Automotive Electric Power Steering Market Analysis & Forecast 2024-2030

Global Automotive Electric Power Steering Market is expected to reach USD 52546.49 million by 2030 with CAGR of 6% between 2024 and 2030

The automotive industry has gone through many phases of improvements in design, power and efficiency in the last few decades. The technology has brought automobiles to perform in any terrains, which were earlier meant only for smooth roads. The selection of correct steering design provides stability and manoeuvrability to vehicle in any terrains. The automotive industry has been using traditional hydraulic pressure, provided by a pump, driven by the engine. This pump would constantly run, using the generated engine power, thus, placing an adverse load on the engine. This pump would continue running even when the steering wheel isn't operated, adversely affecting the vehicle fuel consumption.  

With electric power steering mechanism, the engine load is utilized to guide the driver only when the steering wheel is turned, in either direction, thereby, decreasing the fuel consumption. The drag or thrust is still exerted on the engine but actually occurs only when the steering movement is performed, thereby improving the engine efficiency drastically. Earlier, the electric power steering was used only in only high-end vehicle or sports utility vehicles (SUVs). In recent years, the consistency of electric power steering has increased, which in result, has enhanced its involvement in almost every categories of vehicle. The modern electric power steering is much more compact and includes many other controlling features and airbags.  

The study covers a detailed analysis, growth and forecast of the Automotive Electric Power Steering Market. The report includes market analysis on global and regional level. The study covers historical data analysis from 2018 to 2023 and market forecast for 2024 to 2030 based on revenue generated. The study includes market value in terms of revenue in million USD for years 2018-2030 and compound annual growth rate (CAGR) in % from 2024 to 2030. The market is expected to show constant growth between 2024 to 2030.  

The report comprises value chain analysis for each of the product segments. Value chain analysis offers in-depth information about value addition at each stage. The study includes drivers and restraints for Automotive Electric Power Steering Market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. Research report includes major player analysis with shares of each player inside market, growth rate and market attractiveness in different end-users/regions. Our study Automotive Electric Power Steering Market helps users to make precise decision to expand their market presence and increase market share.  

The report provides Automotive Electric Power Steering Market Dynamics, includes industry growth drivers, challenges, opportunities, risk, constraints as well as threats. Report also includes Manufacturing Cost Analysis mainly included Raw Materials Analysis, Price Trend of product, Mergers & Acquisitions, Expansion, Key Suppliers of product, Concentration Rate of Automotive Electric Power Steering Market, Manufacturing Process Analysis. Research Report contains Market Effect Factors analysis mainly included Technology Progress, Consumer Needs Trend, External Environmental Change.  

Global Automotive Electric Power Steering Market: Product Type

• Column Assist EPS (C-EPS)
• Rack Assist EPS (R-EPS)
• Pinion Assist EPS (P-EPS)

Global Automotive Electric Power Steering Market: Application

• Passenger Vehicle
• Commercial Vehicle

Global Automotive Electric Power Steering Market: Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Automotive Electric Power Steering Market:

• JTEKT
• Bosch
• NSK
• Nexteer
• ZF
• Mobis
• Showa
• Thyssenkrupp
• Mando

Geographical analysis of Global Automotive Electric Power Steering Market:

• North America
  • U.S.A.
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Automotive Electric Power Steering Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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