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Rapid expansion of the automotive industry is projected to fuel the automotive electric power steering market

Wilmington, Delaware, United States, March 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive electric power steering market is projected to expand at a CAGR of 5.0% from 2023 to 2031, as per the market report by TMR.

EPS systems are increasingly being incorporated in a vehicle owing to advantages, such as comfortable driving experience, easy steer control, enhanced fuel economy, and power efficiency. An electric motor draws power only when needed, thus eliminating the need for traditional hydraulic fluid maintenance. EPS allows the usage of any next-generation driver assistance systems (ADAS) that include turning the wheels with no need for steering input by the driver. Key advantages of EVS include automated parking & lane changes, lane-keep assist, and ability to assist the car around obstacles to navigate itself when needed.

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Automotive Electric Power Steering Market: Key Findings

• Sales of vehicles have increased in the past few years owing to rise in the disposable income of people in developed and developing countries. This creates significant business opportunities for the manufacturers of automotive EPS systems.

• Demand for commercial and passenger vehicles is rising across developed and developing countries across the globe. Moreover, usage of electronic components has risen in different types of vehicle globally. These factors have resulted in rise in demand for EPS systems.

• Governments of emerging and developed economies are consistently undertaking initiatives to address the issue of carbon emissions. Hence, they are encouraging the adoption of electric vehicles (EVs) by providing tax rebates and other concessions to buyers. They are also implementing stringent regulations pertaining to environmental protection. These factors are boosting the sales of EVs, which, in turn, is likely to propel industry growth during the forecast period.

• Adoption of column assist has increased in passenger vehicles in the past few years. This has helped in the expansion of the column assist segment. Demand for passenger vehicles is likely to increase in the next few years owing to rise in need for improved commute facilities triggered by rise in the global population. This, in turn, is projected to create attractive business opportunities for producers of EPS systems.

• As per research report by TMR, the EPS with ADAS technology segment is likely to lead the global industry during the forecast period. This can be ascribed to surge in adoption of CASE (connected, autonomous, shared, and electric) mobility and other linked technologies in the automobile industry.

• Increased utilization of autonomy levels, such as vehicle cruise control, blind spot detection system, and lane departure warning system, is projected to drive demand for EPS with ADAS technologies in vehicles in the next few years.