The global electric power steering market is currently valued at almost 59 million units and is expected to surpass 76 million units by 2021, says Technavio.
Technavio has announced its latest market research report on the global electric power steering market, under its automotive components portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like ZF Friedrichshafen, Mitsubishi Electric, Nexteer, and TRW Automotive.
According to Siddharth Jaiswal, a lead analyst for automotive components research at Technavio, “OEMs are increasingly replacing hydraulic steering systems with electric power steering systems owing to the fuel efficiency it brings about. The electric power steering or electrohydraulic power steering helps improve fuel economy by around 3% when compared to hydraulic steering systems as electric power steering only needs power when in use.”
The trend of downsizing larger engine capacity engines to mid-sized engines with the same power is gaining traction in the global market. OEMs in the market are focusing on reducing the weight of the vehicles to improve the fuel efficiency of the vehicles. The trend is especially prominent in Europe owing to more stringent emission norms.
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Penetration of SBW technology
SBW technology helps remove the physical connection between the steering wheel and the steering system with the help of electrically connected motors. It also helps to change the direction of the wheels. The introduction of advanced technologies like autonomous vehicle technology (AVT), growing emphasis on driver safety and enhancement of driver feel, and the demand for prime fuel efficiency are propelling the adoption od SBW technology, which, in turn, drives the growth of the global electric power steering market.
Electrohydraulic power steering in HCVs
An electrohydraulic power steering is known to bring about fuel efficiency in vehicles. This is prompting several OEMs to develop a similar electrohydraulic power steering (EHPS) system for HCVs. The main benefits of EHPS include energy savings and steering flexibility. For instance, the main benefits of EHPS include energy savings and steering flexibility.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Electric Power Steering Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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