The Asia Pacific is projected to witness tremendous electric power steering market growth.
According to Custom Market Insights (CMI), The Global Electric Power Steering Market was estimated at USD 24 billion in 2021 and is anticipated to grow to approximately USD 35 billion by 2030, witnessing a CAGR growth of roughly 6% between 2022 and 2030. The report examines the Electric Power Steering market’s driving and restraining factors and the impact analysis throughout the projection period. Further, the report observes global opportunities prevailing in the Electric Power Steering market worldwide.
Electric Power Steering Market: Overview
Electric power steering operates by using an electric motor to obtain power from the car’s electrical system and provide steering assistance. To determine whether the driver needs assistance, sensors and computer systems measure the torque and effort the driver applies to the steering wheel. As the electric motor in these systems only pulls power when necessary, it also improves fuel efficiency in the car. Additionally, it eliminates the need to maintain hydraulic fluid and enables several capabilities like automated lane changes and parking, lane-keep assistance, and the capacity to steer the car around obstacles.
Browse the full “Electric Power Steering Market Size, Trends and Insights By Components (Sensors, Steering column, Steering gear, Electronic control unit, Mechanical rack and pinion, Electric motor, Bearing), By Vehicle Type (BEV, PHEV, FCEV), By Application (Passenger Cars, Commercial Vehicles), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at
The electric steering market is dynamic and is anticipated to increase rapidly over the coming years. The automobile manufacturing industry and the R&D efforts of numerous automotive companies impact the development of electric power steering. Additionally, safety restrictions and a rise in the need for automotive sensors have caused Asia-Pacific to emerge as the region with the quickest growth. The market’s demand has increased as the number of electric vehicles has increased, but the market’s growth is being hampered by after-sales services provided for electric steering components.
The market for Electric Power Steering is categorized by components, applications, and vehicle type. Commercial Vehicles (CV) and Passenger Cars (PC) are included in the application segment (CV). The category for commercial vehicles is anticipated to increase at the fastest rate over the projection period. The global increase in building and e-commerce operations is the key factor driving this segment’s growth. The need for electric power steering for commercial vehicles has been fueled by factors such as significant investments in infrastructure and rural development as well as rigorous regulatory standards for vehicle length and weight limitations002E
The market for Electric Power Steering in North America is anticipated to hold the largest market share in 2021. The market is being driven by technical development and fuel economy. After China, the U.S. dominates the market for electric steering. The market for such steering is driven by several causes, including growing industrialization, rising modernization investment, upgrading of infrastructure, and public transportation.
The market is anticipated to increase at a saturated rate during the period. One of the biggest automakers in the world is Canada. The largest contributor to Canada’s manufacturing GDP is the auto industry (GDP). The Canadian automotive sector produces light-duty and heavy-duty vehicles. The global market for electric steering is anticipated to increase rapidly due to the vehicle sector.
The electric steering market has seen its fastest growth in the Asia-Pacific region. As a result of rising populations and disposable wealth, this region produces the most vehicles. The markets for automotive industries and electric steering are predicted to be driven by rising populations, rising per capita incomes, and rising living standards. China dominates the global market for electric steering. The growing population, rising per capita income, and shifting lifestyles drive the market. The region produces the most vehicles, one of the main causes of the largest market for such steering and the highest revenue growth.
|Feature of the Report||Details|
|Market Size in 2021||USD 24 Billion|
|Projected Market Size in 2030||USD 35 Billion|
|CAGR Growth Rate||6% CAGR|
|Prominent Players||Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., Robert Bosch Automotive Steering GmbH, Mando Corporation, NSK Ltd., Nexteer Automotive Group Limited, Showa Corporation, ThyssenKrupp Ag, Hyundai Mobis Co. Ltd., China Automotive System, and Others|
|Key Segment||By Components (Sensors, Steering column, Steering gear, Electronic control unit, Mechanical rack and pinion, Electric motor, Bearing), By Vehicle Type (BEV, PHEV, FCEV), By Application (Passenger Cars, Commercial Vehicles), and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Key Players Insights
The overall Electric Power Steering market comprises of few large players focused on launching new and advanced products and expanding their geographical reach through collaborations and partnerships. The report comprises extensive company profiles for key players worldwide in the Electric Power Steering market. Further, it provides an in-depth analysis of the market share captured by major companies operating in the market.
The report offers a company analysis to give a 360-degree overview of the major players operating in the market. Moreover, the report also comprises key strategic developments related to the market, including new service launches, acquisitions & mergers, agreements, collaborations & joint ventures, partnerships, research & development, and regional expansion of key player participants involved in the global warehousing market.
Some of the prominent players
- Electric Steering JTEKT Corporation
- ZF TRW Automotive Holdings Corp.
- Robert Bosch Automotive Steering GmbH
- Mando Corporation
- NSK Ltd.
- Nexteer Automotive Group Limited
- Showa Corporation
- ThyssenKrupp Ag
- Hyundai Mobis Co., Ltd.
- China Automotive System
The global Electric Power Steering market is segmented as follows:
- Steering column
- Steering gear
- Electronic control unit
- Mechanical rack and pinion
- Electric motor
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America