United States Electric Power Steering Market to Grow with a CAGR of 6.19% in India through to 2028
The major drivers for the
United States Electric Power Steering Market are Fuel Efficiency and
Environmental Concerns, Safety and Advanced Driver Assistance Systems (ADAS),
and Integration with Electric and Autonomous Vehicles.
According to
TechSci Research report, “United States Electric Power Steering Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the United States Electric Power Steering Market stood at USD 320 million in 2022
and is anticipated to grow with a CAGR of 6.19% in the forecast period, 2023-2028.
The United States Electric
Power Steering (EPS) market has witnessed remarkable growth and transformation
in recent years, reflecting the ever-evolving landscape of the automotive
industry. EPS technology has become a pivotal component in modern vehicles, gradually
replacing conventional hydraulic power steering systems due to its numerous
advantages.
These advantages encompass fuel efficiency improvements, enhanced
safety features, adaptability to electric and autonomous vehicle technologies,
and the seamless integration with Advanced Driver Assistance Systems (ADAS).
One of the noteworthy trends shaping this market is the integration of EPS with
ADAS, which includes features like lane-keeping assist, adaptive cruise
control, and collision avoidance systems. This integration not only enhances
vehicle safety but also paves the way for semi-autonomous and autonomous
driving capabilities. Moreover, the electrification of the automotive industry
has further fueled the demand for EPS systems. As the shift towards electric
and hybrid vehicles gains momentum, EPS technology is at the forefront,
offering energy-efficient and lightweight solutions that contribute to vehicle
efficiency and performance. Consumers, seeking enhanced vehicle dynamics, are
driving the demand for responsive and precise steering systems. EPS technology
is responding with variable steering assistance, multiple driving modes, and
improved handling to cater to these preferences. Furthermore, as environmental
concerns continue to grow, the trend toward eco-friendly and sustainable
driving practices is fostering the adoption of EPS systems. With an increasing
focus on energy efficiency, sustainability, and regulatory compliance, EPS
technology is aligning seamlessly with the evolving demands of the United
States automotive market.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"United States Electric Power Steering Market”
The United
States Electric Power Steering (EPS) Market is a dynamic and rapidly evolving
sector within the automotive industry, redefining the way vehicles steer and
enhancing driving experiences. EPS technology replaces traditional hydraulic
power steering systems with electric systems that offer improved efficiency,
flexibility, and safety. This transformative technology has gained prominence
in recent years due to its contribution to fuel economy, reduced emissions, and
enhanced driver assistance features. One of the primary driving forces behind
the growth of the EPS market is the pursuit of improved fuel efficiency. As the
United States, like the rest of the world, grapples with the challenge of
reducing greenhouse gas emissions and conserving energy resources, automotive
manufacturers are actively seeking ways to make vehicles more eco-friendly. EPS
systems are lighter and more energy-efficient compared to their hydraulic
counterparts. They assist in minimizing the power loss and improving fuel
efficiency, making them a critical component of the industry's eco-friendly
approach.
The automotive
industry in the United States is also experiencing a significant shift towards
electric and hybrid vehicles. These eco-conscious vehicles rely heavily on EPS
systems for their energy-saving attributes. Electric and hybrid vehicles often
feature regenerative braking systems, which recover energy during braking and
store it for later use. EPS systems seamlessly integrate with these
regenerative systems, contributing to the vehicles' overall energy efficiency.
As the demand for electric and hybrid vehicles grows, so does the demand for
advanced EPS technology. Furthermore, safety and driver assistance features are
increasingly important in the United States automotive market, with a growing
focus on accident prevention and driver comfort. EPS systems are instrumental
in enabling advanced driver assistance systems such as lane-keeping assist,
adaptive cruise control, and semi-autonomous driving features. By precisely
controlling the steering input, EPS systems enhance vehicle stability and
safety. They can also adjust steering responsiveness based on driving
conditions, further improving driver comfort and control. The United States
government has played a pivotal role in shaping the EPS market by instituting
regulations aimed at reducing fuel consumption and emissions. Federal
standards, including Corporate Average Fuel Economy (CAFE) standards, require
automakers to meet stringent fuel efficiency targets. EPS systems are
instrumental in achieving these targets, making them an indispensable part of automakers'
strategies for compliance. As the government continues to set strict fuel
efficiency and emission standards, the importance of EPS systems in meeting
these requirements is expected to grow.
