Electric Power Steering Global Market Report 2023

“Electric Power Steering Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on electric power steering market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for electric power steering? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electric power steering market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: R-EPS; P-EPS; C-EPS

• 2) By Component: Steering Column; Sensors; Steering Gear; Mechanical Rack and Pinion; Electronic Control Unit; Electric Motor; Bearing

• 3) By Electric Motor: Brush Motor; Brushless Motor

• 3) By Mechanism: Rigid; Collapsible

• 4) By Application: Passenger Cars (PC); Commercial Vehicles (CV)

• Companies Mentioned: Robert Bosch GmbH; JTEKT Corporation; Nexteer Automotive Group Limited; ZF Friedrichshafen AG; NSK Steering Systems Pvt. Ltd

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the electric power steering market are Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Steering Systems Pvt. Ltd., Mando Corporation, GKN Ltd., Federal-Mogul Corporation, Hyundai Mobis Co. Ltd., Showa Corporation, Hitachi Astemo Ltd., Mitsubishi Motors Corporation, Denso Corporation, Renesas Electronics, China Automotive System, and KYB Corporation.

The global electric power steering market is expected to grow from $25.70 billion in 2022 to $27.67 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric power steering market is expected to reach $35.59 billion in 2027 at a CAGR of 6.5%.

The electric power steering market consists of sales of hydroelectric steering, electric steering, and steer-by-wire steering. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Electric power steering refers to a mechanical system that uses an electric motor to draw energy from the vehicle's electric system to assist the steering wheel. It is used to provide steering assistance to the driver of a vehicle.

Asia-Pacific was the largest region in the electric power steering market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric power steering report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of electric power steering market are R-EPS, P-EPS and C-EPS. R-EPS is an assisted unit that connects to the steering rack and these units are capable of steering mid-sized vehicles to full-size trucks and are designed to withstand high environmental exposure and temperature. The various components involve the steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor and bearing, which involve electric motor of various type such as brush motor and a brushless motor. The mechanisms are rigid and collapsible that are used in various applications such as passenger cars and commercial vehicles.

The increasing demand for electric vehicles across the world is expected to propel the growth of the electric power steering market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. With electric power steering being the primary component in electric vehicles, an increase in electric vehicles necessitates more electric power steering, which raises demand for the electric power steering market. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing demand for electric vehicles is driving the growth of the electric power steering market.

Product innovations are a key trend gaining popularity in the electric power steering market. Major companies operating in the electric power steering market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, Nexteer Automotive, a US-based motion control technology compan, launched a new modular column-assist EPS system. The unique feature of the new system is high-performance torque and angle sensors that make the steering feel more accurate to the drivers. It is an innovative system that offers a cost-efficient, modular design to achieve scalability and flexibility. The system is expected to support various load capacities and will offer re-configurable and customizable steering.

In October 2020, BorgWarner Inc., a US-based automotive company acquired Delphi Technologies for an undisclosed amount. With this acquisition, BorgWarner strengthen its electronics and power electronics products, capabilities, and scale, creating a leader in electrified propulsion systems. Delphi Technologies is a UK-based company operating in the electric power steering market.

The countries covered in the electric power steering market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The electric power steering market research report is one of a series of new reports from The Business Research Company that provides electric power steering market statistics, including the electric power steering industry global market size, regional shares, competitors with electric power steering market share, detailed electric power steering market segments, market trends and opportunities, and any further data you may need to thrive in the electric power steering industry. This electric power steering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.