Electric Power Steering Market is projected to reach USD 42.12 Billion by 2026, growing at a CAGR of 5.96% from 2019 to 2026

Global Electric Power Steering Market Analysis

According to Verified Market Research, The Global Electric Power Steering Market was valued at USD 26.51 Billion in 2018 and is projected to reach USD 42.12 Billion by 2026, growing at a CAGR of 5.96% from 2019 to 2026.

What is Electric Power Steering?

Electrically assisted steering systems, also known as electric power steering (EPS) are entirely dispensed with hydraulic fluid. These steering systems are called electric power steering because the steering movement is assisted by an electric motor. Electric power steering (EPS) is a variant for which the additional steering torque on the steering column is transferred to the steering shaft through a worm gear transmission. Such systems are used in smaller vehicles where the engine compartment has little room available. Because of its wide-ranging advantages over conventional hydraulic power steering, electro-hydraulic and electrical power steering (“EPS”) systems are increasingly being favored.

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Global Electric Power Steering Market Outlook

In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

Increasing global population and an increase in the public’s per capita income is stimulating a high demand for well-equipped cars. This, in turn, is resulting in speedy growth of the Global Electric Power Steering Market. In addition to this, pressure on car manufacturers around the world has been increasing to adopt technological solutions that meet energy efficiency standards which is anticipated to further boost the Global Electric Power Steering in the forecast period. Moreover, the continuous growth in the automotive sector in fast-developing economies like Asia and Latin America is further pushing the growth of the market.

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On the contrary, when compared to the conventional steering systems, the electric power steering systems are costly. Also, it is been observed that such systems lack the steering feel which could be few of the major restraining factors in the growth of this market in the coming years.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Electric Power Steering Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global Electric Power Steering Market Competitive Landscape

The “Global Electric Power Steering Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Delphi, Federal Mogul, GKN, Hyundai Mobis, Jtekt, Mitsubishi Electric, Nexteer, NSK, Robert Bosch, Showa Corporation, Thyssenkrupp and ZF. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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