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Electric Power Steering Market Drivers Servo-Electric Technology has the Capacity to Meet Highly Automated Driving and Safety Standards

HYDERABAD, TELANGANA, INDIA, October 25, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Electric Power Steering Market is estimated to reach $41.9 billion by 2026, forecast to grow at a CAGR of 5.2% during 2021-2026. Increasing adoption of Electric Power Steering in passenger car as well as commercial vehicles is one of the major driving factor that is expected to drive the automotive Electric Power Steering market during the forecast period. Variable ratio steering changes the co-ordination between the driver’s actions. Global economic condition is growing day by day and disposable income of middle and upper middle class people. Since last half decade, the vehicle production has picked up drastically especially in China and India owing to low production costs. Increase in the vehicle production, the electric power steering market is getting momentum year on year. Steering wheels, and the ratio continuously change with vehicle speed and improving the steering condition in all condition that drives the growth of the steering market across the globe. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary: https://www.industryarc.com/Research/Electric-Power-Steering-Market-Research-501085

1. Asia-Pacific region is estimated to drive the electric power steering market growth during the forecast period from 2020 to 2025, owing to the growth of vehicle production, favorable government regulation, vehicle emission, electric vehicle penetration, growing disposable income and among other factors.

2. Global Electric power steering market is estimated to driven with the help of growth in sport and budget segment vehicles. In the other hand most of the OEMs are started focusing on implementing cost-effectiveness and EPS system in commercial vehicles, expected to drive the market growth in the long term prospective.

3. Some of the advantages offered by the electric power steering system offers better fuel efficiency, there is no assistance require to operate the power steering system manually.

Interested in knowing more relevant information? Click here: https://www.industryarc.com/pdfdownload.php?id=501085

1. Sensor segment is estimated to grow at a highest CAGR of 6.1% during the forecast period 2021-2026. Sensor plays a critical role in the Electric Power Steering Market. Sensor is responsible for measuring two primary drivers in electric power steering industry.

2. APAC region dominated the global Electric Power Steering market with a market share of more than 34% in 2020, followed by Europe and North America region.

3. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. In addition to this, in January 2019 the Chinese government unveiled number of initiatives to increase the sales of the vehicles.

4. Passenger Vehicles dominated the market with a share of 73% in 2020. The increasing adoption of passenger car across the globe is estimated to drive the market for a long term basis.

5. Brushless DC motor are highly efficiency, less maintenance and low electric noise generation over brushed DC motors. Passenger car segment is estimated to grow at a CAGR of 6.20% during the forecast period.

The top 5 players in the Electric Power Steering industry are -

Click on the following link to buy the Electric Power Steering Market Report: https://www.industryarc.com/reports/request-quote?id=501085

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

A. Power Steering Pumps Market https://www.industryarc.com/Research/Power-Steering-Pumps-Market-Research-512562

B. Steering Columns System Market https://www.industryarc.com/Report/1325/steering-columns-system-market-research-analysis.html

Contact Us: Mr. Venkat Reddy IndustryARC Email: venkat@industryarc.com, sales@industryarc.com USA: (+1) 970-236-3677, (+1) 815-656-4596 IND: (+91) 40-485-49062

Venkat Reddy IndustryARC +1 614-588-8538 venkat@industryarc.com Visit us on social media: Facebook Twitter LinkedIn

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