United States Electric Power Steering Market to Grow with a CAGR of 6.19% in India through to 2028

The major drivers for the United States Electric Power Steering Market are Fuel Efficiency and Environmental Concerns, Safety and Advanced Driver Assistance Systems (ADAS), and Integration with Electric and Autonomous Vehicles.

According to TechSci Research report, “United States Electric Power Steering Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the United States Electric Power Steering Market stood at USD 320 million in 2022 and is anticipated to grow with a CAGR of 6.19% in the forecast period, 2023-2028. The United States Electric Power Steering (EPS) market has witnessed remarkable growth and transformation in recent years, reflecting the ever-evolving landscape of the automotive industry. EPS technology has become a pivotal component in modern vehicles, gradually replacing conventional hydraulic power steering systems due to its numerous advantages.

These advantages encompass fuel efficiency improvements, enhanced safety features, adaptability to electric and autonomous vehicle technologies, and the seamless integration with Advanced Driver Assistance Systems (ADAS). One of the noteworthy trends shaping this market is the integration of EPS with ADAS, which includes features like lane-keeping assist, adaptive cruise control, and collision avoidance systems. This integration not only enhances vehicle safety but also paves the way for semi-autonomous and autonomous driving capabilities. Moreover, the electrification of the automotive industry has further fueled the demand for EPS systems. As the shift towards electric and hybrid vehicles gains momentum, EPS technology is at the forefront, offering energy-efficient and lightweight solutions that contribute to vehicle efficiency and performance. Consumers, seeking enhanced vehicle dynamics, are driving the demand for responsive and precise steering systems. EPS technology is responding with variable steering assistance, multiple driving modes, and improved handling to cater to these preferences. Furthermore, as environmental concerns continue to grow, the trend toward eco-friendly and sustainable driving practices is fostering the adoption of EPS systems. With an increasing focus on energy efficiency, sustainability, and regulatory compliance, EPS technology is aligning seamlessly with the evolving demands of the United States automotive market.

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The United States Electric Power Steering (EPS) Market is a dynamic and rapidly evolving sector within the automotive industry, redefining the way vehicles steer and enhancing driving experiences. EPS technology replaces traditional hydraulic power steering systems with electric systems that offer improved efficiency, flexibility, and safety. This transformative technology has gained prominence in recent years due to its contribution to fuel economy, reduced emissions, and enhanced driver assistance features. One of the primary driving forces behind the growth of the EPS market is the pursuit of improved fuel efficiency. As the United States, like the rest of the world, grapples with the challenge of reducing greenhouse gas emissions and conserving energy resources, automotive manufacturers are actively seeking ways to make vehicles more eco-friendly. EPS systems are lighter and more energy-efficient compared to their hydraulic counterparts. They assist in minimizing the power loss and improving fuel efficiency, making them a critical component of the industry's eco-friendly approach.

The automotive industry in the United States is also experiencing a significant shift towards electric and hybrid vehicles. These eco-conscious vehicles rely heavily on EPS systems for their energy-saving attributes. Electric and hybrid vehicles often feature regenerative braking systems, which recover energy during braking and store it for later use. EPS systems seamlessly integrate with these regenerative systems, contributing to the vehicles' overall energy efficiency. As the demand for electric and hybrid vehicles grows, so does the demand for advanced EPS technology. Furthermore, safety and driver assistance features are increasingly important in the United States automotive market, with a growing focus on accident prevention and driver comfort. EPS systems are instrumental in enabling advanced driver assistance systems such as lane-keeping assist, adaptive cruise control, and semi-autonomous driving features. By precisely controlling the steering input, EPS systems enhance vehicle stability and safety. They can also adjust steering responsiveness based on driving conditions, further improving driver comfort and control. The United States government has played a pivotal role in shaping the EPS market by instituting regulations aimed at reducing fuel consumption and emissions. Federal standards, including Corporate Average Fuel Economy (CAFE) standards, require automakers to meet stringent fuel efficiency targets. EPS systems are instrumental in achieving these targets, making them an indispensable part of automakers' strategies for compliance. As the government continues to set strict fuel efficiency and emission standards, the importance of EPS systems in meeting these requirements is expected to grow.

Moreover, consumer preferences and expectations have a significant impact on the EPS market. American drivers are increasingly valuing smooth and effortless steering experiences, and EPS systems excel in this regard. They offer variable steering assistance, adjusting to the driving situation to provide a more comfortable and responsive steering feel. Additionally, the elimination of hydraulic fluid in EPS systems results in a quieter and cleaner driving experience, addressing another concern of modern consumers. The United States automotive market is highly competitive, with various automakers striving to innovate and differentiate their offerings. This competition is spurring advancements in EPS technology, with manufacturers working on enhancing the precision, responsiveness, and adaptability of their EPS systems. This continuous innovation is enriching the driving experience and helping automakers stand out in a crowded market.

Furthermore, the quest for sustainable and environmentally friendly transportation solutions has influenced the development of EPS technology in the United States. EPS systems contribute to reducing vehicle emissions by improving fuel efficiency and energy conservation. As more consumers prioritize eco-friendly transportation and policymakers push for cleaner technologies, EPS systems become pivotal in the broader effort to achieve sustainability and environmental responsibility in the automotive sector. In recent years, EPS systems have witnessed significant improvements in terms of materials and design. Advanced materials, such as lightweight but robust steering columns, have been developed to enhance the overall efficiency of EPS systems while reducing the weight of the steering components. The integration of electronic sensors and controllers has also become more sophisticated, enabling precise and adaptive steering assistance. These developments, along with enhanced software algorithms, contribute to safer and more efficient steering.

The United States Electric Power Steering (EPS) Market is a dynamic and integral part of the automotive industry, driven by the pursuit of improved fuel efficiency, the growth of electric and hybrid vehicles, safety and driver assistance features, government regulations, consumer expectations, and sustainability efforts. EPS technology is a prime example of how innovation in the automotive sector is enabling cleaner, more efficient, and safer transportation solutions. As automakers continue to invest in the development of advanced EPS systems, the United States remains at the forefront of automotive innovation, offering drivers a more environmentally responsible and enhanced driving experience.

Major companies operating in India United States Electric Power Steering Market are:

• Nexteer
• Robert Bosch
• Hyundai Mobis
• Delphi
• Mitsubishi Electric
• Showa Corporation
• ZF Friedrichshafen AG
•  JTEKT Corporation
•  Federal Mogul
  
  

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 “The United States Electric Power Steering (EPS) Market is a thriving and transformative segment within the automotive industry. EPS technology, replacing traditional hydraulic power steering systems with electric alternatives, is driving the pursuit of improved fuel efficiency, reduced emissions, and enhanced driver assistance features. As the nation seeks eco-friendly and fuel-efficient solutions, EPS systems play a pivotal role in achieving these goals, particularly in electric and hybrid vehicles where they enhance energy efficiency. Safety and driver assistance features are also bolstered by EPS, contributing to vehicle stability and driving comfort. The EPS market is shaped by government regulations, consumer preferences, and competition among automakers, all striving for innovation in materials and design. The United States is poised to remain a leader in EPS technology, providing efficient, eco-friendly, and advanced steering solutions for its automotive market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.