Automotive Electric Power Steering Market Projected to Exhibit Growth at 5% CAGR by 2031- TMR Study

It is estimated that the coronavirus pandemic has slowed the automotive industry by nearly four years. The significant drop in the turnover between the years 2018-2019 and 2019-2020 is creating concerns for companies in the automotive electric power steering market. As such, business activities are gaining pace in certain regions of the world. For instance, Israel-based foundry Tower Semiconductor has announced to expand its manufacturing capacity for 200mm wafers that are in high demand for automotive and Internet of Things devices.

Companies in the automotive electric power steering market are collaborating with semiconductor companies to make decisions on whether to allocate their inventory to meet automotive demands amid supply chain uncertainties.

𝐆𝐫𝐚𝐛 𝐚𝐧 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 @

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𝐏𝐈𝐃 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐌𝐞𝐭𝐡𝐨𝐝 𝐇𝐨𝐥𝐝𝐬 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥𝐬 𝐢𝐧 𝐎𝐯𝐞𝐫𝐜𝐨𝐦𝐢𝐧𝐠 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐬𝐬𝐮𝐞𝐬 𝐨𝐟 𝐄𝐏𝐒

Electric power steering (EPS) systems are being associated with energy savings, lightweight attributes, and smart driving. However, operational issues in these systems such as model uncertainties and external interference are being addressed by manufacturers. Hence, companies in the automotive electric power steering market are anticipated to team up with scholars and researchers who offer guidance on various control theories, which are improving the ergonomics of EPS.

Companies in the automotive electric power steering market are gaining a strong research base in the flexible PID (Proportional-Integral-Derivative) control method that provides real-time tracking ability. PID control method is considered a gold standard for improving the steering stability and sensitivity. PID parameters can be adjusted in real-time according to the operating environment, which makes the response capability of EPS system more fast and accurate.

𝐎𝐯𝐞𝐫-𝐭𝐡𝐞-𝐚𝐢𝐫 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐞𝐝 𝐓𝐞𝐜𝐡, 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐔𝐧𝐢𝐭𝐬 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐢𝐧𝐠 𝐄𝐏𝐒 𝐒𝐲𝐬𝐭𝐞𝐦𝐬

The automotive electric power steering market is projected to reach the revenue of US$ 30.2 Bn by 2031. The growing demand for highly automated driving is creating incremental opportunities for automakers. Bosch Mobility Solutions- a provider of vehicle technology with software solutions and services is gaining recognition for its over-the-air connected technology in EPS, along with ADAS (Advanced Driver-Assistance Systems).

Apart from passenger and light commercial vehicles, companies in the automotive electric power steering market are unlocking growth opportunities in small and mid-range sports cars. Next-gen control units are being incorporated in EPS systems to provide security in case of any errors.

𝐍𝐞𝐱𝐭-𝐠𝐞𝐧 𝐒𝐭𝐞𝐞𝐫-𝐛𝐲-𝐖𝐢𝐫𝐞 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐆𝐚𝐢𝐧 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐢𝐧 𝐔.𝐒., 𝐈𝐧𝐝𝐢𝐚

Tesla is gaining popularity in the autonomous car sector, owing to its shift toward steer-by-wire systems that eliminate the need for mechanical linkages in a steering system. This helps to rely on electrical or electro-mechanical systems for steering. However, in many countries, it is still customary to have mechanical linkages in steering systems in order for a vehicle to be road legal. Hence, companies in the automotive electric power steering market are expanding their testing facilities in Washington D.C. and Los Angeles where governments have permitted driverless vehicles with EPS.

India holds lucrative opportunities for companies in the automotive electric power steering market due to the influx of electric vehicles.

𝐁𝐮𝐲 𝐍𝐨𝐰 -
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𝐎𝐄𝐌𝐬 𝐑𝐞𝐝𝐮𝐜𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐋𝐞𝐚𝐝 𝐓𝐢𝐦𝐞 𝐛𝐲 𝐑𝐞𝐯𝐢𝐞𝐰𝐢𝐧𝐠 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐏𝐫𝐨𝐠𝐫𝐚𝐦 𝐢𝐧 𝐄𝐏𝐒

Innovations in motor control units are facilitating improved handling and safety of vehicles. Japan-based DENSO Corporation- a global automotive components manufacturer, announced that it has developed a new EPS motor control unit (EPS-MCU), which has featured in TOYOTA NEW HARRIER that was launched in June 2020. The decline in the size of EPS systems is enabling cost and fuel savings.

Companies in the automotive electric power steering market are increasing efforts to reduce development lead-time by reviewing and reforming how the control program is adapted in different vehicles. Software innovations in the EPS-MCU are becoming prominent so that it automatically integrates into the vehicle after the unit is installed at the vehicle factory.

𝐆𝐞𝐭 𝐌𝐨𝐫𝐞 𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞𝐬 𝐛𝐲 𝐓𝐌𝐑:
𝐈𝐕 𝐁𝐨𝐭𝐭𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.prnewswire.com/news-releases/iv-bottles-market-to-reach-valuation-of-us-4-bn-by-2031-rise-in-use-of-eu-gmp-certified-iv-bottles-creates-substantial-avenues-tmr-study-301449914.html

𝐋𝐚𝐬𝐭 𝐌𝐢𝐥𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.prnewswire.co.uk/news-releases/last-mile-delivery-transportation-market-to-expand-at-cagr-of-10-31-during-forecast-period-notes-study-by-tmr-812262894.html

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
Nikhil Sawlani
Transparency Market Research Inc.
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