Electric Power Steering Market Overview

Maximize Market Research, a Electric Power Steering business research firm has published a report on the “Electric Power Steering Market”. Which provides Industry Analysis (Market Performance, Segments, Price Analysis, and Outlook).

Expected Revenue Growth:

 Global Electric Power Steering Market size was valued at USD 27.37 Bn. in 2023 and the total Electric Power Steering revenue is expected to grow by 5.7 % from 2024 to 2030, reaching nearly USD 40.35 Bn.

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Electric Power Steering Market Report Scope and Research Methodology

The scope of the Electric Power Steering market analysis encompasses diverse factors, including geographical regions, industry segments, traveller types, and travel service offerings. Research methodologies integrate primary and secondary data collection, employing surveys, interviews, and analysis of industry reports and databases. Assessing the Electric Power Steering market scope involves examining the volume and value of business travel transactions, covering expenditures on transportation, accommodation, dining, and ancillary services. Methodologies aim to identify key trends, challenges, and opportunities influencing the market landscape. This comprehensive approach provides valuable insights for strategic decision-making, aiding businesses in navigating the complexities of the Electric Power Steering sector and capitalizing on growth prospects.

Electric Power Steering Market Segmentation

by Type

Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)

The Rack Assist Type (REPS) category of the Electric Power Steering Market held the highest market shear in 2023. An arrangement of rack and pinion gears connected to the front wheels is referred to as a "steering rack." When we spin the steering wheel, the rack and pinion gears engage, causing the wheels to move to the left or right and giving us control over the car. Power-assisted might be shortened to power. It offers extra support to help us turn the steering rack, which facilitates easier car handling. The word "electric" refers to the steering rack's use of electronics to provide extra power.

by Mechanism

Rigid
Collapsible

There are two segments in the electric power steering market: rigid and collapsible applications. In 2023, the Collapsible market had the most market share. The rapid technological advancements in the automotive industry have brought about significant changes in the market for automobile collapsible steering columns. The advancement of power steering has introduced steering technology to the public. This technology is not only more responsive and fuel-efficient than traditional manual steering systems, but it is also more sophisticated technologically.

by Application

Passenger Cars (PC)
Commercial Vehicles (CV)

In 2023, the largest market share of electric power steering was accounted for by commercial vehicles. The application segment (CV) includes both passenger cars (PC) and commercial vehicles (CV). Over the course of the forecast period, the category for commercial vehicles is anticipated to grow at the fastest rate. The primary driver of this segment's growth is the expansion of building and e-commerce operations worldwide. Strict regulations governing vehicle length and weight constraints, coupled with careless investments in rural development and infrastructure, have all contributed to the growing requirement for electric power steering in commercial vehicles.

by Components

Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing

by Electric Motor

Brush motor
Brushless motor 

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Electric Power Steering Market 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)

Electric Power Steering Market Regional Insights

Improved dependability and increasing demand drive growth in the Electric Power Steering Market, particularly in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Geographical observations help investors identify opportunities, with regional evaluations highlighting crucial strategies like mergers and acquisitions. Understanding regional dynamics enables stakeholders to tailor their approaches, leveraging growth prospects and addressing specific Electric Power Steering market needs. This insight is vital for informed decision-making and strategic planning across diverse geographic landscapes.

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Table of content for the Electric Power Steering  Market includes: 

Part 01: Executive Summary

Part 02: Scope of the Electric Power Steering Market Report

Part 03: Electric Power Steering Market Landscape

Part 04: Electric Power Steering Market Sizing

Part 05: Electric Power Steering Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Key questions answered in the Electric Power Steering Market are:

• Who are the leading companies and what are their portfolios in Electric Power Steering Market?
• What segments are covered in the Electric Power Steering Market?
• Who are the key players in the Electric Power Steering market?
• What is Electric Power Steering ?
• What is the growth rate of the Electric Power Steering Market?
• Which are the factors expected to drive the Electric Power Steering market growth?
• What are the different segments of the Electric Power Steering Market?
• What growth strategies are the players considering to increase their presence in Electric Power Steering ?

Key Offerings:

• Market Size, Share, Size & Forecast by different segment
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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