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Increasingly Stringent Fuel Efficiency Norms to Drive the Demand for Electronically Assisted Steering Systems

The majority of new cars sold today feature Electric Power Steering (EPS). The market for EPS systems is estimated to grow at a high CAGR, owing to the increasing production of passenger cars and sports utility vehicles (SUVs). The EPS market is primarily driven by the rising demand for fuel efficiency and the growth of the automotive industry in emerging economies. The demand for column-assist EPS, which is suitable for small or medium-sized vehicles, and rack-assist EPS, which is frequently used in large vehicles, is expected to increase, especially in North America. EPS systems have completely replaced manual and hydraulic steering systems in passenger cars in developed as well as developing countries.

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Increasingly Stringent Fuel Efficiency Norms to Drive the Demand for Electronically Assisted Steering Systems

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  1. Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021 www.MarketsandMarkets.com

  2. Electronic power steering: A promising market The majority of new cars sold today feature Electric Power Steering (EPS). The market for EPS systems is estimated to grow at a high CAGR, owing to the increasing production of passenger cars and sports utility vehicles (SUVs). The EPS market is primarily driven by the rising demand for fuel efficiency and the growth of the automotive industry in emerging economies. The demand for column-assist EPS, which is suitable for small or medium-sized vehicles, and rack-assist EPS, which is frequently used in large vehicles, is expected to increase, especially in North America. EPS systems have completely replaced manual and hydraulic steering systems in passenger cars in developed as well as developing countries. PDF Brochure : https://www.marketsandmarkets.com/pdfdownload.asp?id=940

  3. Steering wheel speed sensor: Fastest growing market The steering wheel speed sensor is a critical component of the steering system, as it monitors the steering wheels rotational speed. The sensor is primarily used in the EPS system. The increasing adoption of EPS in vehicles has boosted the demand for steering wheel sensors. Asia-Oceania is estimated to lead the steering wheel speed sensor market, followed by North America and the Rest of the World, owing to the increasing adoption of EPS in the region. Request for Customization : https://www.marketsandmarkets.com/requestCustomization.asp?id=940

  4. The steering column market is estimated to be the largest market, by component, owing to increasing vehicle production, particularly in emerging markets. The steering column is an integral part of any steering system. The increasing demand for vehicles is expected to boost the demand for steering systems, and consequently, for steering columns. The Electronic Power Steering (EPS) segment of the automotive steering market is estimated to account for the largest market share, in terms of value. This can be attributed to the increasing adoption of EPS in passenger cars by OEMs. The EPS system reduces fuel consumption and emissions, limits the servicing required, and improves the maneuverability of the vehicle. This segment is estimated to experience significant growth in Asia-Oceania, due to the increasing production of automobiles, especially passenger cars, in the region. Request Sample @ https://www.marketsandmarkets.com/requestsample.asp?id=940

  5. Asia-Oceania: Fastest growing market for steering systems Asia-Oceania comprises some of the fastest growing economies in the world, including China, India, and Indonesia. The region has the highest vehicle production in the world, due to its sizable population and increasing disposable income. The growing population, increase in per capita income, and improving standard of living have contributed to the growth of the automotive industry in Asia-Pacific. China the key automotive market in this region produces the highest number of passenger cars in the world. Given that the steering market is directly dependent on vehicle production, Asia-Oceania has emerged as the fastest growing market for steering systems, in terms of value as well as volume. Speak to analyst @ https://www.marketsandmarkets.com/speaktoanalyst.asp?id=940

  6. Market Ecosystem: The global steering market ecosystem consists of raw material manufacturers such as ArcelorMittal (Luxembourg), Hebei Iron and Steel Group (China), Baosteel Group Corporation (China), Posco Co. Ltd. (South Korea), and Tata Steel Ltd. (India). It also includes steering system-manufacturing companies such as Nexteer Automotive (U.S.), China Automotive Systems (China), Robert Bosch GmbH (Germany), NSK Ltd. (Japan), and JTEKT Corporation (Japan), vehicle manufacturers such as General Motors (U.S.), BMW (Germany), Toyota Motors (Japan), and Hyundai Motors (South Korea), and regional automotive associations such as the Society of Indian Automotive Manufacturers (SIAM), Japan Automotive Manufacturers Association (JAMA), and European Automobile Manufacturers Association (ACEA). Buy Now: https://www.marketsandmarkets.com/Purchase/purchase_report1.asp?id=940

  7. Browse >> 88market data tables 58figures 165 pagesand in-depth TOC “Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021” Early buyers will receive 10% customization on this report. This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.

  8. Contact:Mr. Shelly SinghMarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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