The global automotive electric power steering market size was evaluated at $26.36 Billion in 2023 and is slated to hit $42.57 Billion by the end of 2032 with a CAGR of nearly 5.47% between 2024 and 2032.
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Market for Automobile Electric Power Steering: Factors of Growth
Long term growth in the automotive electric power steering market is expected. Anticipated to support market demand include rising petrol prices as well as consumer search for technically perfect vehicles. Globally minded customers of cars are seeking for greater safety choices, low cost, and luxury elements. Including this method helps one realise their aim of cleaner autos with a smaller carbon footprint.
An electric power steering system can also help the customer to have a more pleasant and quiet driving experience. Furthermore expected to complement development are new government policies on carbon emissions. Long-term market expansion is expected to be supported by rising fuel prices as well as new and enhanced features in the forthcoming cars.
Considered as some of the elements driving market expansion are increasing vehicle production, growing demand for better safety and convenience together with a rise in disposable incomes worldwide. When the driver turns the steering wheel, EPS—a fuel-efficient mechanism—helps the engine load to lead him, so reducing petrol consumption. Rising vehicle recalls resulting from defective sensors or other components, however, can impede market development.
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The Global Automotive Electric Power Steering Market is segmented based on product, application and region
Global Automotive Electric Power Steering Market: Product Segment Analysis
● Pinion Assist Type
● Rack Assist Type
● Column Assist Type
Global Automotive Electric Power Steering Market: Application Segment Analysis
● Passenger Vehicle
● Light Commercial Vehicle (LCV)
● Heavy Commercial Vehicle (HCV)
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The Global Automotive Electric Power Steering market profiles key players such as:
● Mando Corporation
● Delphi Automotive
● KSR International Company
● Robert Bosch GmbH
● Showa Corporation
● Mitsubishi Electric Corporation
● Hitachi Automotive Systems Ltd.
● JTEKT Corporation
● Nexteer Automotive
● Sona Koyo Steering Systems Ltd
Regionally, the market for automotive electric power steering is broken out as North America, Asia Pacific, Europe, Latin America and the Middle East, and Africa. Thanks to R&D and acceptance of self-driving cars, North America is expected to have a significant share during the projected period. The simple movement of self-driving cars is supported by the electric power steering system, which so stimulates market growth possibilities. Moreover, given customers in Asia Pacific’s growing wealth and spending power, the area is expected to contain a sizable portion as well as the future global automobile hub.
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