"Efficient Control: A Strategic Exploration of Electronic Power Steering Market Dynamics"

 The global electronic power steering market is anticipated to reach a valuation of US$ 41,893.2 Million by 2032, with the market growing at a  moderate CAGR of 5.2% from 2022 to 2032. By the end of 2022, the target market is set to reach an estimated US$ 25,234.0 Million.

The key growth causes for the electronic power steering sector are the increasing number of regulatory standards and obligations related to fuel-efficient technology, the global efforts made by OEMs to reduce the weight and complexity of their automobiles, and the global supply of vehicles.

The market for electronic power steering is expanding due to rising consumer awareness of advanced automotive technology and the growing popularity of luxury cars equipped with ADAS. This presents a significant opportunity for market players to broaden their product offerings and customer base.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 [𝐅𝐫𝐞𝐞]:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1962

Moreover, benefits associated with the target product such as customizable power, fuel efficiency, excellent steering, minimal pollution, and assisting in reducing vehicle weight facilitate the growth of the target market. Again, the choice of a proper steering design provides vehicle stability and maneuverability in any terrain. Hence, the market for electronic power steering is still expected to grow at a rapid and steady rate of 5.2% during the forecast period.

“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” says an FMI analyst.  

Key Takeaways:

  • Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
  • On the basis of end-use, the automotive sector will contribute significantly to the market.
  • By type, the conventional steering segment will dominate the global marketplace.
  • The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
  • Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
  • The start-ups in this field are keen on product innovations and introducing novel technologies.

Read more: https://www.futuremarketinsights.com/reports/electronic-power-steering-market

Competitive Landscape 

Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., among others are some of the major players in the electronic power steering market profiled in the full version of the report.

Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.

More Insights into Electronic Power Steering Market Report

In its latest report, FMI offers an unbiased analysis of the global electronic power steering market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of electronic power steering (EPS) type (column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted electronic power steering (R-EPS), electronic hydraulic electronic power steering (EHPS)), application (light motor vehicles (LMV), passenger cars, heavy motor vehicles (HMV), agricultural tractors, special utility vehicles (cranes, sports cars, earth moving, military vehicles)), and region.

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