The global automobile electric power steering market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period (2022-2028). The high level installation of improved safety features in cars is a key factor driving the global automobile electric power steering market. Consumers are now more concerned with safety systems and technology. They are more interested in choosing vehicles equipped with better safety systems. A significant increase in the number of accidents has encouraged end-users to use better security systems. Improvements in car designs have gradually reduced the number of injuries and deaths across the globe. However, high accident rates in some countries are still developing, and governments are focusing on implementing stricter safety regulations and supporting the adoption of various sub-programs in vehicles.
The automotive industry is investing heavily in transforming the automotive industry and leading to the introduction of the latest technology in the field of passenger and commercial vehicles. Currently, countries such as Germany, China, and India are looking at the use of the latest technology and are advancing the use of passenger cars and commercial vehicles that will improve the adoption of the global automobile electric power steering market.
In October 2019, JTEKT Corp. launched a new production facility in Morocco. About JPY 2.4 billion or $180 million was used to build the facility. The new facility will begin the production of bulk energy control systems in October 2020.
Further, in August 2021, Nexteer Automotive announced the expansion of its pinion electric steering systems to meet the needs of heavier electric vehicles. New high-output solutions benefit OEM customers to direct heavy EV loads without the need for traditional premium EPS technology for heavy-duty vehicles.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- ByApplication
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Advanced Leading Technology Co., Bosch, NSL Ltd., Nexteer Automotive, and JTEKT Corp., among others.
A full report Automobile Electric Power Steering Market of is available at: https://orionmarketreports.com/automobile-electric-power-steering-market/104580/
Global Automobile Electric Power Steering Market Report by Segment
By Type
- Column Assist EPS
- Single-Pinion Assist EPS
- Dual-Pinion Assist EPS
- Rack Assist EPS
By Application
- Small Car
- Middle-Size Car
- Luxury Car
- Sport/Unclassified
- Light Commercial Vehicle
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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