Electric Power
Steering Global Market Report 2023
Market Size, Trends and Global
Forecast 2023-2032
Electric Power Steering Market Definition
Electric power steering refers to a mechanical system that uses an electric motor to draw energy from the vehicle's electric system to assist the steering wheel. It is used to provide steering assistance to the driver of a vehicle.
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Electric Power Steering Market Characteristics:
The global electric power steering market is expected to grow from $25.70 billion in 2022 to $27.67 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The electric power steering market is expected to reach $35.59 billion in 2027 at a CAGR of 6.5%.
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25.7 27.67
35.59
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2022 2023 2027 Global Electric Power Steering Market Size Forecast To 2032
Key Market Drivers And Trends
Drivers Trends
The increasing demand for electric vehicles across the world is expected to propel the growth of the electric power steering market
Product innovations are a key trend gaining popularity in the electric power steering market.
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Electric Power Steering Global Market Segments:
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By Type By Electric Motor
By Component
Motor,
By Mechanism
By Application
R-EPS, P-EPS, C-EPS Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, Bearing The report covers the electric power steering market’s segments-
Brush
Brushless Motor Rigid, Collapsible
Passenger Cars (PC), Commercial Vehicles (CV)
Major companies in the market include
Key Market Players
Robert Bosch GmbH
JTEKT Corporation
ZF Friedrichshafen AG
Mando Corporation
GKN Ltd
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2. Market sizing information from 2017 to 2023 and forecasted to 2032
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5. Gain a truly global perspective with the most comprehensive report available on the market covering 60+ geographies
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7. Identify growth segments for investment
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