Electric Power Steering Market Expected to Reach US ~$41.10 Billion and CAGR 5.8% by 2030
The global electric power steering market size is expected to reach USD 41.10 Billion by 2030 according to a new study by Polaris Market Research.
With the gradual rise in vehicle production, the industry is gaining massive momentum. Steering wheels and the ratio rapidly change with vehicle speed and increase the handling condition, further supporting the market growth. In addition to this, the immense pressure on car manufacturers throughout the world has been increasing to implement technological solutions that meet energy efficiency standards are also expected to contribute to the higher demand for the product in the forecast period.
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Based on the electric motor segment, the brushless DC motors segment is witnessing a leading stake in the global market. This is due to the rise in the trend of industrial automation in the automotive sector and the growing popularity of advanced brushless motors to promote operational efficiency. However, the brushless DC motor segment is also projected to grow at the fastest CAGR during the forecast period owing to the transition of vehicles from conventional vehicles.
The Asia Pacific is projected to lead the industry in terms of revenue share around the globe due to its focus on carbon emissions, coupled with the wide presence of market vendors and power companies in the region. The region is also anticipated to register a substantial growth rate over the assessment period due to favorable government policies.
Major participants such as Mitsubishi Electric, Hycet Technology Co. Ltd., Mando Corporation, Hyundai Mobis, JTEKT, ZF Friedrichshafen AG, Nexteer, NSK, Robert Bosch, BorgWarner, Tenneco, ThyssenKrupp, and are some of the key players operating in the global market.
The key players are likely to emphasize developing their power-driven operating products. For instance, in August 2021, Nexteer Automotive increased the production of its immobilized power-driven steering to meet up requirements of heavy vehicles. The company’s new raised supply for ‘Single Pinon-Assist EPS (SPEPS)’ and ‘Dual Pinion-Assist EPS (DPEPS)’ systems upsurge the steering competence to up to 20%.
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Polaris Market Research has segmented the electric power steering market report on the basis of component, mechanism, type, vehicle type, and region:
Electric Power Steering, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Mechanical Rack & Pinion
- Electronic Control Unit
Electric Power Steering, Mechanism Outlook (Revenue – USD Billion, 2018 – 2030)
- Collapsible EPS
- Rigid EPS
Electric Power Steering, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Electric Power Steering, Vehicle Outlook (Revenue – USD Billion, 2018 – 2030)
- Passenger Car
- Commercial Vehicle
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