Electronic Power Steering (EPS) Market Size, Scope, and Share by 2027
Electronic Power Steering (EPS) Market: Size and Share
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CAGR (2019 - 2027)3.63% -
Market Size 2019
US$ 52.69 Billion -
Market Size 2027
US$ 54.93 Billion
Market Dynamics
- Growing demand for fuel-efficient vehicles
- Increasing adoption of electric vehicles
- Adoption of electric vehicles and smart technologies in power steering systems
- Demand for energy-efficient and adaptive steering solutions
- Expansion of electric vehicle market creating opportunities for power steering innovations
- Growth in autonomous vehicle development driving demand for advanced steering systems
Market Segmentation
Type - Column Assisted Electronic Power Steering
- Pinion Assisted Electronic Power Steering
- Rack Assisted Power Steering System
- Electronic Hydraulic Power Steering
Application - Light Commercial Vehicles
- Passenger Cars
- Heavy Commercial Vehicles
Electronic Power Steering (EPS) Market Players Density: Understanding Its Impact on Business Dynamics
The Electronic Power Steering (EPS) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electronic Power Steering (EPS) Market are:
- Hyundai Mobis
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Ltd.
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Electronic Power Steering (EPS) Market top key players overview
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