Power Assisted Steering Market worth around $ 20 Bn by 2027
Published Date: April 19, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Power Assisted Steering Market size is expected to reach USD 20 billion by 2027, according to a new research study published by Global Market Insights, Inc.
The rising adoption of electric power steering in heavy commercial vehicles to have better steering assistance with minimum steering force required and improve fuel consumption along the way will strongly contribute to the use of power assisted steering in vehicles. Market participants are focusing on the development of power assisted steering, which can provide excellent handling and thus safe, sensitive steering in the heavy commercial vehicles.
HPS with power-on-demand system will drive the global market
Many manufacturers have developed the electro-hydraulic rear axle steering system as it provides power on steering as per the demand in the steering tag axle or pusher axle of heavy commercial vehicles. It is an innovative combination of an electronic power unit and a hydraulic cylinder unit, because of that it can be used in the heavy commercial vehicle which has three or more axles.
Get more details on this report - Request Free Sample PDF
Moreover, China has witnessed significant sales of automotive vehicles despite COVID-19. For example, in the second half of 2020, the overall sales of automotive vehicles in China rose 12% year-on-year while Europe observed 137% growth in the sales of electric vehicles. The above factor will, in turn, drive power assisted steering market expansion.
Browse key industry insights spread across 250 pages with 341 market data tables & 20 figures & charts from the report, “Power Assisted Steering Market Size By Power (Electric, Hydraulic), By Type (Rack Type EPS, Column Type EPS, Pinion Type EPS, H-EPS, HPS), By Vehicle (Passenger Cars, LCV, HCV), By Propulsion Type (ICE, EV), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The rack type EPS segment is likely to witness more than 4.5% CAGR through 2027. The rack type EPS is mostly used in the mid to full-sized vehicles, since it offers relatively low inertia from high reduction gear ratios. The increasing implementation of rack type EPS in heavy trucks since it can handle higher front-axle loads and optimize packaging space, mostly in the American countries, will improve product penetration.
Rising emphasis on automated driving is set to surge product penetration
In terms of volume, the column type EPS is poised to grow at around 4% CAGR through 2027. Electric power steering is one of the main technologies for automated driving. Furthermore, the new generation of engine control units provides safety in event of a fault.
North America power assisted steering market crossed over USD 2 billion in 2020 on account of large automotive production and vehicle fleets across the region. Automotive manufacturers are continually adopting a wide range of automated driving to improve the driving assistance of steering and enable automated driving. The redundant automated circuit provides nearly 50% steering support and supports the safe stop of the vehicle, thereby increasing product usage and providing lucrative opportunities.
Some of the major manufacturers in power assisted steering market are JTEKT Corporation, SHOWA Corporation, Nexteer Automotive, NSK Steering Systems Co., Ltd., Mando Corp, ZF Friedrichshafen AG, and Robert Bosch GmbH.