The global electronic power steering market is anticipated to reach US$ 41,893.2 Million in 2032 with a moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is expected to produce US$25,234.0 Million. Throughout the predicted period, demand for the electronic power steering market will increase due to rising security concerns and fierce competition from vehicles with electronic, self-driving, or autopilot technology.

More regulations and specifications for fuel-efficient technology are being set as vehicle manufacturing rises. OEMs are attempting to create lighter, more straightforward vehicles. These are the main factors that are projected to propel the market for electronic power steering ahead. Both the market for electronic power steering and high-end automobiles with ADAS are seeing rising demand as consumers become more aware of modern automotive technologies. Additionally, this feature gives market participants a great opportunity to grow their consumer and product bases. 

Automakers are working to make their vehicles lighter and easier to run while legislative mandates and promises related to fuel-efficient technologies are growing. All of these factors have led to an increase in the production of vehicles globally. During the anticipated time frame, these elements are anticipated to rule the electronic power steering market. The market for electronic power steering is expanding as a result of consumer demand for high-end vehicles with ADAS. Due to this attribute, market participants have a great chance to increase their customer base and product offering. 

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“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” says an FMI analyst.  

Key Takeaways:

• Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
• On the basis of end-use, the automotive sector will contribute significantly to the market.
• By type, the conventional steering segment will dominate the global marketplace.
• The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
• Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
• The start-ups in this field are keen on product innovations and introducing novel technologies
  
  

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Competitive Landscape 

Among the leading companies in the electronic power steering market profiled in the full report are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, and Zhuzhou Elite Electro-Mechanical Co. Ltd.

Leading market participants are concentrating on new investments and product innovation to broaden their product offerings. To acquire a competitive edge, these companies are using strategic merger and acquisition techniques.

Global Electronic Power Steering Market: Segmentation

By EPS type:

• Column Assisted Electronic Power Steering(C-EPS)
• Pinion Assisted Electronic Power Steering (P-EPS)
• Rack Assisted Electronic Power Steering system (R-EPS)
• Electronic Hydraulic Electronic Power Steering (EHPS)

By Vehicle Application:

• Light Motor Vehicles (LMV)
• Passenger Cars
• Heavy Motor Vehicles (HMV)
• Agricultural Tractors
• Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa
• Europe