Electric Power Steering Market Would Exhibit a CAGR of 7.77% for the Forecast Period of 2022 to 2029

This Electric Power Steering market report has been prepared by considering several fragments of the present and upcoming market scenario. The market insights gained through this market research analysis report facilitates more clear understanding of the market landscape, issues that may interrupt in the future, and ways to position definite brand excellently. It consists of most-detailed market segmentation, thorough analysis of major market players, trends in consumer and supply chain dynamics, and insights about new geographical markets. The market insights covered in Electric Power Steering report simplifies managing marketing of goods and services effectively.

Data Bridge Market Research analyses that the electric power steering market would exhibit a CAGR of 7.77% for the forecast period of 2022 to 2029.

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Market Overview:
An increase in global population and per capita income is fuelling a surge in demand for well-equipped automobiles. As a result, the global electric power steering market is expanding at a rapid pace in the forecast period of 2022 to 2029. Furthermore, the Regulatory push towards efficient technologies, various measures by OEMs to reduce complexity and weight of vehicles, rise in the vehicle production and high investment in automotive are also expected to drive the growth of the electric power steering market. However, the high cost of EPS as compared to traditional steering systems and lack of steering feel restrains the electric power steering market, whereas, the failure of EPS system subcomponents will challenge market growth.

Some of the major players operating in the Electric Power Steering market are JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Robert Bosch GmbH, Melrose Industries PLC, Tenneco Inc., NSK Ltd, HYUNDAI MOBIS, thyssenkrupp AG,SHOWA CORPORATION, DENSO CORPORATION, BorgWarner Inc., ZF Steering Gear (India) Limited, Renesas Electronics Corporation, Infineon Technologies AG, Mando Corp, Rane Holdings Limited, NIDEC CORPORATION, Mitsubishi Electric Corporation and Johnson Electric Holdings Limited. among others.

Global Electric Power Steering Market Scope
The electric power steering market is segmented on the basis of type, component, electric motor type, mechanism, and vehicle type. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.

On the basis of type, the electric power steering market has been segmented into R-EPS, P-EPS, and C-EPS.

On the basis of component, the electric power steering market is segmented into steering column, sensors steering gear, mechanical rack and pinion, electronic control unit, electric motor bearing.

On the basis of electric motor type, the electric power steering has been segmented into brushless DC motors, brushed DC motors.

On the basis of mechanism, the electric power steering market is segmented into rigid EPS and collapsible EPS.

On the basis of vehicle type, the electric power steering market is segmented into commercial vehicles and passenger cars.

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