Electric Power Steering System Market Size

Electric Power Steering System Market Growth Projections and Opportunities

Various market factors act as determining forces about the growth and development of electric power steering (EPS) system. However, one major factor is the growing interest in fuel-efficient cars. Faced with the challenge of meeting strict emission standards and achieving better fuel efficiency, automotive manufacturers are shifting towards EPS over traditional hydraulics.
EPS systems are naturally more energy efficient because they only draw power when needed, helping optimize the vehicle’s overall consumption of electricity.
Secondly, the development of e-mobility has a crucial effect on the electric power steering system market. However, the world automotive market is moving towards electrical propulsion which in turn increases consumption of electric power steering system.
Compared to combustion engines, electric vehicles have complex steering systems based on the Electric Drivetrain and EPS is precisely what they need. With the increased demand for electric vehicles fueled by ecological consciousness and government incentives, this EPS market’s growth directly results. One of the leading market drivers is high technological advancements in the automotive industry.
Advanced driver-assistance systems (ADAS) and autopilot features are integrated with the latest steering system that is capable of being controlled without a human touch. Electric power steering units, which are electronic and adjustable make a suitable option for breakthroughs of this kind. In response to car makers investing large funds on research and developing advanced technologies that will improve the safety of vehicles while driving, demand for powerful electronic power steering systems is likely to increase.
Further, the changing consumer preferences and the growing focus on vehicle beauty have an influence in forming electric power steering system market. Today’s consumers expect more aesthetics, smaller sizes as well as enhanced handling in vehicles. Because EPS systems are more compact and readily adaptive, they enable automobile manufacturers to create cars with smaller engine bays making it possible for them to design sleek aerodynamic bodies.
Such conformity to the preferences of consumers boosts market growth in electric power steering systems. Also, strict government regulations and safety standards are shaping the auto industry consequently influencing on electric power steering system market. Many governments across the world introduce regulations for increasing vehicle safety and reduction of emissions.
Electric power steering systems have made it possible to build cars that meet the regulatory requirements for energy-efficient operation and compatibility with other safety features. The use of EPS systems across these vehicle categories stems from the demand to comply with safety standards.
Other significant factors in the electric power steering system market are economic. The relatively cheap manufacturing of EPS components and its mass production capability make these systems affordable. As economies of scale set in, overall cost decreases on EPS systems making them more appealing even to the car manufacturers and buyers.