"Executive Summary Electric Power Steering Market :

CAGR Value

Data Bridge Market Research analyses that the electric power steering market would exhibit a CAGR of 7.77% for the forecast period of 2022 to 2029.

Electric Power Steering Market report is the best source that gives CAGR values with variations during the forecast period for the market. It provides CAGR (compound annual growth rate) values along with its fluctuations for the specific forecast period. Most-detailed market segmentation, systematic analysis of major market players, trends in consumer and supply chain dynamics, and insights about new geographical markets are also key aspects of this report. The Electric Power Steering Market report has been prepared based on the market type, size of the organization, availability on-premises and the end-users’ organization type.

This Electric Power Steering Market report makes available the newest industry data, market future trends, allowing identifying the products and end users driving revenue growth and profitability. In addition, the Electric Power Steering Market report contains company profile, product specifications, production value, market shares and contact information of manufacturers or companies. This market report strategically analyses the growth trends and future prospects. Global Electric Power Steering Market report conducts thorough competitive research to provide better market insights. Electric Power Steering Market report aids to focus on the important aspects of the market like what the recent market trends are or what buying patterns of the consumers are.

Discover the latest trends, growth opportunities, and strategic insights in our comprehensive Electric Power Steering Market report. Download Full Report: https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market

Electric Power Steering Market Overview

**Segments**

- By Component:
- Hardware
- Software

- By Type:
- Column Assist Electric Power Steering (C-EPS)
- Pinion Assist Electric Power Steering (P-EPS)
- Rack Assist Electric Power Steering (R-EPS)

- By Vehicle Type:
- Passenger Cars
- Commercial Vehicles

- By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket

The global electric power steering market is segmented based on components, types, vehicle types, and sales channels. In terms of components, the market is divided into hardware and software. The software segment is anticipated to witness substantial growth due to advancements in technology and the increasing demand for connected and autonomous vehicles. By type, the market is categorized into column assist electric power steering (C-EPS), pinion assist electric power steering (P-EPS), and rack assist electric power steering (R-EPS). The C-EPS segment is expected to dominate the market owing to its widespread adoption in passenger cars for better control and fuel efficiency. On the basis of vehicle types, the market is segmented into passenger cars and commercial vehicles. The rising production and sales of passenger cars worldwide are likely to drive the growth of this segment. Lastly, based on sales channels, the market is bifurcated into original equipment manufacturers (OEMs) and the aftermarket, with OEMs holding a significant share due to the increasing integration of advanced technologies in new vehicles.

**Market Players**

- Robert Bosch GmbH
- JTEKT Corporation
- NSK Ltd.
- Nexteer Automotive
- ZF Friedrichshafen AG
- Mando Corporation
- Showa Corporation
- ThyssenKrupp AG
- Delphi Technologies
- NSK Ltd.
- Mitsubishi Electric Corporation

The global electric power steering market is highly competitive with the presence of several key players. Companies such as Robert Bosch GmbH, JTEKT Corporation, NSK Ltd., Nexteer Automotive, ZF Friedrichshafen AG, Mando Corporation, Showa Corporation, ThyssenKrupp AG, Delphi Technologies, NSK Ltd., and Mitsubishi Electric Corporation are some of the major players operating in the market. These companies are focusing on research and development activities to introduce innovative products and gain a competitive edge in the market. Strategic partnerships, mergers, and acquisitions are also commonly adopted by these players to expand their market presence and enhance their product portfolio.

The global electric power steering market is experiencing significant growth driven by a variety of factors. One of the key trends shaping the market is the increasing focus on enhancing vehicle control and fuel efficiency, leading to a higher adoption of advanced electric power steering systems. Manufacturers are continuously investing in research and development to introduce innovative solutions that cater to the evolving needs of consumers. Moreover, the integration of technologies such as connected vehicles and autonomous driving capabilities is creating new opportunities for market players to expand their product offerings.

Another major factor fueling the growth of the electric power steering market is the rising demand for passenger cars globally. The passenger car segment is witnessing substantial growth, particularly in emerging economies where increasing disposable incomes and changing lifestyles are driving the need for personal transportation. This trend is expected to boost the adoption of electric power steering systems in passenger cars, further propelling market growth.

