OEMs in Automotive Electric Power Steering Market Leverage Motor Control Technologies to Meet Safety in Next-gen Automotive TMR
- Stakeholders Collaborate in Attempt to Offer EPS-MCU Integration at Low Cost, Commercialization of Electric Vehicles Acts As Robust Accelerant for Demand in Automotive Electric Power Steering Market
- Focus of OEMs to Reduce Development Lead Time Opens Vast Avenue for Automakers, Global Revenue to Climb to US$ 30.2 Bn by 2031
ALBANY, N.Y., March 1, 2021 /PRNewswire/ -- Electric power steering (EPS) for automotive is technological advancement over traditional EPS both in relation to the energy efficiency and operation of vehicles. EPS is gaining traction as smart steering assistance technology among OEMs, helping them incorporate advanced driver-assistance systems (ADAS). The automotive electric power steering market has evolved steadily over the years, with key force generating demand for more safety in vehicles. An assortment of EPS control units and semiconductor technologies have enriched the landscape of the automotive EPS. Automotive component manufacturers around the world are leaning on developing cost-effective motor control system for automakers. Recently emerging control programs in next-gen automotive are increasingly tilted toward EPS-MCU integration.
The value-chain of the automotive electric power steering market is expanding constantly, and by 2031-end, the global valuation is projected to touch the mark of US$ 30.2 Bn.
Key Findings of Automotive Electric Power Steering Market Study
Penetration of Electric Vehicles Expands the Canvas
Growing trend of adoption of electric vehicles in both passenger and private end-users is a key trend shaping the evolution of the automotive EPS. OEMs and automakers are witnessing vast scope from the increasing pace of commercialization of electric and hybrid vehicles in developed as well as some developing economies. Developed nations are witnessing increasing adoption of ADAS in passenger and light commercial vehicles, thereby expanding the scope for developers of automotive EPS components. EPS is also becoming more common in other types of automobiles, including non-electric vehicles such as small and mid-range sports cars. In coming years, the integration of EPS with next-gen control units will gain momentum, ensuring more safety and fail-safe systems in automotive.