Electric Steering System Market Overview

Electric Steering Market is projected to be worth USD 46.37 billion by 2030, registering a CAGR of 6.76% during the forecast period 2022 to 2030. The global electric steering market is a very dynamic market and is expected to witness a high growth over the forecast period. The growth of the electric power steering is influenced by the automobile manufacturing sector and the research &development activities by various automotive firms. Furthermore, safety regulations and increase in the demand of automotive sensors, have led to the emergence of Asia-Pacific as the fastest growing region. Increase in the number of electric vehicles has propelled the demand of the market while after-sales services rendered for electric steering parts hinder the growth of the electric steering market. The Steering Market is directly dependent on vehicle production. The region has the highest vehicle production in the world, majorly due to its increasing population and the increase in disposable income.

Electric Steering System market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.

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Globally Major key Players accelerates the Electric Steering System Market are, Electric Steering JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive System

Growth Drivers:

• Increasingly replacing hydraulic steering.
• Increased steering capabilities with less effort.

Most important Segments of Electric Steering System market covered in this report are,

The scope of the study segments the global Electric Steerings market by its type and vehicle type, and region.

By Type

• C-EPS
• P-EPS
• R-EPS
• Others (Others consist of dual pinion and rack direct drive)

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Electric Steering System Industry Influence of the global market report:

• Comprehensive assessment of all opportunities and risks in the Electric Steering System Market.
• Electric Steering System Market recent innovations and major events.
• A detailed study of business strategies for the growth of the Electric Steering System Market market-leading players.
• Conclusive study about the growth plot of Electric Steering System Market for forthcoming years.
• In-depth understanding of Electric Steering System Market, market-particular drivers, constraints, and major micro markets.
• Favorable impression inside vital technological and market latest trends striking the Electric Steering System Market.

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The Electric Steering System market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.

The global Electric Steering System market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.

Electric Steering System Market Regional Analysis

On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. Asia-Pacific has emerged to be the fastest growing market for electric steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market for electric steering. China accounts for the largest market in the Global Electric steering market. The increasing population, improving per capita income and changing lifestyles are driving the market. The region has largest vehicle production. It is one of the major reasons for biggest market for such steering and gaining highest revenue growth. Japan is leading the market for electric steering after China and US. The domestic auto production in Japan has increased over the last few years. The region has the largest vehicle production due to changing lifestyle and increasing disposable income and hence expected to drive the market for electric steering. The Indian steering systems market is closely linked to the automotive market. The automotive industry in India contributes largely to the country’s gross domestic product (GDP). In addition to increased vehicle production the steering systems market is also gaining from the Indian consumer’s growing awareness on the benefits of power steering in terms of convenience. Europe is expected to account for the second-largest share in the global electric steering market. The large customer base and high disposable income of end-users have fuelled the demand for vehicles in the region. The growing European automotive market represents several opportunities for manufacturers of electric steering system and other automotive parts.

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