Latest News- Electric Power Steering Market: Collapsible is expected to lead the Type segment during 2025-2029

The Electric Power Steering Market is being driven by Stringent regulations to control vehicular emissions

The Electric Power Steering Market is expected to grow at a CAGR of 5.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7874.8 million. In the automotive industry, steer-by-wire technology represents a significant advancement in steering systems, eliminating the traditional mechanical linkage between the steering wheel and the steering gearbox. This innovation employs electrically connected motors to translate steering wheel input into wheel movement. The vehicle's computer receives commands from connected devices, which it then transmits to the wheels. The benefits of steer-by-wire technology include enhanced vehicle handling and safety, as well as easier implementation across various models. Additionally, this technology contributes to cost savings in vehicle production and offers automotive OEMs the flexibility to explore diverse design options. Although currently limited to passenger vehicles, we anticipate steer-by-wire technology to gain traction in commercial vehicles during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Collapsible
  • Rigid
• Vehicle Type
  • Passenger car
  • Commercial vehicle
• Application
  • BEV
  • PHEV
  • FCEV
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Stringent regulations to control vehicular emissions
• Sharing of increase in production costs by OEMs and end-users
• Rising adoption of EPS in entry-level and mid-segment vehicles

However, the market also witnesses some limitations, which are as follows:

• Sharp decline in automobile production and sales
• Fluctuating costs of raw materials
• Safety concerns due to faulty components in EPS systems

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Market Scope in Electric Power Steering Market Research Report

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Research Analysis Overview

The Electric Power Steering (EPS) market encompasses technologies that enhance steering response and offer adjustable assist levels. Position and speed sensors, control algorithms, gear reduction, and torque vectoring are integral components. Mechanical efficiency, system reliability, and power consumption are key performance metrics. Safety features, testing procedures, and maintenance routines are essential for ensuring system integrity. Calibration methods, diagnostics protocols, and electrical architecture impact cost analysis and life cycle assessment. Component durability, system validation, and manufacturing defects are critical for optimizing efficiency and reducing power consumption.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, 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, the market size is determined by the consolidated revenue generated by automotive component and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, such as motor torque control systems, steering column assist, and sensor feedback systems, particularly in the increasing sales of EVs and motorcycles, which have seen substantial growth in the past decade. Electric Power Steering (EPS) systems, a significant component of this trend, employ electric motors for torque assistance, enhancing fuel efficiency and reducing emissions, further fueling market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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