Global Automotive Electric Power Steering Market is set to generate $57.18 Billion by 2030

According to Inkwood Research, the Global Automotive Electric Power Steering Market is estimated to project a 4.26% CAGR in terms of revenue between 2022 and 2030.
"Browse 50 market data Tables and 45 Figures spread over 202 Pages, along with an in-depth TOC on the Global Automotive Electric Power Steering Market Forecast 2022-2030."

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Electric power steering (EPS) is a significant technology for highly automated vehicles. The automotive EPS meets the requirements of mid-range, small, sports, and light commercial vehicles. Further, EPS is calibrated with an electric motor to control the steering. EPS provides an optimal steering feel and driver assistance with the electric motor. In addition, in case of an error, security is provided in the new generation control units. The EPS supports with the help of an intelligent electric motor in the steering. The control unit sends the information to the electric motor after calculating the optimal steering support based on the steering signal from the torque sensor. This mechanism provides the necessary assistance and eases the driving experience.

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Improved Fuel Efficiency drives the Market Growth
Vehicular pollution is one of the major causes of global warming. There has been a growing call to reduce emissions from vehicles. The number is huge when emissions from millions of vehicles are calculated. In addition, with the advent of government regulations, global automakers have been forced to comply with the new environmental norms to develop cleaner and fuel-efficient vehicles. A typical EPS uses power only when the driver provides the steering input. Therefore, the EPS doesn't use much power on a steady road.
On the other hand, a hydraulic system requires continuous output from the motor even when the steering handle isn't being used. Also, hydraulic steering uses energy from the engine to power the steering system, while EPS uses a separate electric motor. Thus, the lesser power and more energy efficiency of EPS is an important driving factor for the market.

Leading Commercial Vehicle - Medium & Heavy Commercial Vehicles (M&HCV)
Medium & heavy commercial vehicles (M&HCV) have weights of more than 10 tons. These are increasingly used for infrastructure and construction purposes. The usage of electric power steering is on the rise for these types of vehicles due to rising infrastructure projects, especially in Asia-Pacific. Companies such as Daimler AG and Volvo are coming up with electric vehicles. BYD is another major company in the electrification of HCVs. EPS systems propel the growth of these electric vehicles.

Highest Market Share - Asia-Pacific
According to our analysis, the Asia-Pacific electric power steering market is expected to capture 61.16% of the market share by 2030. The Asia-Pacific region has countries with special economic zones, strong manufacturing bases, skilled laborers, etc. Further, massive demand for automobiles and automotive components in Asian countries such as India, China, Thailand, Indonesia, and Japan propel the market surge. In addition, commercial vehicles require electric power steering systems as they are difficult to maneuver and produce higher emissions. China and other major emerging economies are increasing the electric vehicle adoption rate, significantly increasing the requirement for EPS systems in the country.

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Related Reports:
GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET
GLOBAL ADVANCED DRIVER ASSISTANCE SYSTEM (ADAS) MARKET

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This release was published on openPR.