"Navigating the Connected Drive: Illuminating the Remarkable Expansion and Technological Advancements in the Electronic Power Steering Market by 2032"

The global electronic power steering market is anticipated to reach US$ 41,893.2 Million in 2032 with a moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is expected to produce US$25,234.0 Million. Throughout the predicted period, demand for the electronic power steering market will increase due to rising security concerns and fierce competition from vehicles with electronic, self-driving, or autopilot technology.

Vehicle production is increasing, and more rules and commitments to fuel-efficient technology are being established. OEMs from around the world are working to make their vehicles lighter and simpler to drive. These are the primary driving forces behind the predicted growth of the market for electronic power steering. The demand for high-end vehicles with ADAS and the market for electronic power steering are both expanding as buyers become more knowledgeable about technologically advanced automotive systems. Additionally, this feature offers market participants a huge potential to expand their product lines and customer bases.

Global vehicle production is increasing, automakers are working to make their cars lighter and easier to drive, and regulatory mandates and promises relating to fuel-efficient technology are growing. The market for electronic power steering will be driven mostly by these factors over the expected period of time. The demand for high-end vehicles with advanced driver assistance systems (ADAS) is rising, and the market for electronic power steering is expanding. Additionally, this characteristic offers market participants significant opportunities to expand their clientele and product offerings.

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“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” says an FMI analyst.

Key Takeaways:

Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
On the basis of end-use, the automotive sector will contribute significantly to the market.
By type, the conventional steering segment will dominate the global marketplace.
The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
The start-ups in this field are keen on product innovations and introducing novel technologies

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Competitive Landscape

Among the leading companies in the electronic power steering market profiled in the full report are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, and Zhuzhou Elite Electro-Mechanical Co. Ltd.

Leading market participants are concentrating on new investments and product innovation to broaden their product offerings. To acquire a competitive edge, these companies are using strategic merger and acquisition techniques.

Global Electronic Power Steering Market: Segmentation

By EPS type:

Column Assisted Electronic Power Steering(C-EPS)
Pinion Assisted Electronic Power Steering (P-EPS)
Rack Assisted Electronic Power Steering system (R-EPS)
Electronic Hydraulic Electronic Power Steering (EHPS)
By Vehicle Application:

Light Motor Vehicles (LMV)
Passenger Cars
Heavy Motor Vehicles (HMV)
Agricultural Tractors
Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)
By Region:

North America
Latin America
Asia Pacific
Middle East and Africa