PUNE, India, February 1, 2018 /PRNewswire/ —
The report “Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the market is projected to grow at a CAGR of 6.27% from 2017 to 2025, to reach a market size of USD 42.01 Billion by 2025 from USD 25.83 Billion in 2017. The major factors driving the growth of the Electric Power Steering Market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.
Browse 128 market data Tables and 78 Figures spread through 187 Pages and in-depth TOC on “Electric Power Steering Market – Global Forecast to 2025“
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Column assist EPS (CEPS) holds the largest market share in 2017
The column assist EPS (CEPS), which incorporates the steering assist mechanism on the column, holds the largest share of the Electric Power Steering Market. The growth of this EPS type can be attributed to the higher production of passenger cars as compared to commercial vehicles. CEPS can support the steering function of the driver on low torques and low frontal axle loads, which is suitable for low-end and mid-range passenger cars. As these vehicle segments account for the largest share of the overall vehicle production, CEPS has the highest market share amongst all the EPS types.
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Collapsible steering column– Largest share of Electric Power Steering Market in 2017
The collapsible steering column is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.
Asia Pacific: Rapid vehicle electrification in China is propelling the growth of Asia Pacific market
The growth of