Global Electric Power Steering Market

Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies), By Flavor Variation(Strawberry, apple), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores) - Industry Forecast 2024-2031

Report ID: SQMIG25C2115 | Region: Global | Published Date: March, 2024
Pages: 223 | Tables: 98 | Figures: 76

Electric Power Steering Market Dynamics

Drivers

Increasing Consumer Demand For Advanced Driver Assistance Systems (Adas)

  • The growing consumer demand for superior driving force assistance systems (ADAS) and fuel-green automobiles. EPS systems play a pivotal function in improving vehicle safety and gas economy, aligning with the evolving alternatives of vehicle consumers. The car enterprise's broader shift in the direction of electric powered and hybrid automobiles further propels the adoption of EPS, given its compatibility with those rising technology.

Restraints

High Initial Cost Associated With The Implementation Of Eps Systems

  • One of the principle market restraints is the higher preliminary value related to the implementation of EPS systems in comparison to traditional hydraulic guidance structures. This cost element poses challenges, in particular in markets with price-touchy consumers and economic uncertainties. Another constraint is the capacity for expanded complexity in preservation and restore, as EPS structures involve electronic additives that can require specialised abilties and gear for servicing.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The competitive environment of the Electric Power Steering marketplace is dynamic and is marked by way of excessive opposition amongst key players striving for market proportion and technological management. The industry leaders leverage their tremendous knowledge in automobile technologies and international production abilities to provide innovative EPS answers. 'Robert Bosch GmbH (Germany)', 'JTEKT Corporation (Japan)', 'Nexteer Automotive (US)', 'ZF Friedrichshafen AG (Germany)', 'NSK Ltd. (Japan)', 'Denso Corporation (Japan)', 'Valeo S.A. (France)', 'Continental AG (Germany)', 'Infineon Technologies AG (Germany)', 'Honeywell International Inc. (US)', 'HELLA GmbH & Co. KGaA (Germany)', 'Sensata Technologies, Inc. (US)', 'TT Electronics Plc (UK)', 'NXP Semiconductors N.V. (Netherlands)', 'Mando Corp. (South Korea)', 'Hyundai Mobis (South Korea)', 'Magna International Inc. (Canada)', 'Aisin Seiki Co., Ltd. (Japan)', 'Thyssenkrupp AG (Germany)', 'TRW Automotive (US)'

The growing consumer demand for superior driving force assistance systems (ADAS) and fuel-green automobiles. EPS systems play a pivotal function in improving vehicle safety and gas economy, aligning with the evolving alternatives of vehicle consumers. The car enterprise's broader shift in the direction of electric powered and hybrid automobiles further propels the adoption of EPS, given its compatibility with those rising technology.

Rising Integration Of Advanced Driver Assistance Systems (Adas) Into Eps: The integration of superior driving force assistance structures (ADAS) into EPS, improving protection functions consisting of lane-preserving assistance and automatic parking. The enterprise is witnessing a shift towards steer-through-wire era, putting off the mechanical connection among the steering wheel and wheels, main to more flexible and customizable automobile designs.

Asia-Pacific is in all likelihood to dominate the Electric Power Steering marketplace. The area serves as a hub for automotive manufacturing, with nations like China, Japan, and South Korea being primary participants. The high extent of vehicle manufacturing contributes to a widespread demand for EPS systems.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Automotive Blockchain Market
Buy Now GET FREE SAMPLE
Cold Chain Market
Buy Now GET FREE SAMPLE
U.S. E-bike Market
Buy Now GET FREE SAMPLE
Special Purpose Electric Vehicle Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Electric Power Steering Market

Product ID: SQMIG25C2115

$5,300
BUY NOW GET FREE SAMPLE