Electric Power Steering Market

Global Electric Power Steering Market Size (2023 to 2028)

The global electric power steering market is expected to be valued at USD 27.72 billion in 2023 and is predicted to reach a valuation of USD 36.06 billion by 2028, growing at a CAGR of 5.40% from 2023 to 2028.

The steering system is a blend of different linkages that are proposed to turn the vehicle in the least span without overturning it. In contrast to ordinary steering, cutting-edge electronic force steering contains different electronic segments that help to diminish the power and give exact turning. The electronic power steering can improve eco-friendliness and driving experience.

The global Electric Power Steering market is driven essentially by the components, for example, expanding requests for automated driving vehicles and the need for green conditions. In addition, rising ventures towards research and development for new advances are evaluated to infiltrate the market development in different nations during the conjecture time frame. The reception of electric power steering frameworks in commercial vehicles is likewise expected to check a tremendous development in the power steering frameworks during the foreseen time.

The expanding worldwide populace and a rise in the public's per capita pay are animating the popularity of well-equipped vehicles. This, thus, is bringing about the fast development of the Global Electric Power Steering Market. Likewise, pressure on vehicle makers around the globe has been expanding to embrace innovative arrangements that fulfill energy effectiveness guidelines, which are foreseen to additionally help the global electric power steering market size in the outlook period. Also, the consistent development in the vehicle division in quickly developing economies like Asia and Latin America is further pushing the global market growth.

Despite what might be expected, when contrasted with the regular steering frameworks, the electric power steering frameworks are exorbitant. Likewise, it is seen that such frameworks do not have a steering feel, which could be a couple of the major limiting elements in the development of this market in the coming years.

REPORT COVERAGE:

This research report on the global electric power steering market has been segmented and sub-segmented into the following categories.  

Global Electric Power Steering Market - By Type:

• C-EPS
• P-EPS
• R-EPS 

The Worldwide Electric Power Steering Market for the C-EPS fragment is foreseen to be the biggest over the assessed period. The frameworks are perfect for compact and little vehicles with a little motor compartment.

Global Electric Power Steering Market - By Component:

• Steering Column
• Steering Wheel
• Sensors
• Electronic Control Unit
• Electric Motor
• Bearings Wheat

The Worldwide Electric Power Steering Market for the Sensor is foreseen to be the quickest developing during the calculated time frame. In the Electric power steering framework, the vehicle speed sensor furnishes the electronic control unit with data about the vehicle's speed. The market for non-contact torque sensors is relied upon to have potential development over the estimated time frame.

Global Electric Power Steering Market  - By Vehicle Type:

• Passenger Car
• Medium & Heavy Commercial Vehicles
• Light Commercial Vehicles
• Off-the-Road Vehicles 

The global Electric Power Steering market for Passenger Cars fragment is foreseen to be most significant during the projection period. The electric power steering business sector has its quality passenger vehicles, from little passenger vehicles to SUVs and pickup trucks, relied upon to develop further over the estimated time frame as car manufacturing keeps on expanding everywhere throughout the world.

Global Electric Power Steering Market - By Mechanism:

• Collapsible EPS
• Rigid EPS

The Collapsible EPS section is foreseen to be the biggest in the global business and also the quickest developing over the evaluated time due to its favorable circumstances over the rigid steering column mechanism.

Global Electric Power Steering Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America is additionally foreseen to hold a significant share in 2019 at 38.2% because of rising interest in autonomous vehicles and ventures in research and development strategies. Starting in 2019, the area represents a main portion of 38.2% in the field of electric power steering frameworks. Substantial speculation towards innovation headway and government activities has helped the APAC market to develop at a fast rate. Key players like JTEKT Corporation and Hyundai Mobis Co. Ltd have contributed to a significant piece of the overall industry in the APAC area. Therefore, with expanding interest in the vehicle industry, embracing the electric power steering framework is going to be a significant driver for the electric steering business. Europe is relied upon to have a roaring development rate because of the mature vehicle market. APAC is foreseen to have significant development in the worldwide Electric Power Steering market over the forecast period.

KEY MARKET PLAYERS:

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. Are playing a dominant role in the global electric power steering market.

RECENT HAPPENINGS IN THE MARKET:

• The earlier ZF Steering Systems GmbH is now being called Robert Bosch Automotive Steering GmbH.
• Bosch presents electric Power Steering with a new degree of security. The electric force steering from Bosch empowers a free comeback to negligible hazard conditions with 50 percent help from electric steering through a fallback arrangement.
• The Electronic Device Group of Mitsubishi Electric and Electronics USA, Inc., presented amazing "7600 Series" 8-bit, "M16C" 16-bit, and "M32R/E" 32-bit controller area network (CAN) MCUs for the North American vehicle market. Concentrated on security, solace, and comfort, Mitsubishi's CAN MCUs give superior energy effectiveness and highlight rich knowledge for key vehicle frameworks, for example, airbag/tenant detecting, electronic power steering (EPS), anti-lock brake system (ABS), powertrain, and body control applications.
• ZF has propelled its first section drive steering framework in the US market, carrying with it the numerous preferences of electric steering advancements to US shoppers.