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.
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
