Global Automotive Electronic Power Steering Market To Grow At Over 5.63% CAGR During 2024–2032

As per the researchers at Zion Market Research, the global automotive electronic power steering market is projected to register a CAGR of more than 5.63%, during the forecast period from 2024 to 2032. Few of the prominent players active in the global automotive electronic power steering market consist of Bosch, JTEKT, NSK, Mando, Mobis, CAAS, ZF, Nexteer Automobile, Zhuzhou ELITE, Showa, Zhejiang Shibao, Thyssenkrupp, FAWER, Yubei Steering System, Hitachi Automotive, KYB, Hubei Tri-Ring, and Donghua Automotive, among others.

Introduction Of Brushless Motor Technology To Drive The Growth Of The Global Market

The key factors driving the growth the global automotive electronic power steering system market include the rising electric power assist systems being offered by the OEMs with driving modes having full compatibility throughout the vehicle segments. Further, the introduction of brushless motor technology and development of lightweight EPS systems are few other factor main factors anticipated to fuel the growth of the global market during the forecast period. In addition, the increasing need for controlled consumption of fuel along with driving comfort & reliability and the increasing manufacturing of automobile. There has been a rise in adoption of power steering systems by OEMs owing to decreased complexness & price and intensified potency.

Based On Component Type, The Steering Motors Segment Anticipated To Witness Highest Growth

The global automotive electronic power steering system market is bifurcated based on component type, vehicle type, and region. Based on vehicle type, the market is divided into commercial vehicles and passenger cars. Based on component type, the market is categorized into steering motor, sensor, steering column, and other components. Among these, the steering motors segment is anticipated to register the highest rate of growth during the years to come. The steering motor is the key distinction between electric power steering and hydraulic power steering. An electric motor is situated in the EPS that abolishes the usage of fluid and other hydraulic constituents of hydraulic power steering, thereby, jettisoning power steering leaks in addition to decreasing the overall weight. The requirement for steering motors is projected to surge as all the automakers have begun to espouse electric power steering systems in their every vehicle models and are intending to upgrade electric power steering to navigate by wire technology during the upcoming years.

Asia Pacific Is Expected To Govern The Global Market During The Forecast Period

Regionally, the global automotive electronic power steering system market is anticipated to be governed by Asia Pacific during the forecast period. This regional market expansion can be attributed to the decreased energy footprint that has assisted to develop environmentally friendly and sustainable manufacturing units in Asia Pacific. Also, the rising public consciousness about the environment and human health has escalated the sense of accountability for companies to decrease negative effect of manufacturing activities in the environment. All of these factors are projected to boost the market growth in Asia Pacific.

Browse the full “Automotive Electronic Power Steering Market - by Type (Rack Assisted Power Steering System (R-EPS), Electronic Hydraulic Power Steering (EHPS), Column Assisted Electronic Power Steering (C-EPS), And Pinion Assisted Electronic Power Steering (P-EPS), by Application (Passenger Cars, Light Motor Vehicles (LMV), Agricultural Tractors, Special Utility Vehicles (Sports Cars, Cranes, Military Vehicles, Earth Moving) Heavy Motor Vehicles (HMV)), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast 2024–2032.” Report at https://www.zionmarketresearch.com/report/automotive-electronic-power-steering-market

The global automotive electronic power steering market is segmented as follows:

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Component Type

• Steering Column
• Sensor
• Steering Motor
• Other Components

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com