Electric Power Steering Market Showing Impressive Growth Due to electric power steering systems are more efficient than hydraulic power steering systems - GIS Reports

New York, Global Electric Power Steering Market report from Global Insight Services is the single authoritative source of intelligence on Electric Power Steering Market . The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Electric power steering (EPS) is a system that uses an electric motor to assist the driver of a vehicle in steering. The electric motor is connected to the steering column and provides additional torque to the steering system. This additional torque makes it easier for the driver to turn the steering wheel and helps to reduce the effort required to steer the vehicle.

EPS is a relatively new technology that is slowly becoming more common in new vehicles. Many automakers are now offering EPS as an option on some of their models, and some vehicles are even being equipped with EPS as standard equipment.

There are several benefits of EPS over traditional hydraulic power steering. EPS is more efficient than hydraulic power steering, and it also eliminates the need for a power steering pump. EPS is also more responsive than hydraulic power steering, and it provides a more precise steering feel.

EPS does have some disadvantages, however. One is that it can add weight to a vehicle. Another is that EPS can be less reliable than hydraulic power steering, and it may require more frequent servicing. Overall, EPS is a beneficial addition to a vehicle. It can provide better fuel economy, improved steering feel, and reduced maintenance costs.

Key Trends

There are a few key trends in electric power steering technology. One is the move away from hydraulic power steering systems to electric. This is being driven by the need for improved fuel economy and emissions reduction. Electric power steering is more efficient than hydraulic power steering and doesn't require the engine to be running to provide power assist. This can lead to fuel savings of up to 5%.

Another trend is the move to electric steering motors that are integrated into the steering column. This helps to save space and weight. Additionally, it can improve the feel of the steering by providing more direct and immediate power assist.

Finally, there is a trend towards active safety systems that use electric power steering to help the driver avoid accidents. These systems can provide steering assist when the vehicle is at risk of veering off the road, or they can automatically apply the brakes if a collision is imminent. These systems can help to reduce the number and severity of accidents, making driving safer for everyone.

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Market Segments

The global automotive electric power steering market has been segmented based on component, vehicle, and region. By component, the market is divided into steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearing. On the basis of vehicles, it is divided into commercial vehicles and passenger cars. Region-wise, it is studied across North America, Europe, Asia-Pacific, and the Rest of the World.

Key Companies

Top key players in automotive electric power steering market are JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, and China Automotive Systems, Inc.

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Key Drivers

There are several key drivers of the electric power steering market. Firstly, electric power steering systems are more efficient than hydraulic power steering systems, as they do not require a pump to operate. This results in reduced fuel consumption and emissions, as well as reduced engine noise. Secondly, electric power steering systems provide a more comfortable and responsive steering experience for drivers. This is due to the fact that they can be adjusted to provide different levels of assistance, depending on the driver's needs. Finally, electric power steering systems are becoming increasingly popular in new vehicles, as they offer a number of advantages over traditional hydraulic power steering systems.

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