Question

Electric power steering market by component, type (ceps, peps, reps), mechanism (collapsible, rigid), motor type (brushless, brush), application, off highway (construction, agricultural), ev (bev, phev, hev), and region - global forecast to 2025

Answer 1

The electric power steering market is valued at USD 23.62 billion in 2016 and is projected to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 billion by 2025. Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the electric power steering market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the electric power steering market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2025.

Market Dynamics of Electric Power Steering Market

Drivers

Regulatory push towards efficient technologies

Global measures by OEMs to reduce complexity and weight of vehicles

Increasing vehicle production

Restraints

Higher cost of EPS as compared to traditional steering systems

Lack of steering feel

Opportunities

Penetration in commercial vehicles

Enabling ADAS features in EPS

Challenges

Maintaining market against steer-by-wire technology

Autonomous vehicles without steering wheels

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