Automotive Electric Power Steering Market by Product Type (Column Type, Pinion Type), by Sales Channel (OEM, Aftermarket), by Vehicle Type (Passenger Car, Commercial Vehicle), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2024-2032
The size of the Automotive Electric Power Steering Market was valued at USD XX USD Billion in 2023 and is projected to reach USD XXX USD Billion by 2032, with an expected CAGR of 9.9% during the forecast period. This growth is propelled by the benefits of electric power steering, such as enhanced fuel efficiency, reduced emissions, and improved handling and stability. Government initiatives promoting fuel-efficient vehicles and rising food security concerns further stimulate the market.
The Automotive Electric Power Steering Market is witnessing a technological transition from hydraulic power steering to electric power steering systems, driven by the growing demand for fuel-efficient and environmentally friendly vehicles. Additionally, increasing consumer preference for features such as lane departure warning, adaptive cruise control, and automatic emergency braking is推动 the market.
The electrification of vehicles is a significant driving force behind the growth of the Automotive Electric Power Steering Market. Electric power steering systems are more efficient than hydraulic systems, as they eliminate the need for a power steering pump and related components. The adoption of electric power steering systems in hybrid and electric vehicles is further fueling the market.
The high cost of electric power steering systems poses a challenge to the growth of the market. Additionally, the limited availability of skilled technicians capable of servicing electric power steering systems can hinder the adoption of these systems in developing regions.
Region:
Segment:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.9% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.9% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
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