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FEATURED COMPANIES
- BorgWarner Inc.
- Denso Corporation
- Hitachi Astemo, Ltd.
- Hyundai Mobis Co., Ltd.
- JTEKT Corporation
- Mando Corporation
Free Webex Call
Speak directly to the analyst to clarify any post sales queries you may have.
10% Free customizationThis report comes with 10% free customization, enabling you to add data that meets your specific business needs.
The Global Electric Power Steering Market value in the year 2021 was USD43.11 billion, which is anticipated to grow at a CAGR of 4.40% during the forecast period, 2023-2027, to achieve a market value of USD56.43 billion by 2027. The market is anticipated to grow on the backbone of advancement in the automotive industry. Surging initiative for electrification of vehicles along with higher vehicle production is further driving the growth of the Global Electric Power Steering Market in the upcoming five years. Demand for high power vehicles and increasing growth in the automotive industry through electric vehicles and automobiles are further anticipated to support the growth of the Global Electric Power Steering Market in the next five years. Moreover, the rapidly increasing development of the road infrastructure, rising disposable income invested toward the purchase of high-tech vehicles, and increasing vehicle production is also aiding the growth of the Global Electric Power Steering Market in the future five years. The higher prevalence of lighter-weight vehicles without compromising the efficiency and functioning of the vehicles is also anticipated to support market growth. Better fuel efficiency, higher performance, demands to reduce complexity, and lower the cost of the vehicle by decreasing the maintenance cost are also substantiating the growth of the Global Electric Power Steering Market in the forecast years through 2027.
The electric power steering system consists of an electronic control unit (ECU), electric motors, steering rack, steering wheel, torque sensors, etc. When the driver turns the steering wheel, an input is generated, which is read by the sensors on the steering column and is relayed to the electronic control unit (ECU) of the system. Electric power steering uses an electric motor that draws energy from the automobile’s electrical system to supply the steering assistance. The electric motor of the electric power steering is located directly on the steering rack. To satisfy the expanding need of installing electric power steering in automobiles, original equipment manufacturers of electric power steering across the world have ramped up the pace of manufacturing electric power steering.
The Global Electric Power Steering Market is segmented by type, vehicle type, mechanism, regional distribution, and competition landscape. Based on type, the market is further segmented into C-EPS, P-EPS, and R-EPS. P-EPS is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years, strictly followed by R-EPS on the grounds of rising number of hybrid cars. Hybrid automobiles enhance fuel economy by assisting gasoline-powered engines with batteries. Moreover, the popularity of hybrid vehicles is rapidly growing and aiding the growth of the market. The C-EPS units are majorly installed in medium to heavy-duty commercial vehicles. Growing road infrastructure, connecting remote regions is increasing the sales of commercial vehicles, which is consequently resulting in growth in the sales of column-type electric power steering sales across the globe.
JTEKT Corporation, NSK Ltd, Nexteer Automotive Group Limited, Robert Bosch GMBH, ZF Friedrichshafen AG, Mando Corporation, Hitachi Astemo, Ltd., Hyundai Mobis Co., Ltd., BorgWarner Inc., Denso Corporation, etc. are among the major market players in the global platform that lead the market growth of the Global Electric Power Steering Market.
The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of manufacturers across the globe. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include the manufacturers which could not be identified due to the limitations of secondary research. The publisher analyzed the manufacturers, distribution channels and presence of all major players across the globe.
The publisher calculated the market size of the Global Electric Power Steering Market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
In this report, the Global Electric Power Steering Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Electric Power Steering Market.
With the given market data, the publisher offers customizations according to a company’s specific needs.
This report is 80% complete and will include the latest impact analysis of Covid-19 with actual 2020 market data. This report will be delivered in three working days post order confirmation
The electric power steering system consists of an electronic control unit (ECU), electric motors, steering rack, steering wheel, torque sensors, etc. When the driver turns the steering wheel, an input is generated, which is read by the sensors on the steering column and is relayed to the electronic control unit (ECU) of the system. Electric power steering uses an electric motor that draws energy from the automobile’s electrical system to supply the steering assistance. The electric motor of the electric power steering is located directly on the steering rack. To satisfy the expanding need of installing electric power steering in automobiles, original equipment manufacturers of electric power steering across the world have ramped up the pace of manufacturing electric power steering.
