The power assisted steering market is set to grow from its current market value of more than USD 14.89 billion to over USD 20 billion. The power assisted steering industry is set to witness promising growth on account of the increasing integration of EPS systems in automotive vehicles by manufacturers to enhance advanced safety features, fuel efficiency, and ADAS.
The manufacturers of power assisted steering are constantly focusing on enhancing the overall operational efficiency of their steering solutions in order to have an on-demand power from electric motor or demand-aimed quantity of pressure and oil, which is needed to function the hydraulic steering systems.
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Consequently, novel product launches as well as upgrades to existing product portfolios have become a key strategy for market players. Citing an instance, in November 2020, leading manufacturing firm, Scania, announced plans to introduce EAS as an additional option for its trucks.
The electrically assisted steering system would improve the driving experience, further enabling novel or well enhanced driver support systems. Together they would aid in decreasing the mental load on drivers from handling very large vehicles like truck combinations on busy highways.
Based on vehicle, the HCV segment will witness a CAGR of around 5% over the forecast time period. This growth projection can be chalked up to wide scale adoption of electric power steering and the significant growth of the construction and logistics industries across APAC and Latin America. Cost-effectiveness of the electric power steering is another major factors that will foster the market growth over the coming time period.
On the regional front, the Europe power assisted steering market held more than 20% of the overall market share in 2020. Going forward, the segment will showcase lucrative growth owing to the large production as well as sales of automotive vehicles across the region. Furthermore, Several light truck manufacturers have been adopting rack type EPS as it could function at much higher front-axle loads and also has optimized space. This is further likely to increase the product demand in the times to come.
Meanwhile, Latin America is expected to hold a considerable share in the overall power assisted steering industry. The growth can be attributed to the surging automotive vehicle production in the region, which is in line with growing fleets in emerging countries such as Argentina, Mexico, and Brazil.
This acquisition ties the two market leaders behind a shared idea of forming a consumer-centric powerhouse to develop commercial vehicle technology. With WEBCO’s addition, ZF’s focus would be on expanding its portfolio of commercial vehicle services and on functioning consumer business.
Robert Bosch GmbH, NSK Steering Systems Co., Ltd., SHOWA Corporation, ZF Friedrichshafen AG, Nexteer Automotive, Mando Corp, and JTEKT Corporation among many others are some of the key market players operating in the power assisted steering market.
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Some Point from Table of Contents:
Chapter 4 Power Assisted Steering Market, By Propulsion Type
4.1 Global power assisted steering market insights, by propulsion type
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3.1 Global market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Power Assisted Steering Market, By Vehicle
5.1 Global power assisted steering market insights, by vehicle
5.2 Passenger Cars
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
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