Global Electric Power Steering System (EPS) Market Size, To Worth USD 39.6 Billion By 2033 | CAGR of 5.22%

Category: Automotive & Transportation

RELEASE DATE Jul 2024
REPORT ID SI5177

Global Electric Power Steering System (EPS) Market Size, To Worth USD 39.6 Billion By 2033

According to a research report published by Spherical Insights & Consulting, the Global Electric Power Steering System (EPS) Market Size is to Grow from USD 23.8 Billion in 2023 to USD 39.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.22% during the projected period.

Global Electric Power Steering System (EPS) Market

Get more details on this report -

Request Free Sample PDF

 

Browse key industry insights spread across 220 pages with 105 Market data tables and figures & charts from the "Global Electric Power Steering System (EPS) Market Size, Share, and COVID-19 Impact Analysis, By Type (Column Assist Type (C-EPS), Pinion Assist Type (P-EPS), Rack Assist Type (R-EPS)), By Component (Steering Gear, Electric Motor, ECU, Sensors, Steering Column), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Off-Road Vehicles, Sport Utility Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/electric-power-steering-system-eps-market

 

Electric power steering (EPS), a sophisticated steering technology that assists with steering, an electric motor replaces outdated hydraulic systems to provide the driver more control over the vehicle. EPS systems do not require a hydraulic pump, which results in higher fuel economy. Driving with EPS is smoother and more responsive as the electric motor modifies its assistance based on steering input. Some vehicle types for which EPS is frequently used include buses, lorries, SUVs, and passenger cars. Electric power steering systems are becoming more and more popular due to their adaptability and effectiveness, which make driving more pleasurable and fuel-efficient. In an era of technological advancements in the automotive industry, the integration of EPS technology stands out as a revolutionary force. The need for cars with cutting-edge features and improved performance is driving this demand, as is the car industry's commitment to giving customers a driving experience that goes above and beyond accepted standards. However, potential barriers to industry growth include the lack of steering feel and the higher cost of EPS compared to standard steering systems.

 

The column assist type (C-EPS) segment is anticipated to hold the greatest share of the global electric power steering system (EPS) market during the projected timeframe.   

Based on the type, the global electric power steering system (EPS) market is divided into column assist type (C-EPS), pinion assist type (P-EPS), and rack assist type (R-EPS). Among these, the column assist type (C-EPS) segment is anticipated to hold the greatest share of the global electric power steering system (EPS) market during the projected timeframe. Column assist type electric power steering is predicted to dominate the market due to its compact size and seamless integration, allowing manufacturers greater creative and architectural freedom.

 

The sensors segment is anticipated to hold the largest share of the global electric power steering system (EPS) market during the projected timeframe.   

Based on the components, the global electric power steering system (EPS) market is divided into steering gear, electric motors, electronic control units, sensors, steering columns, and others. Among these, the sensors segment is anticipated to hold the largest share of the global electric power steering system (EPS) market during the projected timeframe. The sensors industry is expected to dominate the electric power steering market since sensors are necessary to preserve steering systems' accuracy, responsiveness, and flexibility. Sensors comprise the sensory basis of EPS, with torque and position sensors being particularly important.

 

The passenger vehicles segment is predicted to hold the greatest share of the electric power steering system (EPS) market during the estimated period.

Based on the vehicle type, the global electric power steering system (EPS) market is divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, off-road vehicles, and sport utility vehicle. Among these, the passenger vehicles segment is predicted to hold the greatest share of the electric power steering system (EPS) market during the estimated period. Research has indicated that electric power steering systems are particularly beneficial for passenger automobiles, which include a variety of sub-segments such as compacts, sedans, SUVs, and luxury cars. Automobile manufacturers are prioritizing the installation of EPS in passenger cars due to the increased demand from customers for cutting-edge technologies and improved driving experiences.

 

Asia Pacific is expected to hold the largest share of the global electric power steering system (EPS) market over the forecast period.

Global Electric Power Steering System (EPS) Market

Get more details on this report -

Request Free Sample PDF

Asia Pacific is expected to hold the largest share of the global electric power steering system (EPS) market over the forecast period. Strong automotive manufacturing development, rising disposable incomes, and proactive government support for electric car infrastructure are driving increasing demand in this region. The need for electric power steering systems is rising in this region due to the growing development of automobile production. The usage of EPS is spreading with the production of new cars in order to enhance driving and meet the ever-evolving expectations of customers in this dynamic market. 

 

North America is predicted to grow at the fastest pace in the global electric power steering system (EPS) market during the projected timeframe. The primary driving forces for EPS adoption in North America are the emphasis on vehicle safety, responsive steering for larger cars like trucks and SUVs, and integration with the rapidly developing field of autonomous driving technology. An important factor in the introduction of electric power steering systems in North America has been the need to increase vehicle safety. 

 

Major vendors in the JTEKT Corporation, SHOWA Corporation, Thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, and Others.

 

Recent Developments

  • In January 2023, Bosch Power Tools India, a major power tool provider to the construction, metalworking, and woodworking industries, added the GWS 800 Professional to their remarkable lineup of angle grinders. Also, as a result of this introduction, Bosch Power Tools will have 55% of its products localized in India by 2023.
  • In November 2022, NEXTEER won the SAA's mobility innovation award for its creative ideas that make it possible for new business models.

 

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric power steering system (EPS) market based on the below-mentioned segments:

 

Global Electric Power Steering System (EPS) Market, By Type

  • Column Assist Type (C-EPS)
  • Pinion Assist Type (P-EPS)
  • Rack Assist Type (R-EPS)

 

Global Electric Power Steering System (EPS) Market, By Component

  • Steering Gear
  • Electric Motor
  • Electronic Control Unit (ECU)
  • Sensors
  • Steering Column
  • Others

 

Global Electric Power Steering System (EPS) Market, By Vehicle Type

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Off-Road Vehicles
  • Sport Utility Vehicle

 

Global Electric Power Steering System (EPS) Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:    

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter

Need help to buy this report?

Inquiry Before Buy
We'll use cookies to improve and customize your experience if you continue to browse. Is it OK if we also use cookies to show you personalized ads?
Learn more and manage your cookies
Yes, Accept Cookies