Electric Power Steering Market : size was valued at US$ 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly US$ 38.17 Bn.

Electric Power Steering Market Overview:

The most recent control unit generation also provides security in the event of a mistake. Electric Power Steering Market The electric interface enables highly autonomous driving with the highest level of security up to SAE-Level 4. Due to these factors, the market for electric power is Rapid population expansion is the main factor propelling the worldwide electric power steering market, increasing demand for both luxury and non-premium vehicles in all major economies. Electric power steering is necessary for a number of macroeconomic factors, including growing urbanization and industrial activity, rising living standards, and a growing desire for luxury and comfort in cars worldwide.



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Market Scope :

Accidents have become more frequent, which has prompted end users to adopt better safety precautions. Thanks to improvements in road and vehicle design, accident and death rates have steadily declined in all first-world countries. Since accident rates are still higher in some developing nations, governments are focusing on enforcing rigorous safety standards and promoting the adoption of various automotive subsystems.

Segmentation:

by Type

1. Rack assist type (REPS)
2. Colum assist type (CEPS)
3. Pinion assist type (PEPS)

In 2021, the Rack assist type (REPS) segment of the electric power steering market retained the majority of market share.
The term "steering rack" refers to a set of rack and pinion gears connected to both front wheels. When we turn the steering wheel, the rack and pinion gears turn, shifting the car's wheels to the left or right and giving us control of the car. The word "power" is short for "power-assisted." It offers extra assistance that makes it easier for us to turn the steering rack and steer our car. The use of the word "electric" denotes the steering rack's incorporation of electronics as a source of additional power. With the exception that it adds electricity, an electric power steering rack is essentially similar to any other steering rack.


by Mechanism

1. Rigid
2. Collapsible

The market for Automobile Collapsible Steering Columns has lately seen profound change as a result of the automotive industry's fast technological advancement. People have been exposed to steering technology because of the development of power steering. When compared to conventional manual steering systems, this technology is not only more advanced technologically but also more responsive and improves fuel efficiency.

by Application

1. Passenger Cars (PC)
2. Commercial Vehicles (CV)

Commercial vehicles held the largest market share in 2021 when categorize by application type. The application segment (CV) includes both Commercial Vehicles and Passenger Cars. Over the projected period, the category for commercial vehicles is anticipated to grow at the quickest rate. The main element fueling this segment's growth is the increase in building and e-commerce operations on a global scale. Commercial vehicles need electric power steering because of things including careless infrastructure and rural development spending, rigorous regulatory standards for truck length and weight limits, and market growth.


by Components

1. Steering column
2. Sensors
3. Steering gear
4. Mechanical rack and pinion
5. Electronic control unit
6. Electric motor
7. Bearing


by Electric Motor

1. Brush motor
2. Brushless motor


by Off Highway Application

1. Construction equipment
2. Agricultural equipment

Electric Power Steering Market : Research Methodology
Electric Power Steering Market : Executive Summary
Market Overview and Definitions
Introduction to Electric Power Steering Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
Electric Power Steering Market : Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
Electric Power Steering Market Segmentation
Electric Power Steering Market , by Type (2021-2029)
Electric Power Steering Market , by Mechanism (2021-2029)
Electric Power Steering Market , by Application (2021-2029)
Electric Power Steering Market , by Components (2021-2029)
Electric Power Steering Market , by Electric Motor (2021-2029)
Electric Power Steering Market , by Off Highway Application (2021-2029)
Regional Electric Power Steering Market (2021-2029)
Regional Electric Power Steering Market , by Type (2021-2029)
Regional Electric Power Steering Market , by Mechanism (2021-2029)
Regional Electric Power Steering Market , by Application (2021-2029)
Regional Electric Power Steering Market , by Components (2021-2029)
Regional Electric Power Steering Market ,by Electric Motor (2021-2029)
Regional Electric Power Steering Market , by Off Highway Application (2021-2029)
Regional Electric Power Steering Market , by Country (2021-2029)
Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Players:

1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)
11. TRIDEC (Germany)
12. Infineon Technologies (Germany)
13. GKN Automotive Limited (UK)
14. Delphi Technologies (UK)
15. China Automotive Systems, Inc. (China)
16. Zhejiang Shibao Company Limited (China)
17. Hyundai Mobis (South Korea)
18. Mando Corp. (South Korea)
19. Global Steering Systems (US)
20. Tenneco (US)
21. Nexteer Automotive (US)
22. Maval Industries LLC (US)
23. Danfoss (Denmark)
24. STMicroelectronics (Switzerland)

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Regional Analysis:

The Asia Pacific region dominated the market with a 50 % share in 2021. The Asia Pacific region is expected to witness significant growth at a CAGR of 50% through the forecast period. China, India, Japan, South Korea, and the rest of APAC make up APAC. APAC's economy is doing well as a result of numerous technological and infrastructure advancements. It boasts a strong automotive industry, which is bolstered by the expansion of the car manufacturing sector in countries like India and China.

COVID-19 Impact Analysis on Electric Power Steering Market : In addition, the paper evaluates the influence of COVID-19 on the Electric Power Steering Market . The primary goal of this research is to assist users in understanding the market in terms of definition, segmentation, market potential, important trends, and challenges that the industry faces across major regions. The study presents a microeconomic and macroeconomic analysis of COVID-19's overall impact on the Electric Power Steering Market .

Key Questions Answered in the Electric Power Steering Market Report are:

1. Which region has the largest share in Electric Power Steering Market ?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Electric Power Steering Market ?
Ans: The Electric Power Steering Market is growing at a CAGR of 7.5% during forecasting period 2023-2029.

3. What is scope of the Electric Power Steering Market report?
Ans: Electric Power Steering Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Electric Power Steering Market ?
Ans: The important key players in the Electric Power Steering Market are – ALE International, ALE USA Inc.SubCom, LLC,Prysmian S.p.A,Google LLC,Amazon.com, Inc.,NKT A/S,ZTT.

5. What is the study period of this Market?
Ans: The Electric Power Steering Market is studied from 2022 to 2029.

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