Market Snapshot:
Electric Power Steering (EPS). It is uses an electric motor to support the driver of a automobile, unlike traditional systems that act on hydraulic pressure provided via a pump driven by the vehicle's engine. EPS removes the necessity for a power steering pump, hoses, hydraulic fluids and a drive belt and pulley on the engine. There are three type of electric power steering such as rack assist type (REPS), Colum assist type (CEPS) and pinion assist type (PEPS).
Attributes | Details |
---|
Study Period | 2019-2029 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Robert Bosch (Germany), Delphi (United Kingdom), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (United States), ZF TRW (Germany), ThyssenKrupp (Germany), NSK (Japan), Showa (Japan) and Hyundai Mobis (South Korea) |
CAGR | 6.64% |
Segment Analysis
AMA Research have segmented the market of Global Electric Power Steering market by Type, Application and Region.
On the basis of geography, the market of Electric Power Steering has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Trend
Global Measures by OEMs to Decrease Complexity As Well As Weight of Vehicles and Enlargements of Sophisticated As Well As Strong Steering Mechanism
Market Drivers
Increasing Research and Development Activates by Various Automotive Firms and Rising Vehicles Production
Opportunities
Allowing ADAS facility in EPS and Rising Demand in Commercial Vehicles
Restraints
- High Price of EPS as Compare to Traditional Steering
- Dearth of Steering Feel
In addition to the aforementioned factor, Increasing Research and Development Activates by Various Automotive Firms
is expected to propel the growth of the market over the forecast period.
The key Manufacturers profiled in the study are Robert Bosch (Germany), Delphi (United Kingdom), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (United States), ZF TRW (Germany), ThyssenKrupp (Germany), NSK (Japan), Showa (Japan) and Hyundai Mobis (South Korea). A lot of European players are profiled in the research study indicating a strong market dependence.