Global Automotive Electronic Power Steering System Market was valued at US$ 24.8Bn in 2017 and is expected to reach US$ 42.16Bn by 2026, at a CAGR of 6.86% during a forecast period. Automotive Electronic power steering system is set of components used to control the direction of vehicle motion and help driver maneuver the vehicle as per the requirement.
The hand-operated steering wheel, steering column, universal joints and rack & pinion mechanism contribute to the automotive steering system component.
Major driving factors of the Automotive Electronic Power Steering System market are increasing in electric power assist systems is full compatibility with driving modes that are increasingly being offered by OEMs, across all vehicle segments. Positive impact on growth via dynamics owing to the development of lightweight EPS systems and the advent of brushless motor technology. The ladder climbing up towards demand for controlled fuel consumption and driving reliability and comfort and rising automobile manufacture. OEMs have progressively touched from hydraulic to power steering systems, within the interests of reduced price and complexness, and redoubled potency. High cost associated with power steering system and changing economy will act as restraint to the market.
Based on the Type, Electronic Power Steering segment is expected to hold the largest share in the Automotive Electronic Power Steering System market during the forecast period. Electric power-steering are using higher in electric motor attached to the vehicles steering system to complement the input from the driver. Electric power steering offering a host of advantages to automobiles and drivers. From up to three less fuel consumption associated noticeable area savings to easier integration and computer code for an increased driving expertise. Electronic Power Steering is the steering technology must be needed to adopt for enabling advanced driver assistance systems such as side-wind compensation, lane assist/keeping and parking assistance systems.
In Trends Automotive Electronic Power Steering System – Deepening steering digitization. The changes caused by digital technologies will bring benefits to all parts of the value chain from generation, to distribution and retail, and will deepen to a point at which they alter the DNA of utilities. Some companies are already redefining their identities from utility to Tech Company, revamping their strategies, products and business models fundamentally with deepening digitization. In terms of region, Asia Pacific is expected to hold the largest share in the Automotive Electronic Power Steering System market during the forecast period. Asia have Reduced energy footprint and helped to build a sustainable and environmentally friendly manufacturing plant. Asia pacific growing public awareness on human health and the environment has increased the sense of responsibility for businesses to minimize negative impact to the environment from manufacturing activities. Multi-national automotive firms are gaining market share and strengthening their brands in Asia.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the Automotive Electronic Power Steering System market. Moreover, the study also covers an Automotive Electronic Power Steering System market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Scope of the Report for Automotive Electronic Power Steering System Market
Global Automotive Electronic Power Steering System Market, By Type
• Hydraulic Power Steering
• Electronic Power Steering
• Electro-Hydraulic Power Steering System
Global Automotive Electronic Power Steering System Market, By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Global Automotive Electronic Power Steering System Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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