Transparency Market Research has published a new report on the global automotive electric power steering market for the forecast period of 2019–2027. According to the report, the global automotive electric power steering market is projected to reach ~US$ 33.8 Bn by 2027, expanding at a CAGR of ~5% during the forecast period.
- According to the report, the global automotive electric power steering market is likely to be driven by the demand for efficient power steering systems.
- EPS with ADAS is a prominent segment of the automotive electric power steering market.
- Rise in the adoption of electric vehicles is expected to be a major driver of the automotive electric power steering market.
- Key manufacturers such as JTEKT Corporation and DENSO CORPORATION are likely to play a major role in propelling the global automotive electric power steering market with continuous development of technology.
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Expansion of Global Automotive Electric Power Steering Market
- Global shift toward efficient and low-emission vehicles is expected to drive the adoption of EPS.
- Rising consumer demand for higher fuel economy and better ride quality of vehicles is expected to drive the automotive electric power steering market.
- Improved sales of premium and luxury cars in North America and Europe and increasing sales of premium cars in Asia Pacific are projected to drive the global automotive electric power steering market.
In terms of motor assist, the column assist segment is expected to expand significantly in the automotive electric power steering market during the forecast period. A column assist electric power steering integrates the motor, sensor, and controller, and assists the mechanism within the steering column. Column assist electric power steering systems are highly preferred for passenger vehicles, and this factor is attributed to the leading share held by the segment in the global electric power steering market.
