IMARC Group's report titled "Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032", The global electric power steering market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-power-steering-market/requestsample
Factors Affecting the Growth of the Electric Power Steering Industry:
- Regulatory Push for Fuel Efficiency and Emission Standards:
The implementation of stringent fuel efficiency and emissions regulations around the world is bolstering the market growth. Governing bodies in many countries are implementing stricter measures to reduce vehicular emissions and enhance fuel economy. Electric power steering (EPS) systems, which replace traditional hydraulic steering systems, contribute to these goals by reducing the load on the engine and thereby decreasing fuel utilization and emissions. EPS systems are favored by automotive manufacturers as they offer an effective way to comply with these regulations while also enhancing vehicle performance and drivability.
- Advancements in Automotive Technology:
Modern vehicles are equipped with advanced driver-assistance systems (ADAS) and autonomous features, which require precise and adaptable steering mechanisms. EPS provides these capabilities, facilitating greater integration with electronic systems for enhanced control and safety features. The shift towards autonomous and semi-autonomous vehicles particularly underscores the importance of EPS, as these vehicles rely heavily on electronic systems for navigation and maneuvering. Additionally, innovations in motor and sensor technologies are leading to improvements in EPS systems, making them more compact, reliable, and efficient, thus broadening their applications in various vehicle types, including electric and hybrid vehicles.
- Demand for Enhanced Driving Comfort and Safety:
Individual preferences are shifting towards vehicles that not only offer reliability and fuel efficiency but also enhanced driving comfort and safety. EPS systems contribute to these aspects by providing smoother and more responsive steering control, which improves the overall driving experience. Moreover, EPS enhances safety by integrating with stability control systems and providing active steering assist, which can automatically correct the steering angle in critical situations to prevent accidents. The growing awareness about vehicle safety features and the comfort offered by EPS among the masses is encouraging manufacturers to adopt this technology.
Leading Companies Operating in the Global Electric Power Steering Industry:
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.
Global Electric Power Steering Market Trends:
The development of lightweight EPS systems, which aligns with the broader shift of the automotive industry towards weight reduction for enhanced fuel efficiency and performance, is offering a favorable market outlook. Manufacturers are innovating with advanced materials and compact designs to reduce the weight of EPS components without compromising functionality.
Additionally, there is a focus on the customization of EPS systems to cater to varying individual preferences across different vehicle segments. This customization involves adjustable steering modes, which can alter steering response according to driving conditions or driver preferences, enhancing user experience and vehicle differentiation.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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