Electric Power Steering Market Trends

Growth Drivers

• Penetration in Commercial vehicles - hydraulic power steering HPSs which have a complex structure, consume high amounts of energy, leak easily, and are difficult to control dominate the market for commercial vehicles. The EPS system offers a wide range of advantages such as an adjustable power output, good steering, and reduced fuel consumption but also no pollution. It should therefore be used in commercial vehicles gradually.
• Increasing Investment in Product Development - For instance, the development of electronic power steering systems that are capable of coordinating with a variety of driver assistance and autonomous driving systems, Thyssenkrupp has invested EUR 6.2 million in a new automotive R&D Competence Center in Budapest.
• Increase in the demand for fuel-efficient cars - About 2.8 billion metric tons of carbon Passenger cars produce emissions of dioxide worldwide in 2020. Additionally, transport is responsible for one twentieth of the world's carbon emissions, dioxide emissions CO2.With increased awareness of the environment, people are looking for ways to reduce their carbon footprint. Fuel-efficient cars such as autonomous vehicles are an ideal alternative, as they use less fuel than traditional cars. EPS is an advanced technology that can help autonomous cars more accurately and safely maneuver around turns and obstacles
• Lifestyle Changes - There is an increased demand for well fitted cars as the world population increases and per capita income rises. As a consequence, the global electric energy steering market is experiencing rapid growth. Furthermore, the pressure on car manufacturers around the world in adopting technologies that meet ENERGY EFFICIENCY standards is expected to increase over the next few years and will be a major force for global electric power steering.

Challenges

• Maintaining the market against steers by wire technology- The market for steering in the automotive sector continues to evolve with the changing dynamics of that industry. OEMs are developing their conventional steering systems as they adapt to the advent of self-driving vehicles. Among these innovations, which will substitute the entire steering system for an autonomous vehicle, is STErkbywire technology. The steering linkage of the traditional electric power steering system will be removed with this type of steering system.
• The complexity of integration in electric power steering systems.
• Lack of awareness about the benefits of the system’s benefits.