Electric Power Assisted Steering Market is Anticipated to Grow at a CAGR of 7.1% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Electric Power Assisted Steering (EPAS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Electric Power Assisted Steering (EPAS) market accounted for over US$ 35 billion by 2019. The market is anticipated to grow at a CAGR of 7.1% from 2019 to 2030.
The global EPAS market is driven by several factors, such as the growing automotive industry, increasing research & development activities by major automotive manufacturers, and the advantages of EPAS over the hydraulic steering system. The EPAS system is more efficient when compared with its traditional counterparts. It has no massive hydraulics to bleed and it exerts a lesser mechanical drag on the engine when compared with other steering systems. R&D activities by various automotive manufacturers to develop a sophisticated and robust steering system will propel market growth in the coming years.
Moreover, the high preference of EPAS for electric vehicles & auto-pilot-enabled vehicles, mechanically less complex & fewer moving parts, and increasing number of government norms related to fuel-efficient technologies are anticipated to boost EPAS market growth globally. For instance, a majority of countries in the European Union offer tax benefits and financial incentives for buying electric, hybrid, & fuel-cell vehicles.
However, the high cost of EPAS systems, difficulties in failure diagnosis, and development of Electro-Hydraulic Power Steering (EHPS) systems are some of the major factors which will hinder market growth in the coming years. The EHPS system is the combination of EPAS and Hydraulic Power Steering (HPAS) technologies, which makes it more energy-efficient and capable of overcoming the drawbacks of both these steering systems.
Browse key industry insights spread across pages with market data tables & figures & charts from the report, in detail along with the table of contents:https://www.marketindustryreports.com/electric-power-assisted/
North America region holds the largest market share of the EPAS market globally. However, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. The growth of the APAC region is owing to factors such as the growing automotive industry in the region, increasing disposable income of consumers, and government initiatives to adopt fuel-efficient & electric vehicles.
Some of the prominent players present in the EPAS market include Robert Bosch GmbH, JTEKT Corporation, DENSO CORPORATION, De Amertek Corporation, Nexteer, ZF Friedrichshafen AG, NSK Ltd, HYUNDAI MOBIS, SHOWA CORPORATION, and ThyssenKrupp AG, among others.
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