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The electric power steering market has witnessed robust growth in recent years, driven by technological advancements, increasing demand for electric vehicles, and evolving consumer preferences. As the automotive industry undergoes transformative shifts, the electric power steering segment emerges as a key player in enhancing vehicle performance and driving experience.

The Surge In Electric Vehicle Demand Fuels Growth In The Electric Power Steering Market:

• Rising global demand for electric vehicles accelerates growth in the electric power steering market.
• Electric power steering systems become integral components of electric and hybrid vehicles, driving market expansion.
• Key players like Robert Bosch GmbH and Nexteer Automotive Group Limited respond to increased demand with innovative solutions.

Breakthrough Modular Column-Assist EPS System Sets New Standards:

• Product innovation becomes a focal point for market leaders.
• Nexteer Automotive introduces a modular column-assist EPS system with advanced torque and angle sensors, enhancing steering precision.
• Faurecia’s strategic acquisition of Hella GmbH & Co. KGaA aims to bolster automotive technology leadership, particularly in electric mobility and automated driving.

Market Segmentation:

• By Type: R-EPS, P-EPS, C-EPS
• By Component: Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, Bearing
• By Electric Motor: Brush Motor, Brushless Motor
• By Mechanism: Rigid, Collapsible
• By Application: Passenger Cars (PC), Commercial Vehicles (CV)

Read The Full Electric Power Steering Market Report Here:

https://www.thebusinessresearchcompany.com/report/electric-power-steering-global-market-report

Regional Insights:

• Asia-Pacific emerges as the largest region in the electric power steering market, driven by rapid industrialization and automotive production.
• The region is poised for significant growth, fueled by increasing demand for electric vehicles and stringent regulatory standards.

Market Outlook:

• The electric power steering market is projected to grow from $27.26 billion in 2023 to $29.25 billion in 2024, with a CAGR of 7.3%.
• By 2028, the market is forecasted to reach $38.47 billion, driven by integration with autonomous driving systems and consumer demand for enhanced driving experiences.
• Major trends include the demand for noiseless and smooth steering, enhanced connectivity, and the development of dual pinion EPS systems.

Get A Free Sample OnThe Global Electric Power Steering Market Report:
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The Electric Power Steering Global Market Report 2024 provides an overviewof the electric power steering market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The electric power steering market forecast analyzeselectric power steeringmarket size, electric power steering market share,leading competitor and their market positions.

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