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Electric Power Steering Market Size, Analysis and Forecast 2024-2032

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IMARC Group's report titled "Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032", The global electric power steering market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-power-steering-market/requestsample Factors Affecting the Growth of the Electric Power Steering Industry: The implementation of stringent fuel efficiency and emissions regulations around the world is bolstering the market growth. Governing bodies in many countries are implementing stricter measures to reduce vehicular emissions and enhance fuel economy. Electric power steering (EPS) systems, which replace traditional hydraulic steering systems, contribute to these goals by reducing the load on the engine and thereby decreasing fuel utilization and emissions. EPS systems are favored by automotive manufacturers as they offer an effective way to comply with these regulations while also enhancing vehicle performance and drivability. Modern vehicles are equipped with advanced driver-assistance systems (ADAS) and autonomous features, which require precise and adaptable steering mechanisms. EPS provides these capabilities, facilitating greater integration with electronic systems for enhanced control and safety features. The shift towards autonomous and semi-autonomous vehicles particularly underscores the importance of EPS, as these vehicles rely heavily on electronic systems for navigation and maneuvering. Additionally, innovations in motor and sensor technologies are leading to improvements in EPS systems, making them more compact, reliable, and efficient, thus broadening their applications in various vehicle types, including electric and hybrid vehicles. Individual preferences are shifting towards vehicles that not only offer reliability and fuel efficiency but also enhanced driving comfort and safety. EPS systems contribute to these aspects by providing smoother and more responsive steering control, which improves the overall driving experience. Moreover, EPS enhances safety by integrating with stability control systems and providing active steering assist, which can automatically correct the steering angle in critical situations to prevent accidents. The growing awareness about vehicle safety features and the comfort offered by EPS among the masses is encouraging manufacturers to adopt this technology. Leading Companies Operating in the Global Electric Power Steering Industry: Electric Power Steering Market Report Segmentation: By Component: Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system. By Mechanism: Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design. By Type: Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models. By Vehicle Type: Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort. Regional Insights: Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region. Global Electric Power Steering Market Trends: The development of lightweight EPS systems, which aligns with the broader shift of the automotive industry towards weight reduction for enhanced fuel efficiency and performance, is offering a favorable market outlook. Manufacturers are innovating with advanced materials and compact designs to reduce the weight of EPS components without compromising functionality. Additionally, there is a focus on the customization of EPS systems to cater to varying individual preferences across different vehicle segments. This customization involves adjustable steering modes, which can alter steering response according to driving conditions or driver preferences, enhancing user experience and vehicle differentiation. Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. About Us: IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise. Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations. Contact US IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163