Global Electric Power Steering Market Size study, By Components (Steering column, Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor, Bearing), By Electric Motor (Brush motor, Brushless motor), By Electric Vehicle

Global Electric Power Steering Market Size study, By Components (Steering column, Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor, Bearing), By Electric Motor (Brush motor, Brushless motor), By Electric Vehicle (Battery electric vehicles (BEV), Plug-in hybrid electric vehicle (PHEV), Fuel cell electric vehicles (FCEV)), By Type (Rack assist type (REPS), Colum assist type (CEPS), Pinion assist type (PEPS)), By EV Gear Type (Worm Gear, Ball Screw), By Mechanism (Rigid EPS, Collapsible EPS), and Regional Forecasts 2022-2028

Global Electric Power Steering Market is valued approximately USD 35.46 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2022-2028.

Electric power steering (EPS) is steering that is operated by the usage of the electric motor to steer the wheel. The adoption of this power steering system offers the rotation that is used to the steering wheel for driving the vehicle. EPS eliminates several HPS components that encompass the drive belt, pump, hoses, pulley, and fluid. Accordingly, electric steering systems are lighter and smaller than hydraulic systems. The production of the vehicle is continuous, coupled with the increasing number of regulatory policies for the development of proficient technologies, and the rising measures by OEMs for decreasing complexity and weight of vehicles are the primary factors that may accelerate the market demand across the globe. For instance, as per the UAE government, the central government targeted to cut down 15% carbon emissions rate by 2020 and also emphasize the adoption of electric vehicles within its own fleet of vehicles. Additionally, the government has aimed to invest nearly USD 20 million in 42000 electric vehicles on its streets by 2030. Thereby, the rising focus of government for the adoption of electric vehicles and availability of funds are further likely to surge the market demand worldwide. However, the higher cost of EPS as compared to traditional steering systems impedes the growth of the market over the forecast period of 2022-2028. Also, the emergence of steer-by-wire technology is anticipated to act as a catalyzing factor for the market demand during the forecast period.

The key regions considered for the global Electric Power Steering market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to the rising presence of leading market players across the region and growing demand for high-end or luxury vehicles. Whereas, Asia-Pacific is also anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as growing demand for the electronic and fuel-efficient systems in passenger cars, as well as the increasing number of vehicle emission regulations, would create lucrative growth prospects for the Electric Power Steering market across the Asia-Pacific region.

Major market players included in this report are:
Delphi
Federal-Mogul
GKN
Hyundai Mobis
Jtekt
Mitsubishi Electric
Nexteer
NSK
Robert Bosch
Showa Corporation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Components offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Components:
Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing
By Electric Motor:
Brush motor
Brushless motor
By Electric Vehicle:
Battery electric vehicles (BEV)
Plug-in hybrid electric vehicle (PHEV)
Fuel cell electric vehicles (FCEV)
By Type:
Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
By EV Gear Type:
Worm Gear
Ball Screw
By Mechanism:
Rigid EPS
Collapsible EPS
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Electric Power Steering Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Companies Mentioned

Delphi
Federal-Mogul
GKN
Hyundai Mobis
Jtekt
Mitsubishi Electric
Nexteer
NSK
Robert Bosch
Showa Corporation

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