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Market Research Report
According to MRFR analysis, Electric Power Steering System market is expected to register a CAGR of ~ 5.3% from 2023 to 2032 and hold a value of over USD 29.4 Billion by 2032. he Electric Power Steering (EPS) system is an advanced technology used in vehicles to assist the driver in steering the vehicle. It replaces the traditional hydraulic power steering system with an electrically powered system, offering several advantages in terms of performance, efficiency, and safety.
In an EPS system, an electric motor is used to provide the necessary steering assistance. The motor is controlled by an electronic control unit (ECU) that receives inputs from various sensors, such as the steering angle sensor and vehicle speed sensor, to determine the amount of assistance required. The ECU then sends signals to the motor to provide the appropriate level of assistance, making steering easier for the driver.
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Regional Analysis
The North American region, particularly the United States and Canada, is a significant market for EPS systems. Factors driving market growth include the increasing demand for fuel-efficient vehicles, stringent regulations regarding vehicle emissions, and the rising adoption of electric vehicles. The presence of established automotive manufacturers and technological advancements in the region contribute to market growth. Additionally, the growing consumer preference for enhanced driving experience and improved vehicle safety features is boosting the demand for EPS systems in North America.
Europe is another prominent market for electric power steering systems. Stringent emission norms and fuel efficiency standards set by the European Union (EU) drive the adoption of EPS systems in the region. The presence of leading automotive manufacturers and a strong focus on technological advancements contribute to market growth. The increasing demand for electric vehicles and the integration of advanced driver-assistance systems (ADAS) further fuel the market growth in Europe.
The Asia Pacific region is a rapidly growing market for electric power steering systems. Countries like China, Japan, South Korea, and India are major contributors to the market growth in this region. The increasing production and sales of automobiles, expanding middle-class population, and rising disposable incomes are driving the demand for EPS systems. The push for fuel efficiency and emission reduction, along with government initiatives promoting electric and hybrid vehicles, further support market growth in Asia Pacific.
Electric Power Steering System Market Segmentation:
Electric Power Steering System Type Outlook
Electric Power Steering System Vehicle Type Outlook
Electric Power Steering System Mechanism Outlook
Key Players
Table Of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Electric Power Steering Market, By Type
1.1.2 Global Electric Power Steering Market, By Vehicle Type
1.1.3 Global Electric Power Steering Market, By Mechanism
1.1.4 Global Electric Power Steering Market, By Region
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Top-Down And Bottom-Up Approach
3.6 Forecast Model
3.7 List Of Assumptions
4 Market Insights……
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