„Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region – Global Forecast to 2025″, The global electric power steering market is projected to grow at a CAGR of 6.27% from 2017 to 2025, to reach a market size of USD 42.01 Billion by 2025 from USD 25.83 Billion in 2017.
The major factors driving the growth of the electric power steering market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
Browse 128 market data Tables and 78 Figures spread through 187 Pages and in-depth TOC on „Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region – Global Forecast to 2025“
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“Robust Growth of Column Assist EPS (CEPS) is driving the market for electric power steering”
The global electric power steering market is estimated to be USD 25.83 billion in 2017 and is projected to reach USD 42.01 billion by 2025, at a CAGR of 6.27% during the forecast period. Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.
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“HEV market of electric power steering is estimated to experience the highest growth rate during the forecast period”
The electric power steering market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the engine structure of the vehicle, which combines a conventional internal combustion engine (ICE) system with an electric propulsion system. Due to the presence of IC engine, which has the maximum installation rate of electric power steering systems, this segment of electric vehicles is estimated to experience the highest growth rate during the forecast period. Also, the increasing sales of HEVs in the Asia Pacific region are driving the growth of electric power steering systems in these vehicles.
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“Asia Pacific is estimated to be the fastest growing electric power steering market”
The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel efficient systems in passenger cars make Asia Pacific the largest and fastest growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.
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