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DUBLIN--(BUSINESS WIRE)--Oct 18, 2022--
The "Global Electric Power Steering Market By Type, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Region, Competition Forecast and Opportunities" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Power Steering Market value in the year 2021 was USD43.11 billion, which is anticipated to grow at a CAGR of 4.40% during the forecast period, 2023-2027, to achieve a market value of USD56.43 billion by 2027
The market is anticipated to grow on the backbone of advancement in the automotive industry. Surging initiative for electrification of vehicles along with higher vehicle production is further driving the growth of the Global Electric Power Steering Market in the upcoming five years.
Demand for high power vehicles and increasing growth in the automotive industry through electric vehicles and automobiles are further anticipated to support the growth of the Global Electric Power Steering Market in the next five years. Moreover, the rapidly increasing development of the road infrastructure, rising disposable income invested toward the purchase of high-tech vehicles, and increasing vehicle production is also aiding the growth of the Global Electric Power Steering Market in the future five years.
The higher prevalence of lighter-weight vehicles without compromising the efficiency and functioning of the vehicles is also anticipated to support market growth. Better fuel efficiency, higher performance, demands to reduce complexity, and lower the cost of the vehicle by decreasing the maintenance cost are also substantiating the growth of the Global Electric Power Steering Market in the forecast years through 2027.
The electric power steering system consists of an electronic control unit (ECU), electric motors, steering rack, steering wheel, torque sensors, etc. When the driver turns the steering wheel, an input is generated, which is read by the sensors on the steering column and is relayed to the electronic control unit (ECU) of the system.
Electric power steering uses an electric motor that draws energy from the automobile's electrical system to supply the steering assistance. The electric motor of the electric power steering is located directly on the steering rack. To satisfy the expanding need of installing electric power steering in automobiles, original equipment manufacturers of electric power steering across the world have ramped up the pace of manufacturing electric power steering.
Moreover, the popularity of hybrid vehicles is rapidly growing and aiding the growth of the market. The C-EPS units are majorly installed in medium to heavy-duty commercial vehicles. Growing road infrastructure, connecting remote regions is increasing the sales of commercial vehicles, which is consequently resulting in growth in the sales of column-type electric power steering sales across the globe.
Objective of the Study:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Electric Power Steering Market.
Report Scope:
Global Electric Power Steering Market, Type:
Global Electric Power Steering Market, Vehicle Type:
Global Electric Power Steering Market, By Mechanism:
Global Electric Power Steering Market, By Region:
Years considered for this report:
For more information about this report visit https://www.researchandmarkets.com/r/mjm5ry
View source version on businesswire.com:https://www.businesswire.com/news/home/20221018005735/en/
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KEYWORD:
INDUSTRY KEYWORD: AUTOMOTIVE OTHER AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/18/2022 06:24 AM/DISC: 10/18/2022 06:24 AM
http://www.businesswire.com/news/home/20221018005735/en