The Global Electric Power Steering Market Report by Global Insight Services is the single and trusted source of information for the Electric Power Steering Market. This report provides an analysis of the market impact of the latest market disruptions such as the Russian-Ukraine War and Covid-19. The report provides a qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. The report includes in-depth segmentation and market size data by category, product type, application, and region. The report also includes a comprehensive analysis of recent events such as key issues, trends and drivers, restraints and challenges, competitive landscape, and M&A activity in the market.
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.
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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.
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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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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