In terms of sales channels, original equipment manufacturers (OEMs) are playing a crucial role in the distribution of electric power steering systems. OEMs hold a significant market share due to their strong relationships with automotive manufacturers and their ability to incorporate advanced technologies into new vehicle models. The aftermarket segment is also gaining traction as consumers look for ways to upgrade and improve the performance of their existing vehicles with more efficient steering systems.

The competitive landscape of the electric power steering market is intense, with key players striving to differentiate themselves through technological innovations and strategic partnerships. Companies such as Robert Bosch GmbH, JTEKT Corporation, NSK Ltd., and others are investing in cutting-edge technologies to stay ahead of the competition. Additionally, mergers and acquisitions are reshaping the market dynamics as companies seek to strengthen their market positions and expand their global footprint.

Looking ahead, the electric power steering market is expected to witness sustained growth driven by factors such as increasing vehicle production, technological advancements, and the growing preference for electric power steering systems over traditional hydraulic systems. As consumer expectations continue to evolve and regulatory requirements become more stringent, market players will need to remain agile and innovative to capitalize on emerging opportunities and maintain their competitive edge in the rapidly evolving automotive industry.The global electric power steering market is poised for substantial growth as key market players continue to focus on enhancing vehicle control, fuel efficiency, and overall driving experience. With advancements in technology and the increasing demand for connected and autonomous vehicles, the software segment is expected to witness significant growth within the market's component segmentation. This trend highlights the shift towards more advanced and integrated solutions in modern vehicles.

In addition, the market's segmentation by type, including column assist electric power steering (C-EPS), pinion assist electric power steering (P-EPS), and rack assist electric power steering (R-EPS), underscores the diverse solutions available to cater to the specific needs of different vehicle models and driving conditions. The dominance of the C-EPS segment, especially in passenger cars, reflects the importance of precise steering control and fuel efficiency in this vehicle category.

Moreover, the market's segmentation by vehicle type into passenger cars and commercial vehicles aligns with the increasing demand for personal transportation globally, particularly in emerging economies. As disposable incomes rise and consumer lifestyles evolve, the adoption of electric power steering systems in passenger cars is expected to grow, further boosting market expansion.

Furthermore, the segmentation by sales channels into original equipment manufacturers (OEMs) and the aftermarket emphasizes the critical role that OEMs play in distributing electric power steering systems. Their strong relationships with automotive manufacturers and focus on integrating advanced technologies into new vehicle models position them as key drivers of market growth. Simultaneously, the aftermarket segment presents opportunities for consumers to upgrade existing vehicles with more efficient steering systems, further driving market demand.

Overall, the competitive landscape of the electric power steering market is marked by intense rivalry among key players striving to differentiate themselves through technological innovations and strategic partnerships. To stay ahead of the competition, companies are investing in cutting-edge technologies and pursuing mergers and acquisitions to strengthen their market positions. Looking ahead, sustained market growth is anticipated, supported by factors such as increasing vehicle production, technological advancements, and the shifting preference towards electric power steering systems over traditional hydraulic systems. As market dynamics evolve and consumer expectations change, market players must remain agile and innovative to capitalize on emerging opportunities and maintain a competitive edge in the automotive industry.

The Electric Power Steering Market is highly fragmented, featuring intense competition among both global and regional players striving for market share. To explore how global trends are shaping the future of the top 10 companies in the keyword market.

Learn More Now: https://www.databridgemarketresearch.com/reports/global-electric-power-steering-market/companies

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Radical conclusions of the report:

• Industry overview with a futuristic perspective
• Analysis of production costs and analysis of the industrial chain
• Full regional analysis
• Benchmarking the competitive landscape
• Electric Power Steering Market Growth Trends: Current and emerging
• Technological developments and products
• Comprehensive coverage of market factors, restraints, opportunities, threats, limitations, and outlook for the Market
• SWOT Analysis, Porter's Five Forces Analysis, Feasibility Analysis, and ROI Analysis

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