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Power Assisted Steering Market to Record CAGR of 4.6%Over 21-2027

The manufacturers of power assisted steering are constantly focusing on enhancing the overall operational efficiency of their steering solutions in order to have an on-demand power from electric motor or demand-aimed quantity of pressure and oil, which is needed to function the hydraulic steering systems.

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Power Assisted Steering Market to Record CAGR of 4.6%Over 21-2027

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  1. Power Assisted Steering Market; Key Insights, Industry Global Revenue & Forecast Period 2021 - 2027

  2. Industry Insights: • The power assisted steering market is set to witness promising growth on account of the increasing integration of EPS systems in automotive vehicles by manufacturers to enhance advanced safety features, fuel efficiency, and ADAS. • The manufacturers of power assisted steering are constantly focusing on enhancing the overall operational efficiency of their steering solutions in order to have an on-demand power from electric motor or demand-aimed quantity of pressure and oil, which is needed to function the hydraulic steering systems. • Consequently, novel product launches as well as upgrades to existing product portfolios have become a key strategy for market players. Citing an instance, in November 2020, leading manufacturing firm, Scania, announced plans to introduce EAS as an additional option for its trucks.

  3. Based on vehicle, the HCV segment will witness a CAGR of around 5% over the forecast time period. This growth projection can be chalked up to wide scale adoption of electric power steering and the significant growth of the construction and logistics industries across APAC and Latin America. Cost-effectiveness of the electric power steering is another major factors that will foster the market growth over the coming time period. • Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/5036 • The electrically assisted steering system would improve the driving experience, further enabling novel or well enhanced driver support systems. Together they would aid in decreasing the mental load on drivers from handling very large vehicles like truck combinations on busy highways.

  4. Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/power-assisted-steering-market Chapter 5 Power Assisted Steering Market, By Vehicle 5.1 Global power assisted steering market insights, by vehicle 5.2 Passenger Cars 5.2.1 Global market estimates and forecasts, 2017 - 2027 5.2.2 Market estimates and forecast, by region, 2017 - 2027 5.3 LCV 5.3.1 Global market estimates and forecasts, 2017 - 2027 5.3.2 Market estimates and forecast, by region, 2017 – 2027

  5. 5.4 HCV 5.4.1 Global market estimates and forecasts, 2017 - 2027 5.4.2 Market estimates and forecast, by region, 2017 - 2027 Chapter 6 Power Assisted Steering Market, By Power 6.1 Global power assisted steering market insights, by power 6.2 Electric 6.2.1 Global market estimates and forecasts, 2017 - 2027 6.2.2 Market estimates and forecast, by region, 2017 - 2027 6.3 Hydraulic 6.3.1 Global market estimates and forecasts, 2017 - 2027 6.3.2 Market estimates and forecast, by region, 2017 – 2027

  6. Region: • On the regional front, the Europe power assisted steering industry held more than 20% of the overall market share in 2020. Going forward, the segment will showcase lucrative growth owing to the large production as well as sales of automotive vehicles across the region. Furthermore, Several light truck manufacturers have been adopting rack type EPS as it could function at much higher front-axle loads and also has optimized space. This is further likely to increase the product demand in the times to come. • Meanwhile, Latin America is expected to hold a considerable share in the overall power assisted steering industry. The growth can be attributed to the surging automotive vehicle production in the region, which is in line with growing fleets in emerging countries such as Argentina, Mexico, and Brazil.

  7. Key Players • JTEKT Corporation • SHOWA Corporation • Nexteer Automotive • NSK Steering Systems Co.Ltd. • Mando Corp

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