Global Electric Power Steering Market
Global Electric Power Steering Market By Type, By Component, By Electronic Motor Type, By Mechanism, By Vehicle Type, By Geographic Scope and Forecast
According to Verified Market Research, The Global Electric Power Steering Market was valued at USD 22.05 Billion in 2018 and is projected to reach USD 38.10 Billion by 2026, growing at a CAGR of 7.22% from 2019 to 2026.
Electric power steering (EPS) operates by an electric motor to steer the wheel while hydraulic power steering uses a pump that is integrated with an oil tank. The usage of the pump in hydraulic power steering continually places a load on the vehicle’s engine, which in turn affects the fuel consumption and vehicle performance. Power steering systems provide the torque which is applied to the steering wheel to drive the vehicle.
EPS removes various HPS components including the pump, fluid, hoses, pulley, and drive belt. Therefore, electric steering systems are lighter and smaller than hydraulic systems. Electric power steering (EPS) operate with the help of a control unit and electric motor that is combined with sensors such as torque sensor. The electric motor operates on battery and utilizes the electric power to assist the steering movement when the driver turns the vehicle’s wheel.
In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Increasing global population and an increase in the public’s per capita income is stimulating a high demand for well-equipped cars. This, in turn, is resulting in the speedy growth of the Global Electric Power Steering Market. In addition to this, pressure on car manufacturers around the world has been increasing to adopt technological solutions that meet energy efficiency standards which are anticipated to further boost the Global Electric Power Steering in the forecast period. Moreover, the continuous growth in the automotive sector in fast-developing economies like Asia and Latin America is further pushing the growth of the market.
On the contrary, when compared to the conventional steering systems, the electric power steering systems are costly. Also, it is been observed that such systems lack the steering feel which could be a few of the major restraining factors in the growth of this market in the coming years.
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