Electric Power Steering Market
The Electric Power Steering Market was valued around USD 18,960 million in 2020, growing at a CAGR of 6.3% over the forecast period (2021-2028).
The factors driving the growth of Electric Power Steering Market includes rise in the sales of electric vehicles around the world, strict regulations regarding imposed by Governing bodies to reduce the carbon footprints and growing popularity of self-driving cars. According to the report published by Statista, the Global Electric Vehicles Market is estimated to reach USD 384 billion by the end of 2022, expanding at a CAGR of 17.75% over the forecast period (2022-2027), which will boost the Global Electric Power Steering Market in the approaching years. Moreover, the technological advancements in Electric power Steering (EPS), growing emphasis on manufacturing lightweight and fuel-efficient vehicles and increase in Government’s spending to build new electric vehicles charging stations, are some of the additional factors supplementing the Electric Power Steering Market Growth. In addition, the increasing investments by leading players on research and development, emerging need to replace hydraulic steering and the incorporation of advanced safety systems in the passenger vehicles, are further contributing to the market growth.
However, the growth of Electric Power Steering Market is hindered due to high cost of electric power steering systems.
The leading players operating in the market are Hitachi Astemo, Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, BorgWarner Inc., JTEKT Corporation., Nexteer, Robert Bosch GmbH, Mobis India Limited, ZF Friedrichshafen AG and NSK Ltd., among others.
Vehicle Type – Segment Analysis
Based on Vehicle Type, the Passenger Cars segment is estimated to grow at a remarkable CAGR during the forecast period attributed to rise in the sales of passenger cars, increasing disposable incomes and rapid urbanization.
Component – Segment Analysis
Based on Component, the Sensors segment is expected to expand at a significant CAGR over the forecast period because the sensors are increasingly used to detect the torque of the steering column and it provides accurate position of the wheel’s angle.
Regional – Segment Analysis
Based on Region, the Asia-Pacific region is projected to capture a sizeable market share during the forecast period. Growing demand for fuel-efficient vehicles, Government schemes to boost the manufacturing of passenger vehicles, rising popularity of self-driving cars, rise in the number of Electric Vehicles Charging stations and high population density, are some of the important factors augmenting the market growth in Asia-Pacific.
Global Electric Power Steering Market by Vehicle Type
Global Electric Power Steering Market by Component
Global Electric Power Steering Market by Type
Global Electric Power Steering Market by Region
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