Electric Power Steering Market Size is projected to reach $777.4 million by 2031 | Robert Bosch GmbH, DENSO Corporation
The report includes the market share of key vendors and electric power steering industry trends
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 6, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฐ๐๐ซ ๐๐ญ๐๐๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ,” The electric power steering market was valued at $431.00 million in 2021, and is estimated to reach $777.4 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/A16818
Electric power steering motors are the primary piece of hardware that makes highly automated driving possible. To track the torque drivers apply to the steering wheels, these sensors are mostly used in electric power steering system. The electronic control unit calculates how much steering help the electric motor requires based on the data acquired by these sensors. The development of autonomous vehicle driving systems has been fueled by emerging technologies.
Government measures aimed at improving fuel consumption efficiency have fueled the expansion of the electric power steering industry. Furthermore, the electric power steering market growth is likely to be fueled by a shift toward higher EV adoption rates throughout the forecasted timeframe. However, widespread torque sensor failure and the high costs associated with EPS systems compared to regular steering systems are expected to stifle electric power steering market size. On the other hand, an increase in the number of commercial vehicle applications of electric power steering sensors, as well as increased reliability in automotive software and electrical/electronic architecture, are expected to provide potential growth opportunities for the electric power steering (EPS) market during the forecast period.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง @ https://www.alliedmarketresearch.com/request-for-customization/A16818
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
The electric power steering is segmented into Sensor Type, System Type and Vehicle Type. The report offers an in-depth study of every segment, which helps market players and stakeholders to understand the fastest growing segments and highest grossing segments in the market.
The electric power steering is analyzed across the globe and highlight several factors that affect the performance of the market across the various region including North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
According to the electric power steering market analysis, the passenger vehicles segment was the highest contributor in 2021, due to a surge in adoption of electric power steering (EPS) sensor solutions among individuals from low-class to high-class. Ascending regulatory policies have been helping the column-type segments to penetrate the maximum share in terms of electric power steering market share.
The outbreak of COVID-19 has significantly impacted the growth of the electric power steering market, owing ta o significant impact on prime market players. Conversely, a rise in demand for low-fuel consuming and zero carbon-emitting technologies such as electric power steering motor solutions is anticipated to drive the market post-pandemic. And as a result, the high adoption of hybrid vehicles has been expected to shape the electric power steering market trends.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A16818
The electric power steering market share is expected to witness considerable growth, owing to an increase in demand for next-generation electric power steering units, and the rising application of such sensors and units in both commercial and passenger vehicles in the U.S., UK, Germany China, Japan, and South Korea, due to rise in demand for enhanced automotive driving technologies in these country-wise, China holds a significant share in the electric power steering market, developing vehicle manufacturing, efficiency as well as the ability to conduct research & development, as well as new improvements in terms of consumer happiness and engine performance. Therefore, the adoption of this EPS sensor in prime sectors has strengthened the growth of the electric power steering market in the region.
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๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ:
โข The steering angle sensor electric power steering segment is projected to register a CAGR of 5.77% from 2022 to 2031.
โข The column type electric power steering segment is anticipated to expand at a healthy CAGR from 2022 to 2031.
โข Asia-Pacific was the highest revenue contributor in 2021, and is estimated to continue its dominance by 2031, with a CAGR of 6.26%.
The key players profiled in the report include Robert Bosch GmbH, DENSO Corporation, Valeo S.A., Continental AG, Infineon Technology, Honeywell Inc., HELLA GmbH & Co. Kga Sensata Technologies, TT Electronics Plc. and NXP Semiconductors. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the electric power steering market.
๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ :
https://www.instapaper.com/p/8462756
https://www.quora.com/profile/Pawar-Rishika
David Correa
Allied Market Research
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