According to a new market research study titled ‘Electronic power Steering Market to 2025 – Global Analysis and In terms of revenue, the global electronic power steering market was valued at US$ 52,692.31 million in 2019 and is projected to reach US$ 54,933.16 million by 2027; it is expected to grow at a CAGR of 3.63% during the forecast period from 2020 to 2027.
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The electronic power steering market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. the global market was dominated by the APAC region in 2019, which accounted for almost half of the total market owing to a higher demand for electronic power steering systems. Factors such as the more extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region’s more significant market share. Further, Ford Motor Company of Australia Limited, Toyota Motor Corporation Australia Limited, Mitsubishi Motors Australia Ltd. (MMAL), General Motors Holden, Isuzu Australia Limited, Volkswagen Group Australia Pty Ltd., and Hyundai Commercial Vehicles Australia are some of the well-known manufacturers of commercial vehicle in the country. All these manufacturers are demanding the integration of EPS in the cars to meet the emerging demand of the customers. Moreover, the escalating automotive manufacturing operations, rising demand for electric vehicles, and growing focus of the EPS manufacturers toward offering low-cost and high-efficiency products is expected to drive the growth of the EPS market in the Rest of APAC countries during the forecast period.
Main key players are Hyundai Mobis, JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, Showa Corporation, The Mando Corporation, ThyssenKrupp AG,ZF Friedrichshafen AG
The global electronic power steering market has been segmented as follows:
Electronic Power Steering Market – By Type
- Column Assisted Electronic Power Steering
- Pinion Assisted Electronic Power Steering
- Rack Assisted Power Steering System
- Electronic Hydraulic Power Steering
Electronic Power Steering Market – By Vehicle Type
- Light Commercial Vehicles
- Passenger Cars
- Heavy Commercial Vehicles
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