EPS components and kits that can be retrofitted into various vehicle models, presenting cost-effective solutions for consumers looking to enhance their vehicle's steering capabilities. Original Equipment Manufacturers (OEMs) remain a significant sales channel for EPS systems, as they integrate these advanced technologies into new vehicle models to comply with regulations and meet consumer preferences.

In conclusion, the electric power steering market is poised for continual growth due to ongoing technological advancements, the increasing focus on automotive safety and performance, and rising consumer demand for efficient steering solutions. The competition among key market players is fostering innovation and strategic collaborations to leverage the expanding opportunities in the automotive sector. As the market evolves with cutting-edge technologies and tailored solutions for diverse vehicle applications, it is essential for stakeholders to stay abreast of emerging trends and customer preferences to capitalize on the dynamic landscape of the electric power steering market.

View comprehensive company market share data
https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market/companies

Global Electric Power Steering Market: Strategic Question Framework

• What is the size of the Electric Power Steering Market as per the latest findings?
• What is the anticipated CAGR over the forecast period?
• Which main sectors are included in the market segmentation?
• Who are the influential names in the Electric Power Steering Market industry?
• Have any recent products or technologies been introduced?
• What country-wise data is presented in the Electric Power Steering Market study?
• Which region has the highest momentum in growth?
• Which country is likely to lead the Electric Power Steering Market by 2032?
• What part of the globe accounts for the biggest Electric Power Steering Market value?
• Which country will see the strongest CAGR trajectory?

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