The
global
automotive electronic power steering (EPS) market is
prognosticated to gain a strong boost in demand on the back of
special features such as precision turning and reduction in the use
of power, which could not be offered by traditional steering.
Moreover, automotive EPS systems could help improve the driving
experience and fuel efficiency. Previously, the automotive EPS
technology was only implemented in sport utility vehicles (SUVs) and
advanced automobiles. However, with the increased dependency on
automotive EPS, this technology now finds application in almost all
classifications of automobiles.
Transparency
Market Research envisages the global automotive EPS market to rise at
a 5.9% CAGR during the forecast timeframe 2017–2022. By the
concluding forecast year, the market could bag in a US$33.1 bn, which
is a telling progress from a US$24.8 bn achieved in 2017.
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Global Automotive
Electronic Power Steering Market: Major Insights
One
of the top growth factors of the world automotive EPS market could be
several automotive firms concentrating on research and development
activities. It could be said that the market is mainly reliant on the
automobile manufacturing industry. Rising competition to manufacture
auto-pilot enabled or self-driven and electric automobiles is
envisioned to promote the snowballing of the demand for automotive
EPS. The development of EPS with no direct connection of links could
be a growing trend in the market. Furthermore, the emergence of
robust and sophisticated steering mechanism is foretold to augur well
for market growth.
After
a decisive and an in-depth analysis of the world automotive EPS
market, the analysts foresee the presence of four products to make a
significant difference, viz. column-assist (C)-EPS, pinion-assist
(P)-EPS, rack-assist (R)-EPS, and hydraulic (H)-EPS. However, H-EPS
could take the lead in the market while rising at a 4.9% CAGR. In
terms of vehicle, heavy commercial vehicles, light commercial
vehicles, luxury passenger cars, premium passenger cars, mid-sized
passenger cars, and compact passenger cars could be the major markets
for automotive EPS.
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