Global Automotive Electric Power Steering Market Forecast 2022-2030

Global Automotive Electric Power Steering Market Forecast 2022-2030

KEY FINDINGS

The global automotive electric power steering market is anticipated to increase with a 4.26% CAGR during the forecasting years 2022-2030. The market growth is driven by the increased fuel efficiency in the electric power steering mechanism and low maintenance requirements compared to the conventional steering system.

MARKET INSIGHTS

Electronic power steering (EPS) systems eliminate the need for a drive belt, hoses, and a pump connected to the engine using variable amounts of power. The EPS system configuration allows the power assist system to be packaged in the steering column, rack, or pinion steering gear. Conventional hydraulic steering systems require changing hydraulic fuel from time to time. Other components such as hydraulic fluid, steering fluid reservoir, steering pump, rotary valve, and hydraulic chamber must be monitored.

Because of the complexity of the design and multiple components, problems are more likely to arise in a hydraulic system. In addition, EPS systems disconnect power from the motor by incorporating fail-safe mechanisms in case of a detected electronic control unit (ECU) problem. Thus, the reliability and convenient mechanism of EPS make it an attractive proposition for the automotive industry and hence the key growth enabler for the global automotive electronic power steering market.

REGIONAL INSIGHTS

The global automotive electronic power steering market growth assessment includes a thorough study of Asia-Pacific, North America, Europe, and Rest of World. Asia-Pacific is expected to capture the majority of market shares during the forecast period. The growth in the region is fuelled by special economic zones and the presence of skilled labor and leading manufacturers.

COMPETITIVE INSIGHTS

Companies are competing to establish a footprint in developing countries like China, India, etc., where automotive EPS companies are witnessing huge demand for the product. There has been an aggressive push towards adopting electric power steering by major automobile companies. Thus, major investments by steering manufacturers and automakers result in high industry rivalry.

Some of the key market players include Hitachi Astemo Ltd, Hyundai Mobis, Mitsubishi Electric Corporation, Robert Bosch GmbH, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments