The global electric power-assisted steering market is anticipated to grow at a significant CAGR of 4.5% during the forecast period (2022-2028). Power steering, often known as power-assisted steering, was created to help the driver by reducing human effort. The main benefit of power-assisted steering is its adjustable speed characteristic, which allows the steering to be heavily assisted at low speeds and minimally assisted at high speeds, allowing for improved vehicle control while driving. Electric power-assisted systems are in high demand as they are substantially more fuel-efficient than manual pumps or belt-driven hydraulic systems, and they can run continuously without any external mechanical support.
Power-assisted steering’s reliability has steadily improved over time, resulting in its widespread adoption in nearly every vehicle category. Modern power-assisted steering is substantially smaller and has a number of outstanding control capabilities. The market for power-assisted steering is expected to grow due to a large increase in the development of sophisticated and strong steering mechanisms. Furthermore, the increased rivalry to produce self-driving/auto-pilot enabled vehicles, electric vehicles, and other vehicles will reinforce market trends.
Due to continuous developments in sensor technology and consistently upgraded versions for increased vehicular performance, the sensor segment is expected to contribute significantly to the global power-assisted steering market share. Additionally, the automotive power-assisted steering market in the Asia-Pacific region is expected to develop at the quickest rate through 2028, owing to rising demand for electric vehicles, severe pollution regulations, rising vehicle production and sales, and rising demand for luxury vehicles in the region.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In September 2020, the facelifted Ford Ranger XLT Plus, such as the Ford Ranger Raptor and Ranger WildTrak, came with upgraded amenities. The new model has a SYNC multimedia system with a reversing camera, an 8-inch touchscreen display, electric power-assisted steering, daytime running lights and headlights, and 4×4 rain-sensing wipers on the inside.
- In December 2019, Bosch, a multinational engineering and technology business based in Germany, increased its range of hydraulic steering systems, as well as new components, to make steering system installation easier in car workshops.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Mechanism
- By Component
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Robert Bosch GmbH, JTEKT Corp., ZF Friedrichshafen AG, Nexteer Automotive Corp., and NSK Ltd., among others.
A full report is available at: https://orionmarketreports.com/global-electric-power-assisted-steering-market/110462/
Global Electric Power-Assisted Steering Market Report by Segment
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Mechanism
- EPS
- HPS
- EAHPS
By Component
- Hydraulic Pump
- Steering/ Column/ Rack
- Sensors
- Electric Motor
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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