Automotive Electronic Power Steering Market To Grow At Over 5.2% CAGR During 2032
As per the researchers at Zion Market Research, the global automotive electronic power steering market is expected to be valued at US$ 25,234.0 Million in 2022. The electronic power steering market size is set to expand at a 5.2% CAGR during the projection period to US$ 41,893.2 Million by 2032.
Introduction Of Brushless Motor Technology To Drive The Growth Of The Global Market
The key factors driving the growth the global automotive electronic power steering system market include the rising electric power assist systems being offered by the OEMs with driving modes having full compatibility throughout the vehicle segments. Further, the introduction of brushless motor technology and development of lightweight EPS systems are few other factor main factors anticipated to fuel the growth of the global market during the forecast period. In addition, the increasing need for controlled consumption of fuel along with driving comfort & reliability and the increasing manufacturing of automobile. There has been a rise in adoption of power steering systems by OEMs owing to decreased complexness & price and intensified potency.
Based On Component Type, The Steering Motors Segment Anticipated To Witness Highest Growth
The global automotive electronic power steering system market is bifurcated based on component type, vehicle type, and region. Based on vehicle type, the market is divided into commercial vehicles and passenger cars. Based on component type, the market is categorized into steering motor, sensor, steering column, and other components. Among these, the steering motors segment is anticipated to register the highest rate of growth during the years to come. The steering motor is the key distinction between electric power steering and hydraulic power steering. An electric motor is situated in the EPS that abolishes the usage of fluid and other hydraulic constituents of hydraulic power steering, thereby, jettisoning power steering leaks in addition to decreasing the overall weight. The requirement for steering motors is projected to surge as all the automakers have begun to espouse electric power steering systems in their every vehicle models and are intending to upgrade electric power steering to navigate by wire technology during the upcoming years.
Asia Pacific Is Expected To Govern The Global Market During The Forecast Period
Regionally, the global automotive electronic power steering system market is anticipated to be governed by Asia Pacific during the forecast period. This regional market expansion can be attributed to the decreased energy footprint that has assisted to develop environmentally friendly and sustainable manufacturing units in Asia Pacific. Also, the rising public consciousness about the environment and human health has escalated the sense of accountability for companies to decrease negative effect of manufacturing activities in the environment. All of these factors are projected to boost the market growth in Asia Pacific.
Few of the prominent players active in the global automotive electronic power steering market consist of -
- Bosch
- JTEKT European Operations
- NSK
- HL Mando
- Hyundai MOBIS
- CAAS
- ZF Group
- Nexteer Automotive
- Zhuzhou Elite Electro Mechanical Co., Ltd.
- SHOWA Group
- Zhejiang Shibao Company Limited
- thyssenkrupp
- Fawer
- Yubei Koyo Steering System Co., Ltd
- Hitachi Automotive Systems
- KYB Conmat Pvt Ltd
- Hubei Tri-Ring International Co., Limited
- Donghua Automotive Industrial Co. Ltd
The global automotive electronic power steering market is segmented as follows:
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Component Type
- Steering Column
- Sensor
- Steering Motor
- Other Components
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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