Global Electric Steering System Market Growth 2024-2030

Global Electric Steering System Market Growth 2024-2030

According to our LPI (LP Information) latest study, the global Electric Steering System market size was valued at US$ 15550 million in 2023. With growing demand in downstream market, the Electric Steering System is forecast to a readjusted size of US$ 18220 million by 2030 with a CAGR of 2.3% during review period.

The research report highlights the growth potential of the global Electric Steering System market. Electric Steering System are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Electric Steering System. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Electric Steering System market.

Automotive Electronic Power Steering System is a very popular steering system, a power steering system that directly relies on the motor to provide auxiliary torque; Currently, most of the vehicle are installed the electronic power steering system, and the electronic power steering system can reduce about 5% fuel consumption.

JTEKT, Bosch, NSK, Nexteer and ZF are the top 5 players of electric power steering system (EPS), with about 80% market shares.

China is the most important producing area for automotive electric power steering systems in the world, with a market share of more than 30%. In terms of type, P-EPS has a market share of about 40%. In the field of application, passenger vehicle accounts for more than 95% of the market.

Key Features:

The report on Electric Steering System market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the Electric Steering System market. It may include historical data, market segmentation by Type (e.g., C-EPS, P-EPS), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Electric Steering System market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the Electric Steering System market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the Electric Steering System industry. This include advancements in Electric Steering System technology, Electric Steering System new entrants, Electric Steering System new investment, and other innovations that are shaping the future of Electric Steering System.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Electric Steering System market. It includes factors influencing customer ' purchasing decisions, preferences for Electric Steering System product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Electric Steering System market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Electric Steering System market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Electric Steering System market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Electric Steering System industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Electric Steering System market.

Market Segmentation:

Electric Steering System market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

Segmentation by type
C-EPS
P-EPS
R-EPS

Segmentation by application
Passenger Car
Commercial Vehicle

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
ZF Friedrichshafen
Mitsubishi Electric
Nexteer
TRW Automotive
JTEKT
Mando
GKN
Robert Bosch
ATS Automation Tooling Systems
Delphi Automotive
Hyundai Mobis

Key Questions Addressed in this Report

What is the 10-year outlook for the global Electric Steering System market?

What factors are driving Electric Steering System market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Electric Steering System market opportunities vary by end market size?

How does Electric Steering System break out type, application?

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