Europe Electric Power Steering Market Growth 2024, Rising Trends, Revenue, Key Players, CAGR Status, Challenges, Future Investment and Opportunities Research Report till 2033: SPER Market Research
Europe Electric Power Steering Market is estimated to reach USD 9.16 billion by 2033 with a CAGR of 4.13%.
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Modern cars are equipped with electric power steering, which uses electrically assisted mechanics to replace hydraulic power steering systems. With EPS, steering is aided by an electric motor, as opposed to hydraulic systems that depend on an engine-driven pump to produce hydraulic pressure. An electric motor, a torque sensor, and a control unit are the main parts of an EPS system. The electric motor helps the driver by giving varying levels of torque depending on the speed of the vehicle, steering input, and other factors. It is usually located on the steering column or steering rack. The torque sensor allows the system to modify the degree of assistance by measuring the force that the driver applies to the steering wheel. By removing the continuous power drain connected to hydraulic pumps, it increases fuel efficiency and lowers emissions and engine load.
According to SPER Market Research, ‘Europe Electric Power Steering Market Size- By Type, By Component Type, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Europe Electric Power Steering Market is estimated to reach USD 9.16 billion by 2033 with a CAGR of 4.13%.
gives exact control and input, improving both the safety and overall driving experience. Because it is more effective at consuming less energy than conventional hydraulic systems, it is highly regarded for its ability to reduce emissions and increase fuel economy. The electric motor is integrated into the steering column with column-assist EPS. This configuration helps to turn the column itself instead of the rack, making installation easier in vehicles with current designs and offering more flexibility for system integration. The versatility of column-assist EPS across different vehicle platforms and its potential for cutting-edge features like automatic parking and lane-keeping assistance are highly valued.
The cost of putting EPS systems into place, which takes into account not only the original outlay for electric motor technology but also the expenses related to integration and model-specific customization. This cost element may discourage manufacturers, particularly in a cutthroat industry where price is a critical consideration. The intricacy of EPS systems themselves, which call for highly developed electronic control systems and sensors in order to guarantee peak performance. For EPS systems in cars to operate safely and for a long time, these parts must be dependable and strong. Moreover, the complexity and dependability requirements of EPS systems only rise as they get more sophisticated with capabilities like autonomous driving assistance. Regulations pertaining to safety regulations and emissions standards that EPS systems have to fulfill provide difficulties.
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The coronavirus pandemic has a massive impact on Europe's electric power directing industry. Lockdowns, sluggish store networks, and waning consumer interest during the early stages of the epidemic caused a dramatic decline in sales and activity in the auto industry. The EPS market was immediately impacted by this catastrophe, as car manufacturers reduced production and postponed or stopped dispatching vehicles. In addition, the pandemic disrupted the EPS parts shop network, posing difficulties for many sellers in sourcing parts and supplies, resulting in production delays and increased expenses.
The largest market share for Europe Electric Power Steering Market is held by Germany due to gaining prominence by lower labor costs and growing consumer markets. JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG are few of the major names in the market.
Europe Electric Power Steering Market Segmentation
By Type: Based on the Type, Europe Electric Power Steering Market is segmented as; Column Type, Pinion Type, Dual Pinion Type.
By Component Type: Based on the Component Type, Europe Electric Power Steering Market is segmented as; Steering Wheel/Column, Sensors, Steering Motor, Others.
By Vehicle Type: Based on the Vehicle Type, Europe Electric Power Steering Market is segmented as; Passenger Cars, LCV, Heavy Vehicles.
By Region: This research also includes data for United Kingdom, France, Germany, Italy, Russia, and Rest of Europe.
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