Global Automotive Electric Power Steering Market Analysis

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Global Automotive Electric Power Steering Market
is set to generate 57.18 Billion by 2030
According to Inkwood Research, the Global
Automotive Electric Power Steering Market is
estimated to project a 4.26 CAGR in terms of
revenue between 2022 and 2030. Browse 50 market
data Tables and 45 Figures spread over 202 Pages,
along with an in-depth TOC on the Global
Automotive Electric Power Steering Market
Forecast 2022-2030. VIEW TABLE OF CONTENT LINK
- https//inkwoodresearch.com/reports/automotive-e
lectric-power- steering-market/table-of-contents
Electric power steering (EPS) is a significant
technology for highly automated vehicles. The
automotive EPS meets the requirements of
mid-range, small, sports, and light commercial
vehicles. Further, EPS is calibrated with an
electric motor to control the steering. EPS
provides an optimal steering feel and driver
assistance with the electric motor. In addition,
in case of an error, security is provided in the
new generation control units. The EPS supports
with the help of an intelligent electric motor in
the steering. The control unit sends the
information to the electric motor after
calculating the optimal steering support based on
the steering signal from the torque sensor. This
mechanism provides the necessary assistance and
eases the driving experience.
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Improved Fuel Efficiency drives the Market
Growth Vehicular pollution is one of the major
causes of global warming. There has been a
growing call to reduce emissions from vehicles.
The number is huge when emissions from millions
of vehicles are calculated. In addition, with the
advent of government regulations, global
automakers have been forced to comply with the
new environmental norms to develop cleaner and
fuel-efficient vehicles. A typical EPS uses power
only when the driver provides the steering input.
Therefore, the EPS doesnt use much power on a
steady road. On the other hand, a hydraulic
system requires continuous output from the motor
even when the steering handle isnt being used.
Also, hydraulic steering uses energy from the
engine to power the steering system, while EPS
uses a separate electric motor. Thus, the lesser
power and more energy efficiency of EPS is an
important driving factor for the market.
Leading Commercial Vehicle - Medium Heavy
Commercial Vehicles (MHCV) Medium heavy
commercial vehicles (MHCV) have weights of more
than 10 tons. These are increasingly used for
infrastructure and construction purposes. The
usage of electric power steering is on the rise
for these types of vehicles due to rising
infrastructure projects, especially in Asia-
Pacific. Companies such as Daimler AG and Volvo
are coming up with electric vehicles. BYD is
another major company in the electrification of
HCVs. EPS systems propel the growth of these
electric vehicles. Highest Market Share -
Asia-Pacific According to our analysis, the
Asia-Pacific electric power steering market is
expected to capture 61.16 of the market share by
2030. The Asia-Pacific region has countries with
special economic zones, strong manufacturing
bases, skilled laborers, etc. Further, massive
demand for automobiles and automotive components
in Asian countries such as India, China,
Thailand, Indonesia, and Japan propel the market
surge. In addition, commercial vehicles require
electric power steering systems as they are
difficult to maneuver and produce higher
emissions. China and other major emerging
economies are increasing the electric vehicle
adoption rate, significantly increasing the
requirement for EPS systems in the country.
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About Inkwood Research
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Inkwood Research specializes in syndicated
customized research reports and consulting
services. Market intelligence studies with
relevant fact-based research are customized
across industry verticals such as technology,
automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that
acknowledges the business environments. Our
geographical analysis comprises North South
America, CEE, CIS, Middle East, Europe, Asia, and
Africa.
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d Reports GLOBAL AUTOMOTIVE STEERING SYSTEM
MARKET GLOBAL ADVANCED DRIVER ASSISTANCE SYSTEM
(ADAS) MARKET