Market Definition
Electric power steering (EPS) is a system that uses an electric motor to assist the driver of a vehicle in steering. The electric motor is connected to the steering column and provides additional torque to the steering system. This additional torque makes it easier for the driver to turn the steering wheel and helps to reduce the effort required to steer the vehicle.
EPS is a relatively new technology slowly becoming more common in new vehicles. Many automakers now offer EPS as an option on some of their models, and some vehicles are even equipped with EPS as standard equipment.
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Market Dynamics
There are a few key trends in electric power steering technology. One is the move away from hydraulic power steering systems to electric. The need for improved fuel economy and emissions reduction is driving this. Electric power steering is more efficient than hydraulic power steering and doesn’t require the engine to be running to provide power assistance. This can lead to fuel savings of up to 5%.
Another trend is the move to electric steering motors that are integrated into the steering column. This helps to save space and weight. Additionally, it can improve the feel of the steering by providing more direct and immediate power assistance.
Finally, there is a trend towards active safety systems that use electric power steering to help the driver avoid accidents. These systems can provide steering assist when the vehicle is at risk of veering off the road, or they can automatically apply the brakes if a collision is imminent. These systems can help to reduce the number and severity of accidents, making driving safer for everyone.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers, and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The global automotive electric power steering market has been segmented based on component, vehicle, and region. By component, the market is divided into the steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearing. Based on vehicles, it is divided into commercial vehicles and passenger cars. Region-wise, it is studied across North America, Europe, Asia-Pacific, and the Rest of the World.
Key Player
Top key players in the automotive electric power steering market are 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.
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- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porter 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Forecast Period – 2024-2033
- Base Year – 2023
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