High demand for well-equipped automobiles is being fueled by an expanding global population and rising per capita income. The global electric power steering market is thus expanding quickly.
JERSEY CITY, N.J., Sept. 19, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Electric Power Steering Market" By Type(R-EPS, P-EPS, C-EPS), By Component(Sensor, Steering Column, Steering Motor and Other), By Electronic Motor Type(Brushless DC Motors and Brushed DC Motors), By Mechanism(Rigid EPS and Collapsible EPS), By Vehicle Type(Commercial Vehicles and Passenger Cars), and By Geography.
According to the extensive research done by Verified Market Research experts, the Electric Power Steering Market size was valued at USD 22.05 Billion in 2018 and is projected to reach USD 38.10 Billion by 2026, growing at a CAGR of 7.22% from 2019 to 2026.
Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=8578
Browse in-depth TOC on "Electric Power Steering Market"
202 - Pages
126 – Tables
37 – Figures
Global Electric Power Steering Market Overview
While hydraulic power steering utilizes a pump that is built into an oil tank, electric power steering (EPS) uses an electric motor to turn the steering wheel. The constant strain placed on the car's engine by the hydraulic power steering pump has an impact on both fuel efficiency and vehicle performance. Power steering systems supply the torque needed to turn the steering wheel and move the car.
The pump, fluid, hoses, pulley, and drive belt are among the HPS components that are removed while using electric power steering. As a result, compared to hydraulic systems, electric steering systems are lighter and more compact. With the aid of a control unit, electric motor, and sensors like a torque sensor, electric power steering is operated. When the driver moves the steering wheel, the electric motor, which is powered by batteries, helps the steering motion.
High demand for well-equipped automobiles is being fueled by an expanding global population and rising per capita income. The global electric power steering market is thus expanding quickly. Additionally, there is growing pressure on automakers worldwide to use technological advancements that adhere to energy economy rules, which is predicted to drive up demand for global electric power steering throughout the forecast period. Additionally, the market is expanding due to the ongoing expansion of the automobile industry in quickly rising economies like Asia and Latin America.
Key Players
The major players in the market are Delphi, Federal-Mogul, GKN, Hyundai Mobis, Jtekt, Mitsubishi Electric, Nexteer, NSK, Robert Bosch, Showa Corporation, Thyssenkrupp, and ZF.
Verified Market Research has segmented the Global Electric Power Steering Market On the basis of Type, Component, Electric Motor Type, Mechanism, Vehicle Type, and Geography.
- Electric Power Steering Market, by Type
- R-EPS
- P-EPS
- C-EPS
- Electric Power Steering Market, by Component
- Sensor
- Steering Column
- Steering Motor
- Other
- Electric Power Steering Market, by Electric Motor Type
- Brushless DC Motors
- Brushed DC Motors
- Electric Power Steering Market, by Mechanism
- Rigid EPS
- Collapsible EPS
- Electric Power Steering Market, by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Electric Power Steering Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
Browse Related Reports:
Steering Columns System Market By Steering System (Hydraulic Power Steering System, Electric Power Steering System), By Automobile Type (Commercial Vehicles, Heavy-Duty Vehicles), By Geography, And Forecast
Automotive Steering System Market By Type (Electro-Hydraulic Power Steering, Electronic Power Steering, Manual Steering, and Hydraulic Power Steering), By Vehicle-Type (Commercial Vehicle, HCV, LCV, and Passenger Vehicle), By Geography, And Forecast
Electrical Steering Column Lock Market By Vehicle (Passenger Carrying Vehicle (PCV), light commercial vehicle (LCV), Heavy Commercial Vehicle (HCV), Special utility Vehicles, Motorcycles), By Distribution Channel (Original Equipment Manufacturer (OEM), Aftermarket), By Geography, And Forecast
Commercial Vehicle Steering Systems Market By Product (Electronic Power Steering, Hydraulic Power Steering, Electro-hydraulic Power Steering), By Application (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles) By Geography, And Forecast
10 Leading Electric Power Steering Manufacturers mobilizing driveline technologies
Visualize Electric Power Steering Market using Verified Market Intelligence -:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research provides advanced analytical research solutions while offering information enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & construction, Agriculture industry and Medical Devices from over 100 countries.
Contact Us
Mr. Edwyne Fernandes
Verified Market Research®
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll Free: +1 (800)-782-1768
Email: sales@verifiedmarketresearch.com
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/1315349/Verified_Market_Research_Logo.jpg
SOURCE Verified Market Research
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
