Electric Power Steering Market is accounted for USD 18,960 million in 2020, growing at a robust CAGR of 6.3% during forecast period

Introduction of the Electric Power Steering Market Report
Electric power steering operates by a motor to steer the wheel without the need for human intervention. The EPS operates by a hydraulic power pump that integrates with an oil tank. It helps reduce the load on the vehicle engine, resulting in better fuel consumption and performance. It also provides torque that is applied to the steering wheel to drive the vehicle.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the global Electric Power Steering Market include the increasing sale of electric vehicle has boosted the growth of this market as steering is one of the vehicle’s key components that provide smooth working of the vehicle. For instance, according to IEA in 2020, the sale of electric cars reached 3 million in 2020, which is 40% up from 2019. Moreover, technological advancement in EPS has also boosted the growth of this market as it reduces the amount of weight in the vehicle, which further results in better fuel economy. For instance, in 2021, Nexteer Automotive introduced a Modular Column-Assist EPS System that provides high-performance torque and rotational angle sensors, resulting in less vibration and harshness and a smooth and accurate steering feel.

Restraint in the Electric Power Steering Market
However, increasing concerns related to the cost of electric power steering is high as compared to traditional power staring system. Thus, this factor has hampered the growth of this market.

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Vehicle Type – Segment Analysis
Based on the Vehicle Type, passenger cars are expected to grow at a higher CAGR rate in the Electric Power Steering Market during the forecast period due to the increasing sale of passenger vehicle over the globe. For instance, according to OICA 2020, the sale of passenger vehicle stood at 55.3 million.

Component – Segment Analysis
Based on the Component, the Sensor segment is projected to grow at a higher CAGR rate in the Electric Power Steering Market during the forecast period as it detects the steering column torque and motion and a computer module that controls the electric motor. It also provides the steering wheel’s angle position and rate of turn information for the electric power steering market.

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Regional – Segment Analysis:
Based on the region, Asia Pacific region is expected to grow at a higher CAGR rate in the electric power steering Market during the forecast period due to high demand for fuel-efficient cars in this region that has boosted the growth of this market. For instance, according to IBEF, in 2020, India is the fifth largest auto market globally, with 3.49 million units combined sold in commercial and passenger vehicles in India. APAC is the fastest-growing market for an electric power system. For instance, according to ICCT, in 2020, half of the world’s plug-in electric cars and 90% of the heavy-duty electric vehicle were produced in China. Thus, this production of the vehicle in this region will boost the growth of this market.

Top Market Players
Various notable players operating in the market, include, BorgWarner Inc., JTEKT Corporation., Nexteer, Robert Bosch GmbH, ZF Friedrichshafen AG, NSK Ltd., Hitachi Astemo, Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Mobis India Limited, among others.

Key Developments:

• • In Sep 2020, Dometic Marine introduced a ground breaking Electric Power-Assist Steering System. It is easy to be mounted to all major outboard brands and integrated with existing steering systems. This latest innovation will bring smooth and effortless power steering to mechanically steered outboard-powered boats.
  • In Sep 2020, DENSO Corporation announced a latest Electric Power Steering Motor Control Unit (EPS-MCU) which will help in improving handling and safety of the vehicle.

Segments covered in the Report:
The global Electric Power Steering Market has been segmented on the basis of Vehicle Type, Component, Type and regions. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Component, the market is segmented into Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor and Bearing. Based on Type, the market is segmented into Rack assist type, Pinion assist type and Colum assist type.

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Key questions answered in this research report:

• • At what pace is global Electric Power Steering Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Electric Power Steering Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Electric Power Steering Market?
  • Which Vehicle Type generated maximum revenues in 2020 and identify the most promising Vehicle Type during the forecast period?
  • What is the various Component of global Electric Power Steering Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Electric Power Steering Market by Vehicle Type

• • Passenger Cars
  • Commercial Vehicles

Global Electric Power Steering Market by Component

• • Sensors
  • Steering gear
  • Mechanical rack and pinion
  • Electronic control unit
  • Electric motor
  • Bearing

Global Electric Power Steering Market by Type

• • Rack assist type
  • Pinion assist type
  • Colum assist type

Global Electric Power Steering Market by Region

• • North America Electric Power Steering Market (Option 1: As a part of the free 25% customization)
    • North America Electric Power Steering Market by Vehicle Type
    • North America Electric Power Steering Market by Component
    • North America Electric Power Steering Market by Type
    • US Electric Power Steering Market All-Up
    • Canada Electric Power Steering Market All-Up
  • Europe Electric Power Steering Market (Option 2: As a part of the free 25% customization)
    • Europe Electric Power Steering Market by Vehicle Type
    • Europe Electric Power Steering Market by Component
    • Europe Electric Power Steering Market by Type
    • UK Electric Power Steering Market All-Up
    • Germany Electric Power Steering Market All-Up
    • France Electric Power Steering Market All-Up
    • Spain Electric Power Steering Market All-Up
    • Rest of Europe Electric Power Steering Market All-Up
  • Asia-Pacific Electric Power Steering Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Electric Power Steering Market by Vehicle Type
    • Asia-Pacific Electric Power Steering Market by Component
    • Asia-Pacific Electric Power Steering Market by Type
    • China Electric Power Steering Market All-Up
    • India Electric Power Steering Market All-Up
    • Japan Electric Power Steering Market All-Up
    • Rest of APAC Electric Power Steering Market All-Up
  • RoW Electric Power Steering Market (Option 4: As a part of the free 25% customization)
    • RoW Electric Power Steering Market by Vehicle Type
    • RoW Electric Power Steering Market by Component
    • RoW Electric Power Steering Market by Type
    • Brazil Electric Power Steering Market All-Up
    • South Africa Electric Power Steering Market All-Up
    • Saudi Arabia Electric Power Steering Market All-Up
    • UAE Electric Power Steering Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Electric Power Steering Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BorgWarner Inc.
  • JTEKT Corporation.
  • Nexteer
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • NSK Ltd.
  • Hitachi Astemo, Ltd.
  • Thyssenkrupp AG
  • Mitsubishi Electric Corporation
  • Mobis India Limited