Europe Electric Power Steering Market Size, Revenue, Rising Trends, Growth Drivers, Key Players, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research
Modern steering systems like electric power steering (EPS) in automobiles employ an electric motor to assist with steering instead of the conventional hydraulic versions. The primary goal of EPS is to provide the driver with increased control over the vehicle by providing variable steering assistance in response to various driving conditions and speeds. EPS operates without a hydraulic pump, in contrast to hydraulic systems, which helps to improve fuel economy. Driving becomes more responsive and smoother as the electric motor in the EPS adjusts its assistance in response to steering input. A few vehicle categories for which EPS is frequently utilized are buses, trucks, SUVs, and passenger cars. Its adaptability and effectiveness make it a crucial part of modern car systems, making driving pleasant and fuel-efficient.
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%.
Automobile manufacturers are now required by law to install driver aid systems in their cars, including steering assistance systems that help drivers maintain even greater safety. Increased technical improvements in steering systems have made it possible to replace conventional steering equipment like as hoses, belts and pumps. Typically, steering systems incorporate sensors, including wheel speed, torque, angle, and acceleration sensors. Sensors provide with precise location and performance indicator data. The Environmental Protection Agency (EPA) and European Commission (EC) fuel efficiency regulations would boost the demand for fuel-efficient automobiles, which would in turn stimulate the growth of electric vehicles and, in turn, the sales of steering sensors.
The electric power steering (EPS) system steers the wheel using an electric motor rather than a pump. The engine is constantly under strain from pump use, which has an impact on the car’s performance and fuel economy. The absence of steering sensation and increased expense of EPS in comparison to traditional steering systems could discourage the market from expanding. Proper service demands increased maintenance costs for car owners and present a big obstacle for the EPS market. One potential obstacle is the dependence of electric power steering systems on the efficient operation of electrical systems within the vehicle. The steering performance can be impacted by any electrical breakdown, which raises concerns about the reliability of the system.
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The Europe region was negatively impacted by the ongoing COVID-19 pandemic. Companies in the area struggled financially as a result of having to drastically cut back on their operations or cease them entirely. The COVID-19 virus severely damaged the entire region, leading to the shutdown of numerous industrial sectors and major tech companies. The decision to invest in new software was impeded by this shutdown for companies. The area serves as a significant industrial and manufacturing hub for a number of industries, including manufacturing, logistics, and machinery and equipment. However, the region saw a reduction in activity as a result of supply chain problems, travel prohibitions, and business lockdowns.
Germany is expected to dominate a major share of the EPS market. European consumers’ inclination for compacted, fuel-efficient cars, stringent pollution regulations, and government initiatives to encourage the use of electric vehicles all contribute to the market growth of EPS. Additionally, some of the key market players are JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, ZF Friedrichshafen AG, and others.
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Europe Electric Power Steering Market Outlook
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