Austin, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The Electric Power Steering Market Share is expected to reach approximately USD 39.50 billion by 2032, at a CAGR of around 4.57% during the forecast period of 2024-2032. Growth factors include increased adoption of EVs, trends toward vehicle electrification, and growing demand by consumers for better vehicle handling and safety features.
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The increase in carbon emission and effective energy solutions due to government policies and regulations are boosting the demand for electric power steering systems.
Advancements in EPS solutions are likely to catapult over 60% adoption of new vehicles with advance electric power steering systems by 2032. Ongoing developments within the automotive industry and growing adoption of connected vehicle technology, which leaves no imminent signs of abating, are expected to sustain growth for electric power steering.
Most of the driver-focused areas emphasize improvement in vehicle safety as well as driving dynamics, and the general trend of including automation within the steering systems.
Market Segmentation: Vehicle Type & Components Type Segments
Passenger vehicles will be almost 70% of the total share, with electric and hybrid vehicle applications dominated by electric power steering. Commercial vehicles too record rising adoption of EPS technology for efficiency and safety-related benefits on fleet operations.
By the component, electric motors and steering columns are expected to consume around 50% of the market share, just because of the undisputed importance these components carry within the EPS system. Sensing and electronic control units are also expected to exhibit speedy growth on account of stringent steering feedback and performance requirements. Sensors would hold a 25% market share by 2032, primarily because they play a vital role in the instant capture of data and enhanced automation of vehicles.
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The North America region is expected to hold the highest market share in the whole of the forecast period.
North America is expected to be the largest contender in this Electric Power Steering Market up to 2032, accounting for nearly 40% of the world market share. Major automotive manufacturing companies, combined with growing emphasis towards EV manufacturing in this region, have led to this scenario. Electronic Power Steering Market in Canada is likely to grow at 9% CAGR as supporting regulation and government incentives would contribute to the adoption of electric power steering technologies in the country.
Competitive Landscape
The market for EPS has developed into an innovation hub as there has been a significant upsurge in partnership cases between the leading automotive players and EPS solution providers. To date, more than 35% of the world's leading automotive players are entering into partnership deals with technology companies to enhance steering system capabilities. Most partnerships converge to innovation in energy efficiency, precision control, and autonomous driving technologies. Established automobile companies have also signed major deals with startups that are more famous for their advanced steering algorithms and sensor technologies to deliver much more responsive and adaptive steering systems.
In this scenario, the key market players are giving research and development activities a strong thrust to enhance their position. Companies like Robert Bosch GmbH, ZF Friedrichshafen AG, and Nexteer Automotive are heavily investing in developing integrated artificial intelligence and machine learning solutions for EPS. This increased efficiency in steering mechanisms results in the overall vehicle performance, which propels the demand for connected and smart vehicles.
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BENEFITS:
1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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