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 Report Overview:
The Electric Power Steering Market's future trajectory has been projected based on region, type, and application, incorporating sales and revenue data. The Electric Power Steering Market research underscores aspects such as market share, primary suppliers, distributors, evolving price trends, and the intricate raw material supply chain. By offering these insights, the market report furnishes companies with a profound understanding of the dynamics prevalent within the global Electric Power Steering Market industry.
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Electric Power Steering Market Scope and Research Methodology
The core focus of the Electric Power Steering Market report centers on illuminating the dynamics encompassing drivers, restraints, challenges, and opportunities. This comprehensive insight into market dynamics is presented both regionally and by segment, rendering the report an indispensable resource for potential investors. Data collection for the report was achieved through the synergy of primary and secondary research methodologies, ensuring the Electric Power Steering Market report's authenticity and accuracy.
The process of arriving at the total market size involved segmenting the market into various categories, each verified through primary research achieved by conducting extensive interviews with influential individuals within the Electric Power Steering Market industry. Employing a bottom-up approach, the report estimated both regional and global Electric Power Steering Market sizes.
In addition, secondary research identified significant Electric Power Steering Market industry key players, whose revenues were determined through a combination of primary and secondary research. The secondary research phase encompassed data collection from official databases of diverse organizations, government sources, industry journals, white papers, annual reports, and suppliers within the Electric Power Steering Market industry. Meanwhile, primary research involved conducting in-depth interviews with industry experts and opinion leaders.
Electric Power Steering Market Dynamics
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.
Electric Power Steering Market Segmentation:
by Type
- Rack assist type (REPS)
2. Colum assist type (CEPS)
3. Pinion assist type (PEPS)
by Mechanism
- Rigid
2. Collapsible
by Application
- Passenger Cars (PC)
2. Commercial Vehicles (CV)
by Components
- Steering column
2. Sensors
3. Steering gear
4. Mechanical rack and pinion
5. Electronic control unit
6. Electric motor
7. Bearing
by Electric Motor
- Brush motor
2. Brushless motor
by Off Highway Application
- Construction equipment
2. Agricultural equipment
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Electric Power Steering Market Key Players:
- 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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Electric Power Steering Market Regional Analysis:
The Electric Power Steering Market report is segmented into key regions, such as North America, Asia Pacific, Europe, Middle East and Africa, and South America. Furthermore, the report includes market size, CAGR, import and export, and country-level analysis, integrating the demand and supply forces of the Electric Power Steering Market in these countries.
Key Questions answered in the Electric Power Steering Market Report are:
- What is the expected CAGR of the Electric Power Steering Market during the forecast?
- What is the expected Electric Power Steering Market size during the forecast period?
- Which regional Electric Power Steering Market is expected to hold the largest share during the forecast period?
- What are the market segments?
- Which production technology is utilized for the Electric Power Steering Market?
- What trends are driving the market growth?
- Who are the global key players in the Electric Power Steering Market?
- What is the global market status of the Electric Power Steering Market?
- What was the volume, manufacturing value, price, and revenue of Electric Power Steering Market?
Key Offerings:
- Market Overview
- Market Share
- Market Size
- Forecast by Revenue | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments, sub-segments, and region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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