The global electronic power steering market growth is anticipated to reach a valuation of US$ 41,893.2 Million in 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.
The demand for the electronic power steering market will increase during the forecast period due to rising security concerns as well as fierce rivalry from electronic, self-driving, or autopilot-equipped vehicles.
The main factors driving the growth of the electronic power steering market during the anticipated period are an increase in regulatory standards and commitments related to fuel-efficient technology, actions taken by OEMs globally to reduce the weight and complexity of their vehicles, and rising global vehicle supply.
Download Sample Copy:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1962
The market for electronic power steering is also expanding as a result of rising knowledge of technologically advanced automotive systems and rising acceptance of luxury vehicles equipped with ADAS. Additionally, this element offers significant opportunities for market players to expand their customer base and diversify their product offering.
The target market can expand thanks to benefits associated with the target product, such as customizable power, fuel economy, excellent steering, minimal pollution, and helping to reduce vehicle weight. Once more, selecting the right steering design gives a car stability and maneuverability on any surface. Thus, it is anticipated that the market for electronic power steering will continue to expand at a quick and steady rate of 5.2% over the course of the forecast term.
“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.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-1962
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.
Global Electronic Power Steering Market: Segmentation
By EPS type:
- Column Assisted Electronic Power Steering(C-EPS)
- Pinion Assisted Electronic Power Steering (P-EPS)
- Rack Assisted Electronic Power Steering system (R-EPS)
- Electronic Hydraulic Electronic Power Steering (EHPS)
By Vehicle Application:
- Light Motor Vehicles (LMV)
- Passenger Cars
- Heavy Motor Vehicles (HMV)
- Agricultural Tractors
- Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-1962
More Insights into Electronic Power Steering Market Report
In its latest report, FMI offers an unbiased analysis of the global electronic power steering market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of electronic power steering (EPS) type (column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted electronic power steering (R-EPS), electronic hydraulic electronic power steering (EHPS)), application (light motor vehicles (LMV), passenger cars, heavy motor vehicles (HMV), agricultural tractors, special utility vehicles (cranes, sports cars, earth moving, military vehicles)), and region.
According to the latest FMI reports, based on segmentation, the automotive sector will dominate the global electronic power steering market as an end-user. In terms of type, the conventional steering segment is continuously enhanced due to the transforming dynamics of the sector and many updates are made to this due to the introduction of self-driving cars.
Based on region, the electronic power steering market in the Asia Pacific region will present substantial growth during 2022-2032. The target market in this region will expand at a robust CAGR of 8%. Owing to the presence of high-volume markets and escalating adoption of electronic and fuel-efficient technologies in commercial vehicles, the target market will observe high demand in this region. Apart from Asia Pacific, Europe is anticipated to demonstrate notable growth in the electronic power steering market during the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
