Global Electronic Power Steering Market Overview
Electronic power steering (EPS) provides advanced stability as a part of integral automotive control systems. EPS system powers EPS motors only when it is required unlike continuously driving of hydraulic pumps by hydraulic power steering. Electronic power steering systems can be simply tuned by modifying the software control regulating the ECU. This feature allows incorporating cost effective and unique prospects to adjust the steering wheel to suit the model class of an automobile. Electronic power steering gives the power to compensate for one-sided forces such as flat tires as well as reduces overall fuel consumption by an automotive which is expected to contribute ominously in the electronic power steering market growth.
Market Size & Forecast
Electronic power steering market is anticipated to record a significant CAGR of 6.7% over the forecast period. The electronic power steering market is expected to reach the value of USD 39 billion at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in electronic power steering. Moreover, the many advantageous properties of electronic power steering are exploited in the field of automobiles now and then. New applications and features for electronic power steering are discovered on daily basis which is expected to drive the electronic power steering market rapidly.
Currently the global electronic power steering market is observing vibrant growth on account of increasing demand of automobiles in the market. Advances in automotive industry in the past few years and growing technological explorations are projected to drive electronic power steering market besides the wide range of functions of electronic power steering in an immense range of duties such as driver’s torque supplementation, lowering significant power to operate, providing higher energy efficiency and more during the forecast period.On the basis of regional platform, global Electronic Power Steering market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a developed region with well-established various end-user automotive industries such as agricultural automobiles, construction automobiles, North America is panned to observe substantial electronic power steering market growth due to rising electronic power steering usage in tractors, bulldozers, terrain forklifts and others. North America is estimated to be followed by Asia Pacific in terms of consumption due to expanding electronic power steering requirements in construction and passenger car industries. On the back of multiplying electronic power steering uses in growing end-use industries such as agricultural, construction, military, mining and others, Asia Pacific is budding as a regional electronic power steering consumption market. Europe is expected to drive demand and positively impact electronic power steering market growth over the forecast period owing to increasing electronic power steering application for military and mining industries. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the automotive electronic power steering market across the region over the forecast period.
Our-in depth analysis of the global Electronic Power Steering market includes the following segments:
By Steering Type
Global Electronic Power Steering Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The growing disposable income of the present population is surging the demand for customization in automobile industry with rising demand for customized electronic power steering. The use of electronic power steering in eliminating HPS components and making the system smaller and lighter is anticipated to contribute significantly in the growth of the electronic power steering market. Rapid urbanization and industrialization is leading in steady economic development with thriving automotive manufacturing sector which is expected to boost the electronic power steering market in the developing regions. Moreover, increasing technological advancements and rising trends towards further customization is anticipated to drive the electronic power steering market over the forecast period. Increasing on road automobile numbers along with the rising trend of motorization among the current population is driving the electronic power steering market significantly at present and is expected to positively impact the market over the forecast period. Furthermore, the electronic power steering market is expected to grow on the back of increasing research and development activities to input ADAS features in EPS along with rising penetration of electronic power steering in commercial vehicles.
However, higher costs of EPS to traditional steering systems, maintaining electronic power steering market against steer by wire technology as well as lack of steering feel in electronic power steering is expected to sluggish the sturdy growth of electronic power steering over the forecast period across the developing and developed regions around the globe.
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