Electric Power Assisted Steering Market Driven By Rising Demand For Driving Comfort & Expected To Continue Healthy Growth Till 2022.
According to the market research report “Electric Power Assisted Steering Market: By Type (EPHS, HPS, C-EPAS, P-EPAS, R-EPAS.), By Vehicle Type (Passenger, Sports, Commercial and Light Commercial) and By Geography - Forecast (2017-2022)”, published by IndustryARC, estimates that Asia-Pacific will register the highest market share by the end of the forecast period.
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Electric power assisted steering systems use an electric motor to assist driver while driving the vehicle. The EPS sensors that are included in EPAS system detect the position and torque of the electric steering column.
Power steering systems are used to assist drivers by enhancing the turning power of the steering wheel.
Also they provide high steering capabilities with less effort.
Power steering can improve the driving experience and fuel efficiency. These systems are estimated to reduce fuel consumption by nearly 4%.
The end-user segments for the electric power steering are passenger, commercial, light commercial vehicle, sports cars. Strong growth in the improved steering and reliability is the key growth driver for the Electric Power Assisted Steering Market.
Scope & Regional Forecast of the Electric Power Assisted Steering Market
Major factors such as increasing vehicle production and growing demand for driving comfort are the growth drivers for the Electric Power Assisted Steering Market. When compared with the other power steering systems, the electric steering systems provide high fuel efficiency, which in turn driving the market’s growth.
The more reliability of the electric steering systems for OEMs is the other key growth driver for the market. In addition, fuel economy is the biggest benefit to the end consumers due to EPS, which is also a major driver for the market.
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The Electric Power Assisted Steering Market is expected to look forward with good opportunities in the passenger car and commercial vehicle segments. The introduction of brushless motor technology and the development of light weight electric power steering are the emerging trends that have direct impact on the automotive electric power steering industry.
Americas held the biggest share of the Electric Power Assisted Steering Market. Asia-Pacific is projected to have the highest market share and expected to reach American market size by the end of the forecast period, followed by Europe.
Asia-Pacific is registering the significant growth due to increasing economies leading to a growing automotive market.
Segmentations & Key Players Involved in the Electric Power Assisted Steering Market
The Electric Power Assisted Steering Market can be broken down into various segmentations on the basis of -
- Type: Electric powered hydraulic steering and Electric powered steering systems.
- System Components: Steering Wheel, Steering Angle Sensor, Steering Column, Steering Moment Sensor, Steering Gear, Steering Motor, Steering Houses and Power Steering Control Unit.
- Vehicle Type: Passenger, Commercial, Light Commercial Vehicle, Sports Vehicles and Others.
- Region: Americas, Europe, Asia-Pacific and Rest of the World (RoW).
Some of the key players involved in the Electric Power Assisted Steering Market are as follows:
- Zhejiang Wanda Steering Gear Co., Ltd
- Hubei Tri-Ring Motor Steering Gear Co., Ltd.
- Guangzhou SHOWA Absorber Limited Company
- Tianjin Jinfeng Automobile Chassis Parts Co., Ltd.
- Hafei Industrial Group Automobile Redirector Obligate Co., Ltd.
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* The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.
* The study includes the demand of this particular market on a global and regional scale for a five year period of 2017 - 2022, to assess how the market will develop.
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