The global Electric Power Steering Market research report 2029, as published by Data bridge Market Research, provides insights into the current global outlook and key regions, examining Major Players, Countries, Product Types, and end industries. It focuses on top players in the global market and categorizes the market based on several parameters.
This Electric Power Steering market research report identifies the competitive landscape of industries, offering a comprehensive understanding of international competition. The study outlines the anticipated growth of the global market during forecast period. Compiled with a blend of static and dynamic perspectives, this research report captures the essence of the businesses views.
Data Bridge Market Research analyses that the electric power steering market would exhibit a CAGR of 7.77% for the forecast period of 2022 to 2029.
Top Companies in the Global Electric Power Steering Market:
JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Robert Bosch GmbH, Melrose Industries PLC, Tenneco Inc., NSK Ltd, HYUNDAI MOBIS, thyssenkrupp AG,SHOWA CORPORATION, DENSO CORPORATION, BorgWarner Inc., ZF Steering Gear (India) Limited, Renesas Electronics Corporation, Infineon Technologies AG, Mando Corp, Rane Holdings Limited, NIDEC CORPORATION, Mitsubishi Electric Corporation, Johnson Electric Holdings Limited, among others.
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Market Segmentation:
The electric power steering market is segmented on the basis of type, component, electric motor type, mechanism, and vehicle type. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
• On the basis of type, the electric power steering market has been segmented into R-EPS, P-EPS, and C-EPS.
• On the basis of component, the electric power steering market is segmented into steering column, sensors steering gear, mechanical rack and pinion, electronic control unit, electric motor bearing.
• On the basis of electric motor type, the electric power steering has been segmented into brushless DC motors, brushed DC motors.
• On the basis of mechanism, the electric power steering market is segmented into rigid EPS and collapsible EPS.
• On the basis of vehicle type, the electric power steering market is segmented into commercial vehicles and passenger cars.
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
– Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
– North America (United States, Mexico & Canada)
– South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
– Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
– Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
North America dominates the electric power steering market due to the high investment and presence of major key players. Asia-Pacific is expected to expand at a significant growth rate over the forecast period of 2022 to 2029 due to high demand for electronic and fuel efficient systems in passenger cars
The country section of the electric power steering market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
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https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market
EPS (Electric Power Steering) is a type of power steering that uses a motor to aid the driver. In the automotive business, electric steering is progressively replacing hydraulic steering. Because it eliminates the hose, fluid, drive belt, pulley, and pump, these steering systems enable higher steering capabilities with less effort.
An increase in global population and per capita income is fuelling a surge in demand for well-equipped automobiles. As a result, the global electric power steering market is expanding at a rapid pace in the forecast period of 2022 to 2029. Furthermore, the Regulatory push towards efficient technologies, various measures by OEMs to reduce complexity and weight of vehicles, rise in the vehicle production and high investment in automotive are also expected to drive the growth of the electric power steering market. However, the high cost of EPS as compared to traditional steering systems and lack of steering feel restrains the electric power steering market, whereas, the failure of EPS system subcomponents will challenge market growth.
In addition, adoption of steer-by-wire technology, penetration in commercial vehicles, and enabling ADAS features in EPS will create ample opportunities for the electric power steering market.
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