Get In Touch

Automotive Electric Power Steering Market to Reach Valuation of US$ 30.2 Bn by 2031: Transparency Market Research

Automotive Electric Power Steering Market: Introduction

According to the report, the global automotive electric power steering market is projected to reach US$ 30.2 Bn by 2031, expanding at a CAGR of ~3% during the forecast period. Rise in demand for advanced safety features in vehicles, including lane assistance and blind spot detection, is projected to fuel the demand for electronic components in vehicles. This, in turn, is likely to propel the automotive electric power steering market across the globe. The growing consumer trend toward advanced drive assist systems in vehicles is prompting vehicle manufacturers to integrate the electric power steering in their vehicles. Major vehicle manufacturers are reducing their vehicles’ weight to enhance fuel-efficiency, which is likely to propel the demand for electric power steering systems in vehicles.

Expansion of Automotive Electric Power Steering Market

Rising acquisitions and agreements among leading electric power steering manufacturers across the globe is a key factor boosting the automotive electric power steering market. In October 2020, the BorgWarner Inc. acquired Delphi Technologies for the expansion of electronics and power electronics products. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.

Based on motor assist, the global automotive electric power steering market has been classified into column assist, rack assist, and pinion assist. Column assist is likely to be a highly lucrative segment during the forecast period. Rise in consumer trend toward smoother ride is likely to increase the demand for column assist in vehicles. Major passenger vehicles have column assist systems, which is also a key factor that boosts the electric power steering market across the globe.

In terms of technology, the EPS with ADAS segment accounted for a significant share of the global automotive electric power steering market. Rise in demand for luxury vehicles across the globe is likely to increase the penetration of ADAS features, which, in turn, is anticipated to boost the automotive electric power steering market across the globe.

Regional Analysis of Automotive Electric Power Steering Market

The global automotive electric power steering market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive electric power steering market in 2019. It is anticipated to hold a leading market share during the forecast period, as rapid expansion of electric component manufacturing industries across the region is likely to propel the automotive electric power steering market across the region. Europe is estimated to hold a significant share of the global automotive electric power steering market, owing to an increase in the demand for electric vehicles across the region.

Automotive Electric Power Steering Market: Major Players

Prominent players operating in the global automotive electric power steering market include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited, TRIDEC, and Hitachi Automotive Systems.

Global Automotive Electric Power Steering Market: Segmentation

  • Automotive Electric Power Steering Market, by Motor Assist
    • Column Assist
    • Pinion Assist
    • Rack Assist
  • Automotive Electric Power Steering Market, by Component
    • EPS Control Module
    • Electric Motor
    • Rack & Pinion
    • Steering Column
  • Automotive Electric Power Steering Market, by Vehicle
    • Passenger Vehicle
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle
  • Automotive Electric Power Steering Market, by Technology
    • Conventional EPS
    • EPS with ADAS
  • Automotive Electric Power Steering Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Transparency Market Research

90 Sate Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

7 of 10 large enterprizes view our ToC to take the right decision.

View Report ToC