The global electronic power steering market is anticipated to reach US$ 41,893.2 Million in 2032 with a moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is expected to produce US$25,234.0 Million. Throughout the predicted period, demand for the electronic power steering market will increase due to rising security concerns and fierce competition from vehicles with electronic, self-driving, or autopilot technology.

As vehicle production increases, more rules and requirements for fuel-efficient technology are being established. OEMs from around the world are working to develop lighter, simpler vehicles. These are the primary reasons anticipated to drive the electronic power steering market forward. As consumers have a better awareness of contemporary automotive technologies, there is an increasing demand for both the market for electronic power steering and high-end vehicles with ADAS. Furthermore, this function offers market participants a fantastic chance to expand their customer and product bases. 

While legal requirements and promises related to fuel-efficient technologies are expanding, automakers are seeking to make their vehicles lighter and simpler to operate. The manufacture of vehicles worldwide has increased as a result of all of these variables. These factors are expected to dominate the market for electronic power steering during the estimated time period. The demand for high-end vehicles with advanced driver assistance systems (ADAS) is driving growth in the market for electronic power steering. Market participants have a tremendous opportunity to expand their consumer base and product line thanks to this characteristic. 

Get Access to Sample Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1962

“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” says an FMI analyst.  

Key Takeaways:

• Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
• On the basis of end-use, the automotive sector will contribute significantly to the market.
• By type, the conventional steering segment will dominate the global marketplace.
• The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
• Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
• The start-ups in this field are keen on product innovations and introducing novel technologies
  
  

For More Information Click Here:  
https://www.futuremarketinsights.com/reports/electronic-power-steering-market

Competitive Landscape 

Among the leading companies in the electronic power steering market profiled in the full report are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, and Zhuzhou Elite Electro-Mechanical Co. Ltd.

Leading market participants are concentrating on new investments and product innovation to broaden their product offerings. To acquire a competitive edge, these companies are using strategic merger and acquisition techniques.

Global Electronic Power Steering Market: Segmentation

By EPS type:

• Column Assisted Electronic Power Steering(C-EPS)
• Pinion Assisted Electronic Power Steering (P-EPS)
• Rack Assisted Electronic Power Steering system (R-EPS)
• Electronic Hydraulic Electronic Power Steering (EHPS)

By Vehicle Application:

• Light Motor Vehicles (LMV)
• Passenger Cars
• Heavy Motor Vehicles (HMV)
• Agricultural Tractors
• Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa
• Europe