Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Automotive Electric Power Steering Market size is expected to reach $35.6 billion by 2030, rising at a market growth of 5.6% CAGR during the forecast period.
The ICE segment is leading the Global Automotive Electric Power Steering Market by Propulsion Type in 2022; thereby, achieving a market value of $31 billion by 2030. The growth is attributable to the increased adoption of electric power steering systems in ICE vehicles due to their favorable effect on fuel economy. Global population and per capita income increase demand for well-equipped automobiles, leading to market expansion.
The Electric Control Unit segment is experiencing a CAGR of 5.8% during (2023 - 2030). The automotive electric power steering ECU is required to power the electric motor within the EPS unit. The increasing popularity of autonomous vehicles is propelling the global demand for electric power steering and ECUs. EPS-equipped vehicles tend to have a lower overall weight, improving their fuel economy.
The Passenger Cars segment is generating the highest revenue in the Global Automotive Electric Power Steering Market by Vehicle Type in 2022; thereby, achieving a market value of $25.6 billion by 2030. Passenger cars presently account for a significant portion of the market owing to rising passenger vehicle production and demand and increasing consumer demand for enhanced steering systems to enhance driving convenience and safety. Although several passenger vehicles have already incorporated some form of advanced power steering because it improves fuel economy, no manual assistance is required to operate the power steering.
The Rack Electric Power Steering segment is registering a CAGR of 6% during (2023 - 2030). It employs an electric motor to support the driver with wheel steering. The absence of a hydraulic compressor makes this system more efficient than conventional power steering systems. REPS is frequently utilized in hybrid and electric vehicles because it consumes less energy than conventional power steering systems. REPS is a more recent technology than CEPS and PEPS, so it is less prevalent.
The Asia Pacific region dominated the Global Automotive Electric Power Steering Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $14.5 billion by 2030, growing at a CAGR of 5.8 % during the forecast period. The Europe market is anticipated to grow at a CAGR of 5.2% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 5.4% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Vehicle Type
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