Global Electric Power Steering Market Global Demand, Sales, Consumption and Forecasts to forecast 2029

Global Electric Power Steering Market size was valued at US$ 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly US$ 38.17 Bn.

Electric Power Steering Market Overview:

The Maximize Market Research report on Electric Power Steering market covers recent developments, trade regulations, import/export analysis, production analysis, value chain optimization, market share, the impact of domestic and localised market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographic expansion. Market research of Electric Power Steering market covers current and future trends that are driving the development of the market.

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Regional Analysis:

In the regional and country sections of the Electric Power Steering market analysis, individual market impacting factors and changes in market regulation that impact current and future market trends are also discussed. Consumption quantities, manufacturing sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and downstream and upstream value chain analysis are some of the major indicators used to forecast market conditions for each country. This research covers North America, Canada, Mexico, Europe, Germany, France, Spain, Italy, Rest of Europe, Asia-Pacific, China, India, Japan, Australia, and Korea, ASEAN countries, rest of APAC, South America, Brazil, Middle East and Africa.

Electric Power Steering Market Segmentation

The term "steering rack" refers to a set of rack and pinion gears connected to both front wheels. When we turn the steering wheel, the rack and pinion gears turn, shifting the car's wheels to the left or right and giving us control of the car. Power-assisted is referred to as power. It offers extra assistance that makes it easier for us to turn the steering rack and steer our car. The use of the word "electric" denotes the steering rack's incorporation of electronics as a source of additional power. With the exception of adding greater power by employing electric components, an electric power steering rack is almost identical to any other steering rack.

Automotive's Rack Assist EPS (REPS) is intended to manage heavier front-axle loads and maximise packing capacity for larger cars. These systems can guide full-size trucks as well as mid-sized cars and trucks. The housing of the steering rack contains system electronics that are designed to withstand the severe temperatures and exposure to the elements typical of the engine compartment.

The unitized motor controllers made by REPS are easy to adapt to a variety of vehicle platforms and save significant engine compartment space. They have reduced construction costs and higher performance quality when compared to systems that use remote electronic controls, which are some of the elements that are fueling market expansion. a rack travel end stop mechanism that prevents harm in the event of an overload condition for electric power steering. In the event of an electric power steering system, each housing must be abutted against the rack housing. An abutment body is fitted to each end of the power steering rack in an outwardly concentric relationship thereto to avoid tie rod assembly abutment with the housing in overspeed situations.

The rapid technological development in the automotive sector has recently caused a significant shift in the market for automobile collapsible steering columns. Because of the advancement of power steering, people have been exposed to steering technology. This technology is not only more sophisticated technologically than traditional manual steering systems, but it is also more responsive and increases fuel efficiency. Electronic control over steering systems is anticipated to have a significant impact on market growth due to growing consumer demand for greater effectiveness, safety, and comfort. Due to factors including the inclusion of contemporary driver assistance technologies in cars and rising consumer spending power globally, the breadth of the automotive collapsible steering column market is also anticipated to expand.

Commercial vehicles held the largest market share in 2021, depending on the application. The application segment includes passenger cars (PC) and commercial vehicles (CV) (CV). Over the projected period, the category for commercial vehicles is anticipated to grow at the quickest rate. The main element fueling this segment's growth is the increase in building and e-commerce operations on a global scale. Commercial vehicles need electric power steering because of things including careless infrastructure and rural development spending, rigorous regulatory standards for truck length and weight limits, and market growth.

Electric Power Steering Market Key Players

• JTEKT Corporation (Japan)
• DENSO Corporation (Japan)
• Mitsubishi Electric Corporation (Japan)
• NSK Ltd. (Japan)
• Nissan Motor Corporation (Japan)
• Hitachi Automotive Systems (Japan)
• Renesas Electronics (Japan)
• ZF Friedrichshafen AG (Germany)
• Thyssenkrupp (Germany)
• Robert Bosch GmbH (Germany)
• TRIDEC (Germany)
• Infineon Technologies (Germany)
• GKN Automotive Limited (UK)
• Delphi Technologies (UK)
• China Automotive Systems, Inc. (China)
• Zhejiang Shibao Company Limited (China)
• Hyundai Mobis (South Korea)
• Mando Corp. (South Korea)
• Global Steering Systems (US)
• Tenneco (US)
• Nexteer Automotive (US)
• Maval Industries LLC (US)
• Danfoss (Denmark)
• STMicroelectronics (Switzerland)

More than fifteen significant market participants from various regions are featured in the Electric Power Steering report. In contrast, when studying the market and estimating its size, the report took into account all industry leaders, followers, and new entrants with investors. The Electric Power Steering report also includes recommendations for a future hot spot in the Asia Pacific region. The impact of major countries' manufacturing policies on demand is discussed in this report.

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Global Electric Power Steering Market research report offers:

• The global Electric Power Steering market is defined, as well as the examination of several affecting elements such as drivers, restraints, and opportunities.
• Porter's Five Force Analysis and SWOT analysis are used to define, characterize, and analyse the market competition landscape, with a focus on global main manufacturers.
• Several types available for the product’s application have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
• Extensive analysis into the global Electric Power Steering competitive landscape
• Identification and analysis of micro and macro elements that influence and will influence market growth.
• A complete list of major market players in the global Electric Power Steering industry.
• In the global Electric Power Steering market, it provides a descriptive study of demand-supply chaining.
• Estimation of the market size along with historic and forecasted trend analysis.
• Figures, charts, graphs, and illustrations are used to clearly describe the market.

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