What is the key driver of Global Electric Power Steering Market?

The growing consumer demand for superior driving force assistance systems (ADAS) and fuel-green automobiles. EPS systems play a pivotal function in improving vehicle safety and gas economy, aligning with the evolving alternatives of vehicle consumers. The car enterprise's broader shift in the direction of electric powered and hybrid automobiles further propels the adoption of EPS, given its compatibility with those rising technology.

What is the key market trend for Global Electric Power Steering Market?

Rising Integration Of Advanced Driver Assistance Systems (Adas) Into Eps: The integration of superior driving force assistance structures (ADAS) into EPS, improving protection functions consisting of lane-preserving assistance and automatic parking. The enterprise is witnessing a shift towards steer-through-wire era, putting off the mechanical connection among the steering wheel and wheels, main to more flexible and customizable automobile designs.

Which region accounted for the largest share in Electric Power Steering Market?

Asia-Pacific is in all likelihood to dominate the Electric Power Steering marketplace. The area serves as a global hub for automotive manufacturing, with nations like China, Japan, and South Korea being primary participants. The high extent of vehicle manufacturing contributes to a widespread demand for EPS systems.

Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies, fruit bars, dried fruits), By Flavor Variation(Strawberry, apple, mango, mixed fruit blends), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Electric Power Steering Market?

The competitive environment of the Electric Power Steering marketplace is dynamic and is marked by way of excessive opposition amongst key players striving for market proportion and technological management. The industry leaders leverage their tremendous knowledge in automobile technologies and international production abilities to provide innovative EPS answers. 'Robert Bosch GmbH (Germany)', 'JTEKT Corporation (Japan)', 'Nexteer Automotive (US)', 'ZF Friedrichshafen AG (Germany)', 'NSK Ltd. (Japan)', 'Denso Corporation (Japan)', 'Valeo S.A. (France)', 'Continental AG (Germany)', 'Infineon Technologies AG (Germany)', 'Honeywell International Inc. (US)', 'HELLA GmbH & Co. KGaA (Germany)', 'Sensata Technologies, Inc. (US)', 'TT Electronics Plc (UK)', 'NXP Semiconductors N.V. (Netherlands)', 'Mando Corp. (South Korea)', 'Hyundai Mobis (South Korea)', 'Magna International Inc. (Canada)', 'Aisin Seiki Co., Ltd. (Japan)', 'Thyssenkrupp AG (Germany)', 'TRW Automotive (US)'

Report ID: SQMIG25C2115 | Region: Global | Published Date: March, 2024
Pages: 223 | Tables: 98 | Figures: 76

Electric Power Steering Market News

In August 2024, Nexteer Automotive, a leading supplier of power steering systems based in the United States announced the launch of its new modular electric power steering system. Modular Pinion-Assist Electric Power Steering (mPEPS) system is aimed at offering cost-effective steering solutions for automotive companies and provides them with option of component reuse as well.
In November 2023, Tesla, a leading electric vehicle manufacturer from the United States announced the arrival of its previously announced Cybertruck. The new electric vehicle features a futuristic all metal design and comes equipped with a steer-by-wire system for a smooth and comfortable driving experience.
In September 2023, Titan, a steering system provider for electric vehicles based in the United Kingdom announced the launch of a new steer-by-wire system. The new system is based on a 48V electronic system and features an all-new in-house manufactured electric motor as well.

Electric Power Steering Market Report Snapshots

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Global Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

Electric power steering companies should focus on improving the steering feedback to make it feel more like conventional steering that people are used to. Collaborating and partnering with automotive companies will be a key strategy for all electric power steering companies. Launching new electric power steering systems with advanced features will also help market players stand out in the competitive landscape in the future. 'Robert Bosch GmbH (Germany)', 'JTEKT Corporation (Japan)', 'Nexteer Automotive (US)', 'ZF Friedrichshafen AG (Germany)', 'NSK Ltd. (Japan)', 'Denso Corporation (Japan)', 'Valeo S.A. (France)', 'Continental AG (Germany)', 'Infineon Technologies AG (Germany)', 'Honeywell International Inc. (US)', 'HELLA GmbH & Co. KGaA (Germany)', 'Sensata Technologies, Inc. (US)', 'TT Electronics Plc (UK)', 'NXP Semiconductors N.V. (Netherlands)', 'Mando Corp. (South Korea)', 'Hyundai Mobis (South Korea)', 'Magna International Inc. (Canada)', 'Aisin Seiki Co., Ltd. (Japan)', 'Thyssenkrupp AG (Germany)', 'TRW Automotive (US)'

Consumers around the world are demanding a comfortable driving experience and this is why automotive companies are promoting the use of electric power steering systems. Smoother and more responsive steering characteristics of electric power steering systems are helping them become a popular choice among vehicle owners thereby driving market development potential as well.

Steer-by-Wire Technology: Electric power steering companies should focus on expanding their business scope by investing in the popular steer-by-wire technology. Steer-by-wire operates completely through electronic controls, allowing for more flexible and customizable steering responses. Steer-by-wire is expected to enhance vehicle design, reduce weight, and improve driving dynamics especially for autonomous and electric vehicles.

The presence of key automotive giants and a robust automotive manufacturing industry in the Asia Pacific region makes it the leading market for all electric power steering companies. The imposition of strict vehicle emission control mandates, rising sales of electric vehicles, growing disposable income of people, and evolving consumer preferences are all expected to drive up the demand for electric power steering in this region. China is slated to be the largest market for electric power steering companies in the Asia Pacific region owing to high sales of electric vehicles. India, South Korea, and Japan are other opportune markets for market players looking to make a mark in this region.

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