Global Electric Steering System Market Growth 2023-2029

Global Electric Steering System Market Growth 2023-2029

Automotive Electronic Power Steering System is a very popular steering system, a power steering system that directly relies on the motor to provide auxiliary torque; Currently, most of the vehicle are installed the electronic power steering system, and the electronic power steering system can reduce about 5% fuel consumption.

LPI (LP Information)' newest research report, the “Electric Steering System Industry Forecast” looks at past sales and reviews total world Electric Steering System sales in 2022, providing a comprehensive analysis by region and market sector of projected Electric Steering System sales for 2023 through 2029. With Electric Steering System sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Electric Steering System industry.

This Insight Report provides a comprehensive analysis of the global Electric Steering System landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Electric Steering System portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Electric Steering System market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Electric Steering System and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Electric Steering System.

The global Electric Steering System market size is projected to grow from US$ 15550 million in 2022 to US$ 18220 million in 2029; it is expected to grow at a CAGR of 18220 from 2023 to 2029.

JTEKT, Bosch, NSK, Nexteer and ZF are the top 5 players of electric power steering system (EPS), with about 80% market shares.

China is the most important producing area for automotive electric power steering systems in the world, with a market share of more than 30%. In terms of type, P-EPS has a market share of about 40%. In the field of application, passenger vehicle accounts for more than 95% of the market.

This report presents a comprehensive overview, market shares, and growth opportunities of Electric Steering System market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
C-EPS
P-EPS
R-EPS

Segmentation by application
Passenger Vehicles
Commercial Vehicles

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
ZF Friedrichshafen
Mitsubishi Electric
Nexteer
TRW Automotive
JTEKT
Mando
GKN
Robert Bosch
ATS Automation Tooling Systems
Delphi Automotive
Hyundai Mobis

Key Questions Addressed in this Report

What is the 10-year outlook for the global Electric Steering System market?

What factors are driving Electric Steering System market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Electric Steering System market opportunities vary by end market size?

How does Electric Steering System break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.