The Global Electric Power Steering Market is segmented by type, vehicle type, mechanism, regional distribution, and competition landscape. Based on type, the market is further segmented into C-EPS, P-EPS, and R-EPS. P-EPS is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years, strictly followed by R-EPS on the grounds of rising number of hybrid cars. Hybrid automobiles enhance fuel economy by assisting gasoline-powered engines with batteries. Moreover, the popularity of hybrid vehicles is rapidly growing and aiding the growth of the market. The C-EPS units are majorly installed in medium to heavy-duty commercial vehicles. Growing road infrastructure, connecting remote regions is increasing the sales of commercial vehicles, which is consequently resulting in growth in the sales of column-type electric power steering sales across the globe.
JTEKT Corporation, NSK Ltd, Nexteer Automotive Group Limited, Robert Bosch GMBH, ZF Friedrichshafen AG, Mando Corporation, Hitachi Astemo, Ltd., Hyundai Mobis Co., Ltd., BorgWarner Inc., Denso Corporation, etc. are among the major market players in the global platform that lead the market growth of the Global Electric Power Steering Market.
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Objective of the Study:
- To analyze and estimate the market size of the Global Electric Power Steering Market from 2017 to 2021.
- To estimate and forecast the market size of the Global Electric Power Steering Market from 2022 to 2027 and growth rate until 2027.
- To classify and forecast the Global Electric Power Steering Market based on type, vehicle type, mechanism, regional distribution, and competition landscape.
- To identify dominant region or segment in the Global Electric Power Steering Market.
- To identify drivers and challenges for the Global Electric Power Steering Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Electric Power Steering Market.
- To identify and analyze the profile of leading players operating in the Global Electric Power Steering Market.
- To identify key sustainable strategies adopted by the market players in the Global Electric Power Steering Market.
The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of manufacturers across the globe. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include the manufacturers which could not be identified due to the limitations of secondary research. The publisher analyzed the manufacturers, distribution channels and presence of all major players across the globe.
The publisher calculated the market size of the Global Electric Power Steering Market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- Manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to electric power steering
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Report Scope:
In this report, the Global Electric Power Steering Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Electric Power Steering Market, Type:
- P-EPS
- R-EPS
- C-EPS
Global Electric Power Steering Market, Vehicle Type:
- Passenger Car (PC)
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicle (M&HCV)
- Off the Road (OTR)
Global Electric Power Steering Market, By Mechanism:
- Collapsible
- Rigid
Global Electric Power Steering Market, By Region:
- Asia-Pacific
- China
- Japan
- India
- Indonesia
- Australia
- Europe
- Germany
- Spain
- United Kingdom
- Italy
- North America
- United States
- Mexico
- Canada
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Middle East and Africa
- Iran
- South Africa
- Saudi Arabia
- UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Electric Power Steering Market.
Available Customizations:
With the given market data, the publisher offers customizations according to a company’s specific needs.
This report is 80% complete and will include the latest impact analysis of Covid-19 with actual 2020 market data. This report will be delivered in three working days post order confirmation
Please note: With the Enterprise license, the PDF product is printable and editable and comes with a market data excel sheet.
Frequently Asked Questions about the Global Electric Power Steering Market
What is the estimated value of the Global Electric Power Steering Market?
What is the growth rate of the Global Electric Power Steering Market?
What is the forecasted size of the Global Electric Power Steering Market?
Who are the key companies in the Global Electric Power Steering Market?
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- BorgWarner Inc.
- Denso Corporation
- Hitachi Astemo, Ltd.
- Hyundai Mobis Co., Ltd.
- JTEKT Corporation
- Mando Corporation
1. Product Overview2. Research Methodology3. Executive Summary4. Impact of COVID-19 on Global Electric Power Steering Market13. Market Trends and Developments15. Strategic Recommendations
5. Voice of Customer
6. Global Electric Power Steering Market Outlook
7. Asia-Pacific Electric Power Steering Market Outlook
8. Europe Electric Power Steering Market Outlook
9. North America Electric Power Steering Market Outlook
10. South America Electric Power Steering Market Outlook
11. Middle East and Africa Electric Power Steering Market Outlook
12. Market Dynamics
14. Competitive Landscape
List of Figures
Note: Product cover images may vary from those shown
A selection of companies mentioned in this report includes:
- JTEKT Corporation
- NSK Ltd
- Nexteer Automotive Group Limited
- BorgWarner Inc.
- Mando Corporation
- Hitachi Astemo, Ltd.
- Denso Corporation
- Robert Bosch GmbH.
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
Note: Product cover images may vary from those shown
