Europe Electric Power Steering Market Growth and Share, Trends, Revenue, Key Players, Challenges, Future Investment Opportunities and Forecast 2033: SPER Market Research
Electric Power Steering (EPS) is a cutting-edge automotive steering technology that has mostly replaced traditional hydraulic power steering systems. EPS employs an electric motor to help the driver in turning the wheels of the vehicle. Unlike hydraulic systems, which are powered by fluid pressure, EPS is powered by electronic control units and sensors. These components constantly monitor variables such as vehicle speed, steering wheel position, and driver input.
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’ state that the Europe Electric Power Steering Market is predicted to reach USD 9.16 billion by 2033 with a CAGR of 4.13%.
The European Electric Power Steering (EPS) market is quickly increasing due to a number of primary causes. First of all, the region’s strong commitment to environmental sustainability and stringent emissions requirements has compelled automakers to employ more energy-efficient and ecologically friendly technologies. EPS systems are inherently more efficient than traditional hydraulic steering systems, resulting in better fuel economy and fewer emissions while satisfying regulatory standards.
Furthermore, increased demand for electric and hybrid vehicles in Europe has been a major growth driver. These vehicles rely on EPS technology since it complements the electric drivetrain and increases the overall efficiency of these environmentally conscious vehicles.
The European Electric Power Steering (EPS) market faces multiple challenges. Europe’s strict regulatory structure, which pushes for lower emissions and improved energy efficiency in automobiles, is one of the primary obstacles. While EPS systems are more energy-efficient than typical hydraulic systems, fulfilling these stringent emissions standards necessitates constant innovation and R&D investment.
Another issue is the increasing sophistication of today’s automobiles, which include advanced driver-assistance systems (ADAS) and self-driving capabilities. Manufacturers are concerned with integrating EPS successfully with these technologies while also ensuring its dependability and safety.
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The COVID-19 outbreak has had a substantial impact on the Electric Power Steering (EPS) sector in Europe. Due to lockdowns, supply chain delays, and lower customer demand in the early stages of the pandemic, the automotive industry suffered a significant decrease in production and sales. This crisis had a direct impact on the EPS market, as automobile makers reduced output and delayed or canceled vehicle launches.
Furthermore, the pandemic disrupted the EPS component supply chain, forcing many suppliers to struggle to get materials and parts, resulting in manufacturing delays and increased costs.
Geographically, a geographical analysis of the Europe Electric Power Steering (EPS) market indicates differences in acceptance and growth throughout the continent. Western European countries, such as Germany, France, and the United Kingdom, have long led the way in automotive innovation and manufacturing. As a result of their well-established automotive industry, severe emissions rules, and consumer desire for more efficient and technologically advanced automobiles, these countries have experienced widespread use of EPS technology. Additionally, some of the market key players are JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, Others.
Europe Electric Power Steering Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
For More Information, refer to below link:-
Europe Electric Power Steering Market Outlook
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