The growing integration of electric power steering (EPS) systems in
commercial vehicles such as buses and trucks is pushing up their demand all
over the world. Commercial vehicles usually operate at night and have to travel
through remote locations, often facing harsh weather and conditions. Thus,
commercial vehicle drivers and fleet owners are increasingly incorporating
electric power steering systems in their vehicles in order to reduce the
chances of road accidents.
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| Electric Power Steering Market |
Additionally, the implementation of regulations regarding the adoption
of advanced driver assistance systems (ADAS) with several vehicle systems by
the governments of various countries is also propelling the demand for electric
power steering systems. For example, as per the Regulation No. 79 of the
Economic Commission for Europe, of the United Nations (UN/ECE), the uniform
provisions pertaining to the approval of automobiles mandate the installation
of advanced steering equipment in vehicles.
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This is, in turn, fueling the expansion of the global electric power
steering market. EPS systems are installed in both commercial vehicles and
passenger cars. Between these two, the adoption of these systems was found to
be higher in the passenger cars between 2014 and 2019. This was because of the
large number of passenger cars in operation and the launch of new models
equipped with advanced EPS systems.
Hence, it can be said with confidence that the demand for electric power
steering systems will surge sharply in the coming years, primarily because of
their growing requirement in the commercial vehicles, on account of the rising
prevalence of road accidents and the enactment of stringent government
regulations regarding their integration in these vehicles across the world.
Electric
Power Steering Market Size Breakdown by Segment
The electric power
steering market report offers comprehensive market segmentation analysis along
with market estimation for the period 2015–2030.
Based
on Type
· Rack assist
· Column assist
· Pinion assist
Based
on Vehicle Type
· Passenger car
· Commercial
Vehicle
Based
on Mechanism
· Collapsible
· Rigid
Based
on Components
· Steering Wheel
· Steering
Column
· Sensors
· Steering Gear
· Mechanical
Rack and Pinion
· Electronic
Control Unit (ECU)
· Electric Motor
· Bearings
Based
on Motor Type
· Brushed DC
Motors
· Brushless DC
Motors
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