Authored By: Sarah
10 Oct 2024

Latest News:- Electric Power Steering Market: Collapsible is expected to lead the Type segment during 2024-2028

Electric Power Steering Market to grow at a CAGR of 5.05% during 2024-2028

The Electric Power Steering Market is expected to grow at a CAGR of 5.05% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.33 billion. Steer-by-wire technology, which employs electrically connected motors to transmit steering commands from the vehicle's computer to the wheels, represents a significant advancement in automotive engineering. By eliminating the physical link between the steering wheel and the steering system, this technology enhances vehicle handling and safety. The ease of implementing steer-by-wire technology across various vehicle models, due to the absence of physical connections, offers cost savings for automotive original equipment manufacturers (OEMs) and enables them to explore diverse design possibilities. Although light trucks have yet to adopt this technology, we anticipate its increasing penetration in commercial vehicles during the forecast period. 

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The Collapsible subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Collapsible subsegment will lead the Type segment during 2024 and 2028 In the automotive industry, collapsible Electric Power Steering (EPS) systems have gained significant traction due to their safety advantages. These advanced systems are engineered to retract the steering column upon impact during a collision, thereby reducing the force transmitted to the driver and minimizing the risk of serious injuries, particularly chest and head injuries. Furthermore, collapsible EPS systems offer additional benefits, such as improved space utilization and enhanced flexibility. The collapsible design facilitates easy adjustment or folding during vehicle assembly or transportation. This technology not only enhances safety features but also contributes to the overall efficiency of the manufacturing process.

Here are the various ways based on which the market is segmented: 

  • Type
    • Collapsible
    • Rigid
  • Application
    • Passenger car
    • Commercial vehicle
  • Geography
    • APAC
    • North America
    • Europe
    • South America
    • Middle East and Africa

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  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish stringent regulations to control vehicular emissions

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Electric Power Steering (EPS) market is witnessing significant growth due to the increasing adoption in hybrid vehicles and the shift towards self-driving and electric vehicles. In traditional automotive systems, EPS replaces the hydraulic power steering setup, utilizing an electronic input system for power assistance. The system's power supply comes from the vehicle's battery, and connectors and wiring facilitate the transfer of electrical signals between components. A control module processes these signals to adjust the steering effort based on vehicle speed, driver input, and other factors. EPS systems are widely used in passenger cars, commercial vehicles, and even self-driving vehicles. They offer advantages like improved fuel efficiency, reduced emissions, and enhanced driving experience. Different types of EPS systems include Pinion EPS, Rack EPS, and Column EPS. With stricter emission norms and the rise of Battery Electric Vehicles (BEVs), the demand for EPS in automotive vehicle production is expected to surge. Sensors play a crucial role in these systems, providing real-time data for optimal performance. OEMs are investing heavily in EPS technology to cater to the evolving automotive landscape.

Market Research Overview

The Electric Power Steering (EPS) market is a significant segment of the global automotive components and equipment market, which encompasses businesses producing parts and accessories for various automotive applications, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio's market research, the global automotive components and equipment market size is determined by the combined revenue generated by manufacturers of automotive components and equipment. The market's expansion is attributed to the increasing integration of electronic components in automobiles, with the rising sales of electric vehicles, motorcycles, and passenger cars significantly boosting the demand for electronic control units (ECUs) and other electrical components in the last decade.

The Electric Power Steering Market is experiencing significant growth, fueled by the stringent regulations to control vehicular emissions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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