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New report examines the global automotive electric power steering systems market that is projected to reach USD 41.24 billion by 2022, at a CAGR of 15.73%

New report examines the global automotive electric power steering systems market that is projected to reach USD 41.24 billion by 2022, at a CAGR of 15.73%

The global automotive electric power steering systems market was valued at USD 17.16 billion in 2015 and is projected to reach USD 41.24 billion by 2022, at a CAGR of 15.73% during the forecast period from 2015 to 2022.

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 The market for electric power steering constituted over 50% of the overall automotive electric power steering market and it is expected to reach over 70% by 2025, owing to the shift from the earlier technology to the EPS systems due to the global fuel crisis and an immediate need for fuel-efficient solutions.

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The need for reducing fuel consumption and logistical benefits drove the automobile manufacturers to shift from the age old hydraulic power steering systems that had become obsolete due to high fuel consumption, to the new electric power steering systems. Sourcing of power from an alternator, along with independence from the combustion engine, has helped this technology successfully surpass the earlier steering system.

Electric Power Steering Systems- Technological Developments

GKN PLC has come up with SPIDAN power steering system that features intelligent energy management and helps in reducing the fuel consumption, CO2 emission and even preserves natural resources through the use of remanufactured replacement components.

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Nissan and Hitachi Automotive Systems Co. Ltd have jointly developed a new electro-hydraulic power steering system that by providing power assist via hydraulic pressure, delivers a smooth steering feel, flexibility of control allowed by electric power, and precise steering power characteristics. The New Corvette Stingray and Bugatti Veyron are now using the advance Electric Power Assisted Steering system (EPAS), employing a simple motor to push the steering rack as the steering wheel turns, instead of hydraulic pistons and pumps.

The German auto parts company, ZF Lenksysteme, stated that its electric power steering system uses 90% lesser energy than the hydraulic power steering.

Automotive vehicle production has been growing rapidly with a substantial increase in global population and vehicle-owning households. The market for electric power steering (EPS) systems has surpassed the conventional hydraulic steering in less than 20 years.

The simple architecture compared to hydraulic systems, with advantages such as lesser weight, low maintenance, the better response at different speeds, highly durability, and lesser fuel consumption, has fuelled the adoption of EPS over hydraulic systems, in turn, driving the market for automotive electric power steering systems. Erratic fuel prices and safety features such as electronic stability control and ABS integrated with electronic steering systems are some other factors fuelling demand in this market.

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