Electronic Power Steering Market Technological Advancements & Competitive Insights Report 2022

The electronic power steering market is anticipated to grow at a significant CAGR in the years to come, owing to the logistic and fuel efficiency it offers as well as its major application in all automobiles. Power steering systems supplement the torque that the driver applies to the steering wheel.

 EPS system manages the assistance at certain speed such as less assistance at higher speeds and more assistance at lower vehicle speed, which helps in eliminating many HPS components such as drive belt, hoses, pump, fluid and pulley. Eps enhances the efficiency of the car by reducing the fuel consumption due to low energy utilization in electric power steering system.  Dissimilar from a hydraulic power steering system, the EPS incessantly helps in driving a hydraulic pump.

EPS system powers the motor when required, which is also among one of the efficiency advantages of an EPS system. This results in reduced vehicle fuel consumption. The fastest application segment of APS has been observed in larger sedans and light trucks. The market can be segmented based on components such as Steering wheel, column (motor), torque sensor, ECU and steering gear.

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Electric power steering system has evolved and surpassed the hydraulic steering owing to the various long term benefits it offers. EPS requires less maintenance and is less in weight as well as is durable, which helps in getting better response at different speeds and hence a smooth driving experience. Power Steering is especially crucial for the cars that have engine in front and there is a lot of weight on the front wheels. Europe and Japan are the main regions where EPS is used extensively. China is the largest market of EPS. Key players of the electronic power steering market include Robert Bosch GmbH, Delphi Automotive systems, Hyundai Mobis Co., Ltd., Hitachi Automotive systems, JTEKT Corporation, Infineon Technologies & TRW Automotive. The aforementioned market players through continuous R&D endeavors focuses on building a wide distribution network that supports the overall coupling market to report significant growth over the forecast period. Companies through strategic expansions & mergers & acquisitions have been trying to cater large volume of customers with steel couplings that are cost-effective and high quality.

The global electronic power steering market is highly competitive owing to the presence of several domestic and international suppliers. However, the industry has the presence of numerous new vendors, which face difficulty to compete with international companies in terms of functionalities, features, quality, and services. Over the forecast period, the growing new product development activities coupled with increasing adoption of new technologies for achieving operational efficiency has enabled the competition to anticipate becoming more aggressive. Automobile manufacturers have been concentrating on making more reliable steering systems which are highly fuel efficient as well as durable, such as EPHS, EPAS and EHPS. On a contrary, few major players through continuous R&D endeavors coupled with growing expertise knowledge in the electronic power steering market has enabled the them to witness competitive edge, thus propelling the overall growth of steel coupling sector over the next eight years.

Asia Pacific electronic power steering market is anticipated to account for fastest growth over the forecast period primarily due to the emerging automotive hubs and increasing application in automobiles for safety & security. India, China, and Japan are anticipated to witness the highest share in the region majorly owing to the rising disposable income, foreign investments in automobile industries and growing government initiatives in automobile sector. This report covers each aspect of the global electronic power steering market, beginning from the basic market information and progressing further to several significant criteria, based on which, the sector is segmented. Key application areas of the electronic power steering market are also evaluated on the basis of their performance. 

Market Segment:

Geographically, this report split global into several key Regions, with sales (volume), revenue (value), market share and growth rate of Electronic Power Steering for these regions, from 2012 to 2022 (forecast), covering
• United States
• China
• Europe
• Japan
• Southeast Asia
• India

Global Electronic Power Steering market competition by top manufacturers/players, with Electronic Power Steering sales volume, price, revenue (Million USD) and market share for each manufacturer/player; the top players including
• Robert Bosch Automotive Steering GmbH
• Mitsubishi Electric Corporation
• ZF Friedrichshafen Group
• Nexteer Automotive
• NSK Global
• JTEKT Corporation
• SHOWA Corporation
• Thyssenkrupp Presta AG
• Mando Corporation
• Hyundai Mobis
• Zhuzhou Elite Electro Mechanical

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