An electric power steering system is a driving aid that the driver can use. Among the various components are an electric motor, sensors, a control module, wiring, connections, a power supply, and an electronic input system. It’s common in passenger cars, SUVs, crossovers, electric vehicles (EVs), performance cars, hybrid vehicles, lorries, buses, and other commercial vehicles. When compared to traditional power steering, electric power steering improves vehicle handling, manoeuvrability, and performance while also allowing drivers to navigate through small situations with ease. It also increases fuel efficiency, precision, maintenance costs, vehicle weight, and delivers a quieter, vibration-free operation.
According to SPER market research, ‘Electro Hydraulic Power Steering Market Size- By Component, By Mechanism, By Type, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Electro Hydraulic Power Steering Market is predicted to reach USD 6.06 billion by 2033 with a CAGR of 8.04%.
The growing global demand for fuel-efficient automobiles is one of the primary factors driving market expansion. Electric power steering is a lightweight, compact, and long-lasting system that utilises less power than traditional hydraulic power steering, improving vehicle performance, fuel efficiency, weight reduction, and trip range. Furthermore, greater public awareness of the detrimental environmental impact of fossil fuel consumption is driving growth.
Hydraulic power steering (HPS), which has a convoluted architecture, consumes a lot of power, leaks easily, and is difficult to operate, now dominates the commercial vehicle power steering sector. Customisable power, superior steering, low fuel economy, and minimal emissions are all advantages of EPS. As a result, it would gradually seep into commercial cars.
There is a growing market for electric power steering systems, however there are some challenges facing this sector. The increased cost of EPS compared to traditional steering systems, as well as the lack of steering sensation, may stymie industry expansion.
Because of the fluctuating dynamics of the automotive industry, the steering market is always evolving. OEMs are innovating their traditional steering systems in response to the emergence of driverless vehicles. Steer-by-wire technology, for example, will replace the complete steering mechanism in an autonomous car. The steering linkage of a typical electric power steering system is removed with this sort of steering system.
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Impact of COVID-19 on Global Electro Hydraulic Power Steering Market
This had an immediate negative impact on COVID-19’s EPS market because everything from ingredients to completed products, including production, was partially or completely shut down. During the forecast period, ongoing product innovation in the electric power steering sensor systems market is expected to boost market growth. Vendors are producing new goods with improved features in order to retain existing customers and attract new ones. Because the expansion of the electric power steering system market is tightly tied to vehicle production, this condition is projected to have an immediate impact. Nonetheless, the EPS market is expected to develop during the projection period because to improved global economic conditions, global immunisation initiatives, and the revival of the auto sector.
Global Electro Hydraulic Power Steering Market Key Players:
Geographically, Due to the presence of numerous electric car manufacturers, significant sales of commercial vehicles, and a thriving automotive component sector, Asia-Pacific is the world’s largest automotive electro-hydraulic power steering market. Because of the presence of significant parts and component manufacturers such as ZF Friedrichshafen AG and the great promise of commercial vehicle sales, including long-distance touring coaches and multi-axle trucks, North America and Europe are the next largest markets. some of the market key players are HELLA GmbH & Co. KGaA (Faurecia SE), Hycet Technology Co. Ltd (Great Wall Motor Company Limited), JTEKT Corporation, Mitsubishi Electric Corporation.
Electro Hydraulic Power Steering Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Component: Based on the Component, Global Electro Hydraulic Power Steering Market is segmented as; Electric Motor, Electronic Control Unit, Mechanical Rack and Pinion, Sensors, Steering Column, Steering Gear, Others.
By Mechanism: Based on the Mechanism, Global Electro Hydraulic Power Steering Market is segmented as; Collapsible EPS, Rigid EPS.
By Type: Based on the Type, Global Electro Hydraulic Power Steering Market is segmented as; Colum Assist Type, Pinion Assist Type, Rack Assist Type.
By Vehicle Type: Based on the Vehicle Type, Global Electro Hydraulic Power Steering Market is segmented as; Commercial Vehicle, Passenger Car.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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