ALBANY, N.Y., March 1, 2021 /PRNewswire/ -- Electric power steering (EPS) for automotive is technological advancement over traditional EPS both in relation to the energy efficiency and operation of vehicles. EPS is gaining traction as smart steering assistance technology among OEMs, helping them incorporate advanced driver-assistance systems (ADAS). The automotive electric power steering market has evolved steadily over the years, with key force generating demand for more safety in vehicles. An assortment of EPS control units and semiconductor technologies have enriched the landscape of the automotive EPS. Automotive component manufacturers around the world are leaning on developing cost-effective motor control system for automakers. Recently emerging control programs in next-gen automotive are increasingly tilted toward EPS-MCU integration.
Key Findings of Automotive Electric Power Steering Market Study
Penetration of Electric Vehicles Expands the Canvas
Growing trend of adoption of electric vehicles in both passenger and private end-users is a key trend shaping the evolution of the automotive EPS. OEMs and automakers are witnessing vast scope from the increasing pace of commercialization of electric and hybrid vehicles in developed as well as some developing economies. Developed nations are witnessing increasing adoption of ADAS in passenger and light commercial vehicles, thereby expanding the scope for developers of automotive EPS components. EPS is also becoming more common in other types of automobiles, including non-electric vehicles such as small and mid-range sports cars. In coming years, the integration of EPS with next-gen control units will gain momentum, ensuring more safety and fail-safe systems in automotive.
COVID-19 Presents Challenges, Nudging OEMs and Development Partners to Realign
A range of technologies that help automotive companies improvise on operational parameters of EPS. Most prominently, PID (proportional integral derivative) controllers have attracted vast research and development interest among industry players. The need for constantly improving PID software solutions and services control methods has spurred opportunities for semiconductor companies and providers of connected mobility solutions. The drive for more safety and compactness to boost fuel saving for passenger vehicles has also led to growing adoption of automotive EPS. However, in all these, companies in the automotive electric power steering market have been facing constraint of regular supply of automotive chips, arising mainly due to prolonged COVID-19-led restrictions in various countries. Further, the demand for new vehicles also saw a marked slump in recent months. This has also hindered the development of low-cost EPS-MCU systems, with a simple software integration frameworks. Meanwhile, OEMs are aligning their strategic objectives with those of various development partners to circumvent this challenge.
Explore 360 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Automotive Electric Power Steering Market (Motor Assist: Column Assist, Pinion Assist, and Rack Assist; Component: EPS Control Module, Electric Motor, Rack & Pinion, and Steering Column; Vehicle: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle; and Technology: Conventional EPS and EPS with ADAS) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031 at https://www.transparencymarketresearch.com/automotive-electric-power-steering-market.html
Automotive Electric Power Steering Market: Key Driving Factors and Avenues
Growing demands for safety and fuel savings by vehicle owners is a key trend spurring the market proposition of automotive EPS
Rapid penetration of electric vehicles in emerging economies such as in Asia Pacific bolstering the deployment of automotive EPS
Stringent emission regulations in numerous countries has further added momentum to the popularity of electric and hybrid vehicles
Automotive Electric Power Steering Market: Regional Landscape
Europe and Asia Pacific are expected to offer incredible opportunities for various industry players in the global market. Rapidly expanding automotive manufacturing in Asia Pacific spurs research in global automotive electric power steering market. The Europe market is characterized by the presence of prominent OEMs and tier-1 suppliers. Asia Pacific is expected to remain potentially lucrative over the next few years on the back of the demand for ADAS in vehicles and a thriving manufacturing sector to support the growth.
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