An Electric power steering (EPS) is a system that relies on a motor to provide auxilary torque in a vehicle to assist the driver. The EPS allows the driver to follow a desired trajectory without necessitating extreme physical effort in an automobile. Electric power steering is increasingly replacing hydraulic power assisted steering (HPAS) as it facilitates finding of the right sensitivity and stability at high speed and easy maneuvering of the vehicles while parking, even at low speed. Moreover, the EPS system primarily uses an electric motor in order to provide increased steering capabilities with less effort, eliminating the need for hoses, fluids, drive belts, pulleys, and pumps.
The global market for electric power steering systems is progressing rapidly and is directly proportional to the growth of the automobile manufacturing sector. The adoption rate of EPS system in the passenger cars and sports utility vehicles is significantly increasing as it provides ease in driving and reducing the functional complexities of hydraulic power assisted steering systems. Moreover, the EPS systems provide higher fuel efficiency over HPAS systems. Additonally, EPS system OEMs and suppliers are increasingly investing in steering innovations in order to develop power steering systems. These systems will provide torque feedback to the steering wheel, ensuring smooth controlling and steering as per the driving needs. However, the significantly higher cost of EPS systems over HPAS, attributed to non-completion of the supply chain and the lack of economies of scale is restraining the demand for EPS.
For the study, the global electric power steering system market has been segmented on the basis of component, type and region. Of all the component, the column assist electric power steering (C-EPS) segment accounted for the largest market share in 2017, and is projected to grow at the highest CAGR during the forecast period. On the basis of type, the passenger vehicle segment accounted for the larger market share in 2017. On the basis of regions, global electric power steering system market is segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. North America accounted for the largest market share in 2017.