Moreover,
consumer preferences and expectations have a significant impact on the EPS
market. American drivers are increasingly valuing smooth and effortless
steering experiences, and EPS systems excel in this regard. They offer variable
steering assistance, adjusting to the driving situation to provide a more
comfortable and responsive steering feel. Additionally, the elimination of
hydraulic fluid in EPS systems results in a quieter and cleaner driving
experience, addressing another concern of modern consumers. The United States
automotive market is highly competitive, with various automakers striving to
innovate and differentiate their offerings. This competition is spurring
advancements in EPS technology, with manufacturers working on enhancing the
precision, responsiveness, and adaptability of their EPS systems. This
continuous innovation is enriching the driving experience and helping
automakers stand out in a crowded market.
Furthermore, the
quest for sustainable and environmentally friendly transportation solutions has
influenced the development of EPS technology in the United States. EPS systems
contribute to reducing vehicle emissions by improving fuel efficiency and energy
conservation. As more consumers prioritize eco-friendly transportation and
policymakers push for cleaner technologies, EPS systems become pivotal in the
broader effort to achieve sustainability and environmental responsibility in
the automotive sector. In recent years, EPS systems have witnessed significant
improvements in terms of materials and design. Advanced materials, such as
lightweight but robust steering columns, have been developed to enhance the
overall efficiency of EPS systems while reducing the weight of the steering
components. The integration of electronic sensors and controllers has also
become more sophisticated, enabling precise and adaptive steering assistance.
These developments, along with enhanced software algorithms, contribute to safer
and more efficient steering.
The United
States Electric Power Steering (EPS) Market is a dynamic and integral part of
the automotive industry, driven by the pursuit of improved fuel efficiency, the
growth of electric and hybrid vehicles, safety and driver assistance features,
government regulations, consumer expectations, and sustainability efforts. EPS
technology is a prime example of how innovation in the automotive sector is
enabling cleaner, more efficient, and safer transportation solutions. As
automakers continue to invest in the development of advanced EPS systems, the
United States remains at the forefront of automotive innovation, offering
drivers a more environmentally responsible and enhanced driving experience.
Major companies
operating in India United States Electric Power Steering Market are:
- Nexteer
- Robert Bosch
- Hyundai Mobis
- Delphi
- Mitsubishi Electric
- Showa Corporation
- ZF Friedrichshafen AG
- JTEKT Corporation
- Federal Mogul
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“The
United States Electric Power Steering (EPS) Market is a thriving and
transformative segment within the automotive industry. EPS technology,
replacing traditional hydraulic power steering systems with electric
alternatives, is driving the pursuit of improved fuel efficiency, reduced
emissions, and enhanced driver assistance features. As the nation seeks
eco-friendly and fuel-efficient solutions, EPS systems play a pivotal role in
achieving these goals, particularly in electric and hybrid vehicles where they
enhance energy efficiency. Safety and driver assistance features are also
bolstered by EPS, contributing to vehicle stability and driving comfort. The
EPS market is shaped by government regulations, consumer preferences, and
competition among automakers, all striving for innovation in materials and
design. The United States is poised to remain a leader in EPS technology,
providing efficient, eco-friendly, and advanced steering solutions for its
automotive market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“United States Electric Power Steering Market, By Type (C-EPS, P-EPS,
R-EPS), By Component Type (Steering Column, Steering Wheel, Sensors, Electronic
Control Unit, Electric Motor and Bearings), By Vehicle Type (Passenger Cars,
Medium & Heavy Commercial Vehicles, Light Commercial Vehicles and
Off-the-Road Vehicles), By Mechanism Type (Collapsible EPS, Rigid EPS),
Regional, Competition, Forecast & Opportunities, 2018-2028”, has evaluated the
future growth potential of United States Electric Power Steering Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Electric Power Steering Market.
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