With a moderate CAGR of 5.2% from 2022 to 2032, the global electronic power steering market demand is projected to reach a value of US$ 41,893.2 Million in 2032. The target market is anticipated to generate US$25,234.0 Million by the end of 2022.
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.
Rising security concerns and intense competition from electronic, self-driving, or autopilot-equipped automobiles will both enhance demand for the electronic power steering market throughout the anticipated period.
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More rules and promises to fuel-efficient technology are being introduced as more automobiles are produced. OEMs all over the world are working to make their vehicles lighter and simpler to drive. The market for electronic power steering, which is predicted to grow, is primarily influenced by these reasons. The market for electronic power steering is expanding, and there is a growing demand for high-end vehicles with ADAS as consumers become more knowledgeable about technologically advanced automotive systems. Market participants have access to a variety of choices for client growth thanks to its functionality.
The benefits the target product offers, such as tunable power, fuel efficiency, superior steering, lower emissions, and assistance with lowering vehicle weight, may cause the target market to grow. The stability and manoeuvrability of a vehicle on any surface may be recovered with the appropriate steering system. Therefore, it is anticipated that the market for electronic power steering would grow during the anticipated period at a brisk and steady rate of 5.2%.
“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.
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Competitive Landscape
Among the leading companies in the electronic power steering market profiled in the full report are 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, and Zhuzhou Elite Electro-Mechanical Co. Ltd.
Leading market participants are concentrating on new investments and product innovation to broaden their product offerings. To acquire a competitive edge, these companies are using strategic merger and acquisition techniques.
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
- Middle East and Africa
- Europe
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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.
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