The Global Electric Power Steering Market is estimated to be USD 25.83 billion in 2017 and is projected to grow to USD 42.01 billion by 2025, at a CAGR of 6.27%. The key growth drivers for the market are the increasing number of government norms and mandates related to fuel-efficient technologies, measures taken by OEMs worldwide to reduce the weight and complexity of their vehicles, and the globally increasing vehicle production.
The key players in this market are Robert Bosch (Germany), Delphi (UK), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (US), ZF TRW (Germany), ThyssenKrupp (Germany), NSK (Japan), Showa (Japan), Hyundai Mobis (South Korea), GKN (UK), and Federal-Mogul (US).
• Penetration in commercial vehicles
• Enabling ADAS features in EPS
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An electric power steering (EPS) system is an alternative to traditional steering systems such as hydraulic and electro-hydraulic systems. An EPS system uses an electric motor to assist the driver. This motor is turned on for the driver’s aid only when the steering wheel is turned one way or the other, thus offering better fuel economy. The electric motor is either mounted on to the steering column or gear and applies torque to the column to help the driver in smoothly turning the steering wheel. The EPS is comparatively very light to use, which results in the seamless movement of the wheel. Being computer controlled, it is possible to insert variable assistance programs to make the steering experience safer and more enjoyable.
The global electric power steering market has been segmented, on the basis of type, into column assist EPS (C-EPS), rack assist EPS (R-EPS) and pinion assist EPS (P-EPS). Rack EPS (R-EPS) is estimated to be the fastest-growing segment of the market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.
The growth of this market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.
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• Legal and regulatory authorities
• Manufacturers of electric power steering
• Raw material suppliers for electric power steering
• Traders, distributors, and suppliers of electric power steering
• Worldwide automobile associations
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