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Global Automotive Electric Power Steering Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product Type (C-EPS, P-EPS, R-EPS), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), And By Geography - Forecasts From 2019 To 2024

Published: Apr 2021 | Report Code:  KSI061613118 | Pages:  130

The global automotive electric power steering market is projected to grow at a CAGR of 2.42% during the forecast period, reaching a total market size of US$31.755 billion in 2024 from US$27.516 billion in 2018. This growth is attributed to the increase in demand for better steering systems that minimize the driver effort and make driving safer and convenient.

Power Steering is a type of steering system which provides assistance to the driver by increasing the steering effort needed to turn the steering wheel thus making it simpler to turn. Electric power steering is a type of power steering system which is abbreviated as EPS or EPAS. It can also be called motor-driven power steering or MDPS. The electric power steering system uses an electric motor to provide power assist to the driver while steering. There are sensors that detect the position and torque of the steering column and send this information to the electronic power steering module which then controls the speed of the motor and provides the required torque according to different driving conditions and situations.

EPS system has many advantages as well such as they are very effective and fuel due to no running hydraulic pump also there is no chance of leakage of hydraulic fluid. Another advantage is that there are no hydraulic pumps, hoses, and components mounted on the chassis. The key players are actively involved in bringing new technologies and making investments in improving the electric power steering market. For example, a company HYUNDAI MOBIS has developed a different type of electric power steering system which uses two electronic circuits to control the steering capabilities in any driving conditions. Also in 2017, a company ZF Friedrichshafen AG launched its C-EPS in the car Jeep Compass in the US. Also, in 2018, ZF Friedrichshafen AG announced that it will launch the Dual Pinion Assist EPS in China providing more comfortable, safer, and convenient driving.

As the demand for better technologies in the steering systems of vehicles is rising, there are better technologies being incorporated in cars to improve the driving safety and driving experience so that people can enjoy a comfortable drive. These factors are driving the automotive electric power steering market.

By Product Type

On the basis of product type, the global automotive electric power steering market is segmented as C-EPS, P-EPS, and R-EPS. C-EPS holds a notable amount of share in the market owing to the fact that the demand for passenger cars is more and most of the passenger cars that are produced come with C-EPS.

By Vehicle type

On the basis of vehicle type, the global automotive electric power steering market is segmented as passenger vehicles, light commercial vehicles, heavy commercial vehicles. Passenger vehicles hold a significant amount of share in the market due to the increasing production and demand for passenger vehicles and more demand for better steering systems to improve driving safety and convenience.

By Geography

By geography global automotive electric power steering market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific holds a significant amount of share in the market owing to the fact that the demand and production of vehicles are more in this region.

Competitive Landscape

The global automotive electric power steering market is competitive owing to the presence of well-diversified international, regional and local players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.

Global Automotive Electric Power Steering Market Scope:

Report Metric Details
 Market size value in 2018  US$27.516 billion
 Market size value in 2024  US$31.755 billion
 Growth Rate  CAGR of 2.42% from 2018 to 2024
 Base year  2018
 Forecast period  2019–2024
 Forecast Unit (Value)  USD Billion
 Segments covered  Product Type, Vehicle Type, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
  Companies covered  Nexteer Automotive, HYUNDAI MOBIS, Robert Bosch GmbH, ZF Friedrichschafen AG,   Mando Corp, NSK Ltd., DENSO, JTEKT Corporation, Hitachi Automotive Systems   Americas, Inc.
 Customization scope  Free report customization with purchase

Segmentation

The global automotive electric power steering market has been segmented by product type, vehicle type, and geography.

By Product Type

C-EPS

P-EPS

R-EPS

By Vehicle Type

Passenger Vehicle

Light Commercial Vehicle

Heavy Commercial Vehicle

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

UAE

Others

Asia Pacific

China

Japan

South Korea

India

Others


Frequently Asked Questions (FAQs)

Q1. What will be the automotive electric power steering market size by 2024?
A1. The global automotive electric power steering market is projected to reach a total market size of US$31.755 billion in 2024.


Q2. What are the growth prospects for the automotive electric power steering market?
A2. The automotive electric power steering market is projected to grow at a CAGR of 2.42% during the forecast period.


Q3. What is the size of the global automotive electric power steering market?
A3. Automotive Electric Power Steering Market was valued at US$27.516 billion in 2018.


Q4. Which region holds the maximum market share of the automotive electric power steering market?
A4. Asia-Pacific holds a significant amount of share in the automotive electric power steering market owing to the fact that the demand and production of vehicles are more in this region.


Q5. What factors are anticipated to drive the automotive electric power steering market growth?
A5. The automotive electric power steering market growth is attributed to the increase in demand for better steering systems that minimize the driver effort and make driving safer and convenient.

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