Market Size Revenue for Electric Power Steering Expected to Surge to USD 41.10 Billion By 2030

Report Overview

The Electric Power Steering Market (EPS) has been a significant and growing segment within the automotive industry. Electric power steering systems have gained popularity due to their efficiency, fuel economy benefits, and enhanced vehicle performance. Electric power steering has become a standard feature in many modern vehicles, ranging from compact cars to luxury vehicles and trucks. The automotive industry's emphasis on fuel efficiency and emissions reduction has contributed to the increased adoption of EPS.

The electric power steering market has seen advancements in technology, including the integration of sensors and control modules to enhance safety and driver assistance features. Some EPS systems can adjust steering efforts based on driving conditions, speed, and other factors.

According to the research report published by Polaris Market Research, the Global Electric Power Steering Market Size Is Expected To Reach USD 41.10 Billion By 2030., at a CAGR of 5.8% during the forecast period.

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The research study includes a thorough examination of the revenue generated by various segments across different regions worldwide. To help stakeholders gain an in-depth understanding of the Electric Power Steering Market, the study taps hard-to-find information on aspects such as supply chain optimization, distribution channels, and technology advancements. Furthermore, the report includes Porter’s Five Forces to analyze the prominence of several features in the industry.

Competitive Landscape

This section of the report sheds light on the competitive landscape in the industry. It provides an in-depth examination of the Electric Power Steering Market's key players, covering their market share, production capacity, and plant turnarounds. The study also details all the major strategic developments, such as mergers, acquisitions, and collaborations, in the industry.

The key players operating in the market are:

• BorgWarner
• Hycet Technology Co. Ltd.
• Hyundai Mobis
• JTEKT
• Mando Corporation
• Mitsubishi Electric
• Nexteer
• NSK
• Robert Bosch
• Tenneco
• ThyssenKrupp
• ZF Friedrichshafen AG.

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Growth Drivers

• Key trends: The research study covers all the key trends and opportunities that are anticipated to drive the growth of the market.
• Strategic developments: The report includes all the major strategic developments that are projected to drive the Electric Power Steering Market demand.
• Government rules and policies: All the favorable governmental rules, regulations, and initiatives are detailed in the report.

Segmental Analysis

The research report for the Electric Power Steering Market has been primarily segmented by type, application, end-use, and region. It offers an in-depth analysis of each of these segments and lists the top segments that are projected to witness the fastest growth. Besides, a thorough overview of various sub-segments is included in the report.

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Regional Overview

This section of the report offers an in-depth analysis of the regional markets in the industry. It evaluates the regional markets by analyzing the pricing of products compared to the revenue generated. Besides, other important aspects such as production capacity, supply and demand, logistics, and past performance of the Electric Power Steering Market in the given region are also covered.

The major regions and sub-regions covered in the study are:

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Research Methodology

The research report has been prepared by using industry-standard methodologies to provide an accurate and reliable analysis of the market. It involves the collection of data by expert analysts only to have it filtered to offer significant predictions about the market. Also, it includes interviews with industry experts to keep the research relevant and practical. Along with primary and secondary data approaches, the study considers publicly available sources to provide an insightful market understanding.

Key Highlights of the Report

• Includes strategically important information to help businesses formulate effective R&D strategies.
• Tracks all the recent innovations and major events in the Electric Power Steering Market.
• Uses several analytical tools to accurately study and assess the data of key vendors in the industry.
• Closely examines new partners or clients in the target demographic.
• It helps you make strategic decisions and business plans.

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The Report Answers the Following Questions

• What is the current size and projected value for the Electric Power Steering Market?
• What are the major trends in the industry?
• Where will strategic developments take the industry in the short and long term?
• At what CAGR is the market anticipated to grow?
• Which segments are projected to account for the highest Electric Power Steering Market share?
• What are the major opportunities industry players can capitalize on?

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