Market Definition
The electric power steering (EPS) market involves the production and implementation of electric power steering systems in vehicles. Unlike traditional hydraulic power steering systems, EPS utilizes an electric motor to assist the driver in steering the vehicle. This technology enhances fuel efficiency, provides better handling and control, and reduces emissions by eliminating the need for a hydraulic pump. EPS systems are widely used in passenger cars, commercial vehicles, and heavy-duty trucks.
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Market Outlook
The electric power steering market is experiencing robust growth, driven by the increasing demand for fuel-efficient and environmentally friendly automotive technologies. One of the primary factors propelling market expansion is the automotive industry’s shift towards electric and hybrid vehicles. EPS systems are integral to these vehicles, as they offer enhanced efficiency and reduced power consumption compared to hydraulic systems.
Technological advancements in the automotive sector are significantly contributing to the growth of the EPS market. Innovations in sensor technology, control algorithms, and motor efficiency are enhancing the performance and reliability of EPS systems. These advancements are enabling the development of advanced driver-assistance systems (ADAS) and autonomous driving technologies, where precise and responsive steering control is critical.
The growing emphasis on vehicle safety and performance is also driving the adoption of EPS systems. EPS provides better steering precision and stability, improving overall vehicle safety. The ability to integrate with electronic stability control (ESC) and other safety systems further enhances the safety features of modern vehicles. Additionally, EPS systems are more adaptable to various vehicle platforms, making them suitable for a wide range of vehicle types.
Government regulations and industry standards aimed at reducing vehicle emissions and improving fuel economy are positively impacting the EPS market. Many countries are implementing stringent emission norms and fuel efficiency standards, prompting automakers to adopt EPS systems to comply with these regulations. The elimination of hydraulic fluids in EPS systems also aligns with environmental sustainability goals, reducing the ecological footprint of vehicles.
However, the market faces several challenges. The initial cost of EPS systems is higher than traditional hydraulic systems, which can be a barrier for cost-sensitive markets. Additionally, the complexity of integrating EPS with other vehicle systems and ensuring reliable performance under various driving conditions requires significant investment in research and development.
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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 Segmentation
The global automotive electric power steering market has been segmented based on component, vehicle, and region. By component, the market is divided into steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearing. On the basis of 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.
Major Players
Top key players in 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, and China Automotive Systems, Inc.
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Research Scope
- 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, Porters 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
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