Electric Power Steering: 3 Growth Factors Market Participants Should Consider

Electric Power Steering Market Latest Edition Published with Forecast to 2029


The article cited AMA's "Global Electric Power Steering Market Study" explored CAGR of 6.64%. According to the report, Global Measures by OEMs to Decrease Complexity As Well As Weight of Vehicles is one of the primary growth factors for the market. Increasing Research and Development Activates by Various Automotive Firms is also expected to contribute significantly to the Electric Power Steering market. Overall, Passenger Cars applications of Electric Power Steering, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Electric Motor, such as Brush motor, is boosting the Electric Power Steering market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Electric Vehicle, such as Battery Electrical Vehicle (BEV), is boosting the Electric Power Steering market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Component, such as Steering wheel, is boosting the Electric Power Steering market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Mechanism, such as Collapsible, is boosting the Electric Power Steering market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

AMA’s Analyst on the Global Electric Power Steering market identified that the demand is rising in many different parts of the world as "Allowing ADAS facility in EPS ". Furthermore, some recent industry insights like "In April , 2023 , Nexteer Automotive announced its Modular Rack-Assist Electric Power Steering (mREPS) system and expanded the Company's cost-effective, modular EPS offerings. Nexteer's mREPS provides flexibility to efficiently meet OEMs' wide-ranging requirements for advanced steering systems of heavier vehicles, such as EVs, light commercial vehicles, etc" is constantly making the industry dynamic.

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Electric Power Steering market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Electric Power Steering market and other related sub-markets covered in the study.

o Key & emerging players in the market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Check more with in-depth analysis and forecast of Electric Power Steering market study, Click here

Data Triangulation
The overall market size is calculated using market estimation process, the market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the market size has been validated using both top-down and bottom-up approaches.

Craig Francis

PR & Marketing Manager