The global Electric Power Steering Market is anticipated to be USD 24.3 billion in 2022, with a CAGR of 5.4% expected to reach USD 33.4 billion by 2028. The increasing number of regulatory standards and obligations linked to fuel-efficient technology, steps made by OEMs worldwide to minimise the weight and complexity of their cars, and global vehicle production are the primary growth factors for the industry.
Companies in the automobile electric power steering market are developing a strong research foundation in the versatile PID (Proportional-Integral-Derivative) control technology, which allows for real-time tracking. The PID control method is widely regarded as the gold standard for enhancing steering stability and sensitivity. PID settings can be modified in real-time based on the operating environment, making the EPS system’s response capabilities faster and more accurate.
Scope Of Report:
|Market size available for years||2022–2027|
|Base year considered||2022|
|Forecast units||Volume (Units) and Value (USD Million)|
|Segments covered||Electric Power Steering market By component, By type, By Mechanism, By electric motor type, By application, By off-highway vehicle, By Electric Vehicle, By region, EV Gear type (Worm Gear and Ball Screw) for BEV and PHEV Vehicles|
|Geographies covered||Asia Pacific, Europe, North America, and the Rest of the World (RoW)|
|Companies covered||JTEKT corporation (Japan), Nexteer (US), ZF Friedrichshafen AG (Germany), Robert Bosch (Germany), and Others|
The Automotive Electric Power Steering market research report includes a global perspective. It delivers a 360 degree perspective to the reader which can assist him/her in gaining intelligence on various regions for Automotive Electric Power Steering market. Important regions across the globe are covered and the trends, developments, drivers, restraints and challenges impacting the growth of the global Automotive Electric Power Steering market across these important geographies are studied. Moreover, the global analysis is carried out without biasness which delivers the much needed value addition to the reader. Various revenue pockets can be identified with the help of this research study and regions with high potential can be identified.
The Automotive Electric Power Steering market report implements a one of a kind research process to garner key insights of the market. This research methodology has two main arms, namely, primary research and extensive secondary research. At the same time, primary research is carried out in parallel to the secondary research, with respect to the region, distribution channel, and product type.
Secondary research is used to gain a clear market understanding based on which the global Automotive Electric Power Steering market is segmented and major players are identified. Moreover, the data and statistics in the Automotive Electric Power Steering market research report obtained from one primary interview is again verified in the second and this process continues till the completion of the final research study. Several primary interviews with opinion leaders, key market observers and experts are conducted during which each data point gathered in the secondary research is cross-verified. These multiple validation and verification funnels ensure high accuracy of the researched data thus giving a real perspective to the reader.
The Automotive Electric Power Steering market research report covers an in-depth competitive landscape in which key players are profiled. Various manufacturers involved in the organic yogurt are assessed. Their key financials, general company overview, weighted SWOT analysis, key developments, innovations, geographical spread and strategies are studies and have been skillfully crafted in this comprehensive Automotive Electric Power Steering market research report.
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database.