Electric Power Steering Market Share, Revenue, Trends, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2033


Electric Power Steering Market Share, Revenue, Trends, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2033: SPER Market Research

 Published: Dec-2023
 Author: SPER Analyst

Electro Hydraulic Power Steering Market is projected to be worth USD 6.06 billion by 2033 and is anticipated to surge at a CAGR of 8.04%.

An aid for driving the car that the driver can use is an electric power steering system. An electric motor, sensors, a control module, wiring, connectors, a power supply, and an electronic input system are among the many components that comprise it. It is widely used in passenger cars, SUVs, crossovers, electric vehicles (EVs), performance cars, hybrid vehicles, lorries, buses, and other commercial vehicles. When compared to traditional power steering, electric power steering improves vehicle handling, maneuverability, and performance, as well as allowing drivers to effortlessly navigate through tight spaces. It also improves fuel efficiency, precision, maintenance costs, vehicle weight, and provides quieter and vibration-free operation.

Global Electro Hydraulic Power Steering Market Driving Factors and Challenges

One of the key reasons driving market expansion is the growing global demand for fuel-efficient automobiles. Electric power steering is a lightweight, compact, and long-lasting system that uses less power than standard hydraulic power steering, which improves vehicle performance, increases fuel efficiency, decreases weight, and increases trip range. Furthermore, increased public awareness of the negative environmental impact of fossil fuel consumption is serving as a growth-inducing force.

Furthermore, strong government laws to minimise pollution and greenhouse gas emissions are boosting product demand to improve vehicle performance and overall efficiency. Furthermore, the development of dual-pinion electric power steering designs is positively influencing market growth by providing a precise steering experience, reducing sensitivity to variations in steering load, and improving the feel, responsiveness, and accuracy of the steering mechanism.

Despite increased demand for electric power steering systems, this industry faces a number of obstacles. The higher expense of EPS vs traditional steering systems, as well as the lack of steering sensation, may hinder industry growth. The steering market is continually evolving due to the shifting dynamics of the automotive industry. In reaction to the introduction of driverless vehicles, OEMs are innovating their traditional steering systems. In an autonomous vehicle, for example, steer-by-wire technology will replace the entire steering system. With this type of steering system, the steering linkage of a standard electric power steering system is removed.

Impact of COVID-19 on Global Electro Hydraulic Power Steering Market
The COVID-19 outbreak had a tremendous impact on the automotive industry as a whole. The outbreak has had a severe impact on the European vehicle industry, with the ACEA (European vehicle Manufacturers Association) reporting that car production losses in the EU had occurred. According to Boston Consulting Group (BCG), despite encouraging vaccine development news, significant risks remain, and the United States will take considerable time to recover to pre-COVID levels. This situation is expected to have an effect on the electric power steering system market, whose growth is directly related to vehicle production.

Global Electro Hydraulic Power Steering Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK LTD, NXP Semiconductors N.V., Robert Bosch GmbH, ThyssenKrupp AG, TT Electronics plc, ZF Friedrichshafen AG.

Global Electro Hydraulic Power Steering Market Segmentation:

By Component: Based on the Component, Global Electro Hydraulic Power Steering Market is segmented as; Electric Motor, Electronic Control Unit, Mechanical Rack and Pinion, Sensors, Steering Column, Steering Gear, Others.

By Mechanism: Based on the Mechanism, Global Electro Hydraulic Power Steering Market is segmented as; Collapsible EPS, Rigid EPS.

By Type: Based on the Type, Global Electro Hydraulic Power Steering Market is segmented as; Colum Assist Type, Pinion Assist Type, Rack Assist Type.

By Vehicle Type: Based on the Vehicle Type, Global Electro Hydraulic Power Steering Market is segmented as; Commercial Vehicle, Passenger Car.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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