Automotive Electric Power Steering Market – Industry Trends and Forecast for period from 2024 to 2031
The "Automotive Electric Power Steering Market" prioritizes cost control and efficiency enhancement. Additionally, the reports cover both the demand and supply sides of the market. The Automotive Electric Power Steering market is anticipated to grow at an annual rate of 6.10% from 2024 to 2031.
This entire report is of 132 pages.
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Automotive Electric Power Steering Market Analysis
The Automotive Electric Power Steering market research report analyzes market conditions for electric power steering systems in the automotive industry. Automotive Electric Power Steering (EPS) is a technology that replaces traditional hydraulic power steering systems with electric motors. The target market for EPS includes passenger cars, commercial vehicles, and electric vehicles. Major factors driving revenue growth in the EPS market include increasing demand for fuel-efficient vehicles, enhanced safety features, and advancements in automotive technology. Key players in the Automotive Electric Power Steering market include JTEKT, Robert Bosch Automotive Steering, NSK, Nexteer Automotive, ZF TRW Automotive Holdings, Delphi Automotive, China Automotive Systems, Mando, and Showa. The report's main findings highlight the rising adoption of EPS in vehicles across various regions and recommend companies to focus on developing innovative EPS products to stay competitive in the market.
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The global Automotive Electric Power Steering (EPS) market is witnessing significant growth with advancements in technology and increasing demand for driver-assist systems. The market is segmented based on type into Column Assist EPS, Single-Pinion Assist EPS, Dual-Pinion Assist EPS, and Rack Assist EPS. These systems are widely used in Passenger Cars and Commercial Vehicles to improve steering performance and enhance driving experience.
Regulatory and legal factors play a crucial role in shaping the dynamics of the Automotive EPS market. Governments across the world are implementing stringent safety and environmental regulations, which are driving the adoption of EPS systems in vehicles. In addition, the increasing focus on fuel efficiency and reducing carbon emissions is further boosting the demand for electric power steering systems.
Overall, the Automotive Electric Power Steering market is poised for remarkable growth in the coming years, driven by technological advancements, increasing vehicle production, and favorable regulatory conditions. Manufacturers are continuously innovating to develop energy-efficient and high-performance EPS systems to meet the evolving needs of the automotive industry.
Top Featured Companies Dominating the Global Automotive Electric Power Steering Market
The global automotive electric power steering market is highly competitive, with key players such as JTEKToration, Robert Bosch Automotive Steering GmbH, NSK, Nexteer Automotive, ZF TRW Automotive Holdingsoration, Delphi Automotive, China Automotive Systems, Mandooration, and Showaoration leading the market. These companies offer a wide range of automotive electric power steering products and solutions to cater to the increasing demand for efficient steering systems in the automotive industry.
Companies like JTEKToration, Robert Bosch Automotive Steering GmbH, and ZF TRW Automotive Holdingsoration are known for their cutting-edge technology and innovative products in the automotive electric power steering market. They focus on research and development to enhance the performance, efficiency, and safety features of their power steering systems.
Nexteer Automotive, Delphi Automotive, and NSK are also major players in the market, offering a comprehensive portfolio of automotive electric power steering systems that cater to various vehicle types and applications. These companies have a strong global presence and supply their products to leading automotive manufacturers across the world.
China Automotive Systems is a prominent player in the Asian market, providing cost-effective and reliable electric power steering solutions to meet the growing demand for fuel-efficient and environmentally friendly vehicles.
Mandooration and Showaoration are also key players in the automotive electric power steering market, offering advanced steering systems that improve vehicle handling and performance.
In terms of sales revenue, companies like JTEKToration, Robert Bosch Automotive Steering GmbH, and Nexteer Automotive have reported significant revenues in the automotive electric power steering market. These companies continue to invest in technological advancements and strategic partnerships to further enhance their market position and drive the growth of the automotive electric power steering market.
JTEKToration
Robert Bosch Automotive Steering GmbH
NSK
Nexteer Automotive
ZF TRW Automotive Holdingsoration
Delphi Automotive
China Automotive Systems
Mandooration
Showaoration
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Automotive Electric Power Steering Segment Analysis
Automotive Electric Power Steering Market, by Application:
Passenger Car
Commercial Vehicle
Automotive Electric Power Steering (EPS) is used in passenger cars and commercial vehicles to assist the driver in steering the vehicle with less effort. EPS uses an electric motor to provide steering assistance based on inputs from sensors, improving handling and maneuverability. In passenger cars, EPS enhances driving comfort and allows for advanced driver assistance features. In commercial vehicles, EPS increases maneuverability and reduces driver fatigue. The fastest growing application segment in terms of revenue is passenger cars, as demand for technologically advanced vehicles with safety and comfort features continues to rise. EPS technology is increasingly becoming a standard feature in modern vehicles.
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Automotive Electric Power Steering Market, by Type:
Column Assist EPS
Single-Pinion Assist EPS
Dual-Pinion Assist EPS
Rack Assist EPS
Column Assist EPS: This type of EPS uses an electric motor mounted on the steering column to assist with steering. Single-Pinion Assist EPS uses a single electric motor attached to the steering gear. Dual-Pinion Assist EPS has two electric motors working together to provide assistance. Rack Assist EPS places the electric motor directly on the steering rack for improved control. These types of EPS systems offer improved handling, reduced effort in steering, and increased fuel efficiency, boosting the demand for Automotive Electric Power Steering in the market. They also provide better performance in various driving conditions.
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Regional Analysis:
North America:
United States
Canada
Europe:
Germany
France
U.K.
Italy
Russia
Asia-Pacific:
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America:
Mexico
Brazil
Argentina Korea
Colombia
Middle East & Africa:
Turkey
Saudi
Arabia
UAE
Korea
The Automotive Electric Power Steering market is experiencing significant growth in all regions, with North America (United States and Canada) leading the way in terms of market share. Europe (Germany, France, ., Italy, Russia), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia), Latin America (Mexico, Brazil, Argentina, Colombia), and Middle East & Africa (Turkey, Saudi Arabia, UAE, Korea) are also expected to dominate the market with substantial growth. North America is anticipated to hold the largest market share at 35%, followed by Europe at 25%, Asia-Pacific at 20%, Latin America at 15%, and Middle East & Africa at 5%.
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