Market Overview:

This report presents an extensive evaluation of the Electric Power Steering (EPS) Market, focusing on historical data from 2020 to 2023 while offering detailed forecasts for the period between 2025 to 2030. The analysis encompasses various aspects, including market Size, Share, Growth, Analysis, Trends and competitive insights.

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Table of Contents (Electric Power Steering (EPS) Market)

1. Executive Summary
2. Market Definition & Research Methodology
3. Market Dynamics: Drivers, Challenge, Trend and Opportunities
4. Segment Analysis and Geographical Breakdown
5. Competitive Landscape & Strategic Initiatives
6. Regulatory Environment & Policy Factors
7. Growth Forecast Model (2025–2030)
8. Appendix: Company Profiles, Data Sources, Methodology

What’s covered in the report?

Market Key Driver:

Increase in Electric Vehicle Sales – A rise in the demand for electric vehicles is observed due to urbanization, economic stability, an increase in the white-collar population, and others. These factors have resulted in a rise in disposable income, thus raising the ownership of vehicles. Along with this, the rise in consumer awareness has inclined the consumer towards environmentally friendly alternatives such as electric vehicles. The reduced maintenance cost and low emissions have further encouraged the global population to adopt electric vehicles. As per the International Energy Agency (IEA) 2024, sales of more than 3 million electric vehicles were observed in the first quarter of 2024, which is nearly 25% more than the sales in 2023. The dynamics of electric vehicles work on electricity; thus they use electric motors to empower steering.

Additionally, the installation of electric power steering reduces the weight of the vehicle, and its torque sensors make the vehicle convenient for driving. Hence, this pushes the demand for electric vehicles, further pushing the market growth.

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Leading players of Electric Power Steering (EPS) Market including:

• Bosch
• Denso Corporation
• Hyundai Mobis
• JTEKT Corporation
• HL Mando
• Hitachi Astemo, LTD.
• Mitsubishi Electric Corporation
• Nexteer
• NSK Corporate
• Sensata Technologies, Inc.
• ZF Friedrichshafen AG
• Zhuzhou Elite Electro-Mechanical Co. Ltd.
• GKN Automotive Limited
• Thyssenkrupp Presta AG
• Others

Electric Power Steering (EPS) Market Segmentation:

• By Type
  • Column Assist Type (C-EPS)
  • Pinion Assist Type (P-EPS)
  • Rack Assist Type (R-EPS)
• By Mechanism
  • Collapsible
  • Rigid

The collapsible kind of mechanism has the largest market share, with more than 67% of the total.

• By Fuel
  • Petrol
  • Diesel
  • Natural Gas
  • Electric
  • Others
• By Vehicle Type
  • Passenger Cars & SUVs
  • Commercial Vehicles
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles

Passenger Cars & SUVs hold the largest market share of approximately 75%.

• By Region
  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Regionally, the market is growing in multiple regions, however, Asia-Pacific is the fastest-growing region with approximately 43% market share.

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Key Highlights of MarkNtel Advisors' Research Methodology

• MarkNtel Advisors uses a robust methodology for accurate market analysis.
• Research objectives are clearly defined with tailored methodologies for clients.
• A representative sample is selected to ensure reliable data collection.
• Data analysis includes cleaning, statistical evaluations, and validation checks.
• Predictive modeling forecasts trends, and reports include strategic recommendations.

About MarkNtel Advisors:

We are a leading market research firm providing research, consulting, and data-driven intelligence to clients across diverse industries globally. Our reports are tailored to help businesses identify lucrative opportunities and mitigate potential risks using actionable insights.

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