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Vehicle Electrification Market Growth Projections and Opportunities
Electric Power Steering (EPS) is a type of system where the electric motor connects directly to the steering gearbox, and there's no need for a hydraulic system. In simpler terms, it's like having an electric helper for your steering wheel. Sensors notice when you're turning the wheel, and a special computer (processor module) uses an electric motor to give you some extra power. This extra power can change depending on how you're driving.
Now, let's talk about the global market for electric power steering systems. People expect it to grow a lot – around 6.41% each year – from 2017 to 2023. Back in 2016, Europe was the leader in this market, with 42.65% of the share. Asia Pacific and North America followed with 28.65% and 22.37%, respectively. When we look at the different parts of the system, there are three main types: C-EPS, P-EPS, and R-EPS. In 2017, C-EPS was the most popular, making up a big part of the market with 59.67%.
To break it down even more, imagine C-EPS, P-EPS, and R-EPS as different teams in a game. C-EPS was the star player in 2017, scoring the most points and leading the game. Just like in sports, each team (or part of the electric power steering system) has its own strengths and specialties.
In summary, electric power steering is like having a little electric assistant helping you steer your car. The world market for these systems is growing, and back in 2017, Europe was the champion, with C-EPS being the most valuable player on the team. It's like a big game where different parts of the electric power steering system play important roles, and they all contribute to making your driving experience smoother and more efficient.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 100.5 Billion |
| Market Size Value In 2023 | USD 113.08 Billion |
| Growth Rate | 12.52% (2023-2032) |
Vehicle Electrification Market Highlights:
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