Electric Power Steering System (EPS), Global Market Size Forecast, Top 13 Players Rank and Market Sh (Internet Services - Other Internet Services)
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Item ID 2573549 in Category: Internet Services - Other Internet Services
Electric Power Steering System (EPS), Global Market Size Forecast, Top 13 Players Rank and Market Sh | |
The Electric Power Steering System (EPS) is a technology used in automobiles to assist drivers in steering their vehicles. Unlike traditional hydraulic power steering systems, EPS relies on an electric motor to provide the necessary assistance. The system uses sensors to detect the driver's steering input and vehicle speed, and then adjusts the amount of steering assistance accordingly. EPS offers advantages such as improved fuel efficiency, as the electric motor only consumes power when assistance is needed, and enhanced control over steering feel. It is a common feature in modern vehicles due to its efficiency and flexibility. According to the new market research report “Global Electric Power Steering System (EPS) Market Report 2023-2029”, published by QYResearch, the global Electric Power Steering System (EPS) market size is projected to reach USD 20.38 billion by 2029, at a CAGR of 2.7% during the forecast period. Market Drivers: 1. Fuel Efficiency and Environmental Concerns: The demand for fuel-efficient vehicles and the growing emphasis on environmental sustainability drive the adoption of EPS. 2. Enhanced Driving Comfort: EPS provides smoother and more responsive steering, enhancing driving comfort. 3. Integration with Advanced Driver Assistance Systems (ADAS): The integration of EPS with ADAS technologies, such as lane-keeping assist and automated parking systems, drives market growth due to the demand for advanced safety features. Restraints: 1. High Initial Costs: The initial implementation cost of EPS technology can be higher compared to traditional hydraulic power steering systems. 2. Concerns about Reliability and Maintenance: Some consumers may have concerns about the long-term reliability of electronic components in EPS systems and the potential maintenance costs associated with them. 3. Complex Repair Procedures: Repair and maintenance of EPS systems may require specialized knowledge and equipment. Opportunity: 1. Rising Demand in Emerging Markets. 2. Advancements in EPS Technology. 3. Electric and Autonomous Vehicles: The rise of electric and autonomous vehicles creates opportunities for EPS, as it aligns well with the electrification trend and supports the integration of autonomous driving features. QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.  | |
| Target State: All States Target City : All Cities Last Update : Mar 20, 2024 10:37 PM Number of Views: 20 | Item Owner : Joyce Contact Email: Contact Phone: 13051817187 |
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2024-05-07 (0.386 sec)