Dublin, Nov. 25, 2022 (GLOBE NEWSWIRE) -- The "Global Electric Power Steering System Market by Type, Component, Propulsion System, Vehicle Type, and Region - Size, Share, Outlook, and Opportunity Analysis, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
Electric power steering has emerged as an alternative to conventional steering systems such as electro-hydraulic and hydraulic systems. Electric power steering assists the driver with the help of an electric motor. This motor only turns on at the time of steering to help the driver, thus offering better fuel efficiency.
Moreover, electric power steering systems eliminate the need for power steering pumps that uses around 10HP load, especially in heavy vehicles.
The EPS system consumes less than 80% energy than the conventional hydraulic system and increases the fuel efficiency of the vehicle by 2-3%, according to Coherent Market Insights, 2021. Owing to these benefits the use of electric power steering system is increasing across the globe.
Market Dynamics
The automotive industry is transforming, especially in the field of personal mobility, vehicle electrification, car connectivity, and autonomous driving. The increasing consumer demand for connected vehicles, digitalize in-car systems, and advanced driving assistance systems is expected to drive the global electric power steering (EPS) system market growth over the forecast period.
Moreover, the increasing popularity of advanced driving assistance system (ADAS) such as lane keep assist, lane departure warning, park assist, among others are expected to drive growth of the global electric power steering (EPS) system market in the near future.
Companies are introducing fail-safe operation technology to cope with the problems and malfunctions in electric power steering. Currently, Electric Power Steering (EPS) is equipped with an electromechanical control system that incorporates a dual circuit ECU and a motor in the steering mechanism. This system helps to maintain a vehicle's movement and to stop it safely at the time of failure of the primary system.
Key features of the study:
- This report provides an in-depth analysis of the global electric power steering (EPS) system market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022-2030), considering 2021 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global electric power steering (EPS) system market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Continental AG, Danfoss, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., Infineon Technologies AG, JTEKT Corporation, Nexteer Automotive Corporation, Nissan Motor Corporation, NSK Ltd., Robert Bosch GmbH, STMicroelectronics, ThyssenKrupp AG, Zapi S.p.A., and ZF Friedrichshafen AG.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global electric power steering (EPS) system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric power steering (EPS) system market
| Report Attribute | Details |
| No. of Pages | 205 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $27733.1 Million |
| Forecasted Market Value (USD) by 2030 | $44303.1 Million |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Research Objectives and Assumptions
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Component
- Market Snippet, By Propulsion System
- Market Snippet, By Vehicle Type
- Market Snippet, By Region
- Opportunity Map
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New system Launch/Approvals
4. Global Electric Power Steering (EPS) System Market, By Type, 2022-2030 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2030 (%)
- Segment Trends
- Column Assist Type (C-EPS)
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Pinion Assist Type (P-EPS)
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Rack Assist Type (R-EPS)
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
5. Global Electric Power Steering (EPS) System Market, By Component, 2022-2030 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2030 (%)
- Segment Trends
- Steering Gear
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Electric Motor
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- ECU
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Sensors
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Steering Column
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
6. Global Electric Power Steering (EPS) System Market, By Propulsion System, 2022-2030 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2030 (%)
- Segment Trends
- IC Engine
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Hybrid
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Electric
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
7. Global Electric Power Steering (EPS) System Market, By Vehicle Type, 2022-2030 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2030 (%)
- Segment Trends
- Passenger Vehicles
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Light Commercial Vehicles
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Heavy Commercial Vehicles
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Off-road Vehicles
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
- Sport Utility Vehicle
- Introduction
- Market Size and Forecast, 2022-2030, (US$ Million)
8. Global Electric Power Steering (EPS) System Market, By Region, 2022-2030 (US$ Million)
9. Competitive Landscape
- Company Profiles
- Continental AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Danfoss
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- GKN Automotive Limited
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Hitachi Automotive Systems, Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Infineon Technologies AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- JTEKT Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Nexteer Automotive Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Nissan Motor Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- NSK Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Robert Bosch GmbH
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- STMicroelectronics
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- ThyssenKrupp AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Zapi S.p.A.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- ZF Friedrichshafen AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
10. Section
For more information about this report visit https://www.researchandmarkets.com/r/g37veh
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