The Europe automotive electric power steering market is set to grow with a 3.95% CAGR during the estimated period, 2022-2030. The region homes various global automobile manufacturers and OEMs supporting market growth. Also, strict vehicular emission regulations and carbon tax drive the EV market, surging the demand for electric power steerings.
The Europe automotive electric power steering market growth analysis includes the assessment of Spain, Slovakia, France, Czech Republic, United Kingdom, Germany, Italy, and Rest of Europe. The automotive industry is one of the biggest contributors to France’s foreign trade balance. The demand for the use of electric power steering (EPS) in automobiles is anticipated to increase due to French automakers’ increased R&D efforts to produce electric vehicles.
On the other hand, the automotive industry is one of Italy’s most important industries. Additionally, the transition from thermal engines to electro mobility (hybrid and electric) is reshaping the industry and may present opportunities for manufacturers of charging infrastructure, diagnostic equipment, and vehicle components in Italy. These developments benefit the original equipment manufacturer (OEM) and the Italy automotive electric power steering market.
Furthermore, according to government sources, Spain is the 2nd largest automaker in Europe and the 8th largest worldwide. Spanish manufacturing plants are among the most efficient and automated in Europe. The industry is one of the most aggressive investors in modernization, automation, and R&D and offers full value chain flexibility. Hence, the highly sophisticated automotive sector drives the Spain automotive electric power steering market.
Some of the leading market players include Robert Bosch GmbH, thyssenkrupp AG, ZF Group, etc.
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