The Europe Automotive Electric Power Steering Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030).
Electric power steering in automobiles is a sophisticated steering system that reduces the exertion required to turn the wheels. This is accomplished by augmenting the force transferred to the steering wheel via electric power. The EPS system efficiently controls and supports vehicle steering using an electric motor, resulting in an optimal and delightful steering experience. Furthermore, EPS (Electric Power Steering) technology enables highly automated driving systems. When a driver initiates a steering input within an electric power steering system by rotating the steering wheel, sensors on the steering column capture the input and communicate it to the vehicle's Electronic Control Unit (ECU). After analyzing these inputs, The ECU sends an electronic signal to an electronic motor positioned at the end of the steering column. In response to signals from the ECU, the electric motor's gearing generates torque, which is subsequently sent to the pinion. In turn, the pinion transmits this torque to the rack, thereby facilitating the rotation of the vehicle's axles.
The expansion of the automotive industry is vital to the European economy. The automotive industry in the European Union employs 2.6 million individuals or 8.5% of all manufacturing employment. Additionally, there has been an increase in the number of vehicles purchased by local businesses. Additionally, these vehicles are used to transport products purchased online. As e-commerce expands across Europe, there is an increasing demand for a more modern distribution network. BMW Group, VW Group, and Daimler Group are among Germany's reputable manufacturers. Germany is a significant European automotive center. The country is a significant producer of light commercial vehicles in Europe. In addition, German manufacturers of lightweight commercial trailers produce more than the government requires. The expansion of the automotive industry would eventually result in the development of the market.
The Germany market dominated the Europe Automotive Electric Power Steering Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,194.1 million by 2030. The UK market is exhibiting a CAGR of 4.3% during (2023 - 2030). Additionally, The France market would experience a CAGR of 5.9% during (2023 - 2030).
Based on Propulsion Type, the market is segmented into ICE and Electric. Based on Component, the market is segmented into Steering Column, Electric Control Unit, Electric Motor, Rack & Pinion and Others. Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Based on Type, the market is segmented into Column Electric Power Steering, Rack Electric Power Steering and Pinion Electric Power Steering. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Automotive Electric Power Steering Market is Projected to reach USD 35.6 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries (Clearlake Capital Group, L.P.), Nexteer Automotive (Pacific Century Motors) and Zhejiang Shibao Co., Ltd.
By Propulsion Type
By Component
By Vehicle Type
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