According to a new market research report published by Global Insight Services “ Electric Power Steering Market is expected to reach US$ XX bn by 2031. 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.
Top Key Players in Electric Power Steering market: JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd.
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%.
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.
Reasons to buy Electric Power Steering Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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