Electric Power Steering System Industry 2019
Description:-
The system that is reliable on a motor for providing auxiliary torque to a vehicle that can assist the driver is called The Electric Power Steering System or commonly known as the EPS. The Electric Power Steering System allows the driver in following the desirable trajectory, without the requirement of extra physical efforts. The Electric Power Steering System has been increasing so rapidly that it has been a threat of replacement of the Hydraulic Power Assisted Steering or commonly known as the HPAS.
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Key Players
Robert Bosch GmbH
NSK
Nexteer Automotive
ZF Friedrichshafen AG
Hyundai Mobis
Showa
ThyssenKrupp AG
The Electric Power Steering System is helping in finding the perfect stability and sensitivity even at high speed. The Electric Power Steering System also provides easy maneuvering at a lower speed while parking the vehicles. The Electric Power Steering System provides an increase in the steering capabilities with very less effort as it eliminates the requirement for hoses, drive belts, pulleys, fluids, and pumps. The World Market for the Electric Power Steering System rapidly increasing and is directly proportional to the automobiles sector and its growth rate.
The rate of adoption of the Electric Power Steering System is increasing in the smaller segments, which includes passenger cars and sports vehicles, as it helps in providing ease to the driver. Higher fuel efficiency has been one of the primary reasons for the growth of the Electric Power Steering System. The Electric Power Steering System provides torque to the steering wheel and controls the steering.
Market Segmentation of the Electric Power Steering System
The Electric Power Steering System has mainly been segmented into,
Brush Motor- The electric motor that has been designed in an internally commutated way, is known as a Brush Motor. The Brush Motor runs directly on the source of current power.
Brushless Motor- The Brushless Motor is designed to be operated from the Direct current bus and not the AC lines.
Major Geographical Regions of the Electric Power Steering System
Based on the region, the Global Market of the Electric Power Steering System includes the United States of America, from North America. Germany, France, United Kingdom, Italy, Spain, Poland, and Russia from Europe. China, Japan, South Korea, India, Indonesia, Singapore, Thailand, Malaysia, Philippines, Vietnam, and Australia from Asia-Pacific. Brazil, Mexico, and Colombia from Central & South America. And Turkey, Egypt, South Africa, Saudi Arabia, United Arab Emirates, and GCC Countries from the Middle East & Africa.
Industry News
The Global Electric Power Steering System Market size is said to increase to US $ 42.01 Billion by the year 2023, from 23.62 Billion US $ in the year 2016, at a CAGR of 6.27% during its forecast period. In this study, the base year that has been considered is 2016 and 2019 to 2023 has been considered the forecast period to estimate the size of the market for the Global Electric Power Steering System. The growth in the vehicle production industry has been growing the demand for the advancement of safety and convenience, which is affecting the growth of the Electric Power Steering System in a positive manner.
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Table of Contents – Major key Points
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Electric Power Steering System Market, By Component
7 Global Electric Power Steering System Market, By Type
Continued….
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