Automotive Industry Growth gives a Positive Impact on Electric Power Assisted Steering Market
The Electric Power Assisted Steering Market
involves in the production and development of power steerings. Electric power assisted steering systems use an electric motor to assist driver while driving the vehicle. The sensors that are included in EPAS system detect the position and torque of the electric steering column.
Power steering systems are used to assist drivers by enhancing the turning power of the steering wheel. Also they provide high steering capabilities with less effort. Power steering can improve the driving experience and fuel efficiency. These systems are estimated to reduce fuel consumption by nearly 4%. The end-user segments for the electric power steering are passenger, commercial, light commercial vehicle, sports cars. Strong growth in the improved steering and reliability is the key growth driver for the Electric Power Assisted Steering Market.
When compared with the other power steering systems, the electric steering systems provide high fuel efficiency, which in turn drives the market with the fast growth. The more reliability of the electric steering systems for OEMs is the other key growth driver for the the Electric Power Assisted Steering Market. In addition, fuel economy is the biggest benefit to the end consumers due to EPS, which is also a major driver for the market.
Americas held the biggest share of the Electric Power Assisted Steering Market. Asia-Pacific is projected to have the highest market share and to reach American market size by the end of the forecast period, followed by Europe. Asia-Pacific is registering the significant growth due to increasing economies leading to a growing automotive market.
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