Global Electric Power Steering Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Electric Power Steering Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global electric power steering market report has been segmented on the basis of component, electric motor, product type, application, and region.

Global Electric Power Steering Market: Overview

Electric power steering is a mechanism where the electronic sensors are installed to calculate the amount of steering force being applied. In addition, by using electric motors which is placed on steering rack or steering column, steering force is amplified to make the steering stress-free.

Global Electric Power Steering Market: Dynamics

Increasing adherence to stringent regulatory efficient and assistant technologies for improved controls, automated systems, and reduced energy consumption by vehicles is a major factor expected to boost growth of the global electric power steering market in the near future.

Moreover, growing demand for fuel efficient measures by OEMS that can reduce complexity and weight of vehicles is resulting into high adoption of electric power steering systems. This adoption is primarily attributed due to benefits offered by electric power steering systems such as improved fuel economy by up to 2-3 % than hydraulic systems, easy maneuverability, and improvised scaled back assistance at higher speed for enhanced stability. Aforementioned adoption and benefits offered by electric power steering is expected to fuel growth of the global electric power steering market in the coming 10 years.

However, high cost associated with the electric power steering systems installation, maintenance, and replacement is a major factor expected to restraint growth of the target market.  Moreover, limited 12v power supply and increasing adoption of steer-by-wire (SBW) technology are other key factors expected to challenge growth of the target market.

Global Electric Power Steering Market: Opportunities and Trend

Increasing R&D activities associated with autonomous cars those having electric power steering that can offer automotive radar or LIDAR for lane assist systems, autonomous parallel parking, and automated navigation systems is among major factors expected to anticipated high revenue growth opportunities of the player operating in the global electric power steering market.

Key trend observed in the global electric power steering market is increasing penetration of electric power steering systems in commercial vehicles, high demand for advanced driver-assistance systems (ADAS) features in electric power steering systems, and increasing environment concerns regarding automotive fuel emissions.

For instance, countries such as, India trails BS IV norms that permits emissions of 0.39 g/km of nitrogen oxides (NOx) and 0.74 g/km of Carbon monoxide (CO) for light-duty diesel vehicles, and 0.11 g/km NOx and 2.27 g/km CO for light-duty petrol vehicles. Aforementioned regulatory norms are resulting into high demand for R&D activities for introducing new technologies by steering system manufacturers which reduces vehicle systems weight resulting into lesser emission.

Global Electric Power Steering Market: Segment Analysis

Among the product type segments, the rack assisted type segment is projected to register highest CAGR in the global electric power steering market over the forecast period. The rack assisted type segment growth is primarily attributed due to increasing installation of electric power steering in heavy commercial vehicles in various developing and developed countries.

Global Electric Power Steering Market: Regional Analysis

Market in Asia Pacific is expected to projected to register highest revenue growth in the global market, owing to high presence of prominent manufacturing players, increasing automotive sector, rapid vehicle electrification, growing government regulations adherence regarding vehicle emissions, high demand for fuel efficient automobiles, and growing disposable incomes. In addition, the market in North America is expected to contribute second highest market share in the global market followed by market in the Europe.

Global Electric Power Steering Market Segmentation:

Segmentation by Component:

• Bearing
• Sensors
• Steering Gear
• Electric Motor
• Others (Steering Wheel, Steering Column, Electronic Control Unit, and Mechanical Rack and Pinion)

Segmentation by Electric Motor:

• Brush Motor
• Brushless Motor

Segmentation by Product Type:

• Rack Assist Type (REPS)
• Colum Assist Type (CEPS)
• Pinion Assist Type (PEPS)

Segmentation by Application:

• Passenger Cars (PC)
• Commercial Vehicles (CV)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa