United States Electric Power Steering (EPS) Market: Horizon 2028 – Opportunities and Challenges Insights – TechSci Research

Introduction

The United States Electric Power Steering (EPS) market is poised for significant growth in the coming years. This growth can be attributed to a combination of factors, including the increasing preference for vehicle electrification and the stringent automotive safety and security norms imposed by the government. This report delves into the market dynamics, mechanism preferences, and driving forces behind the electric power steering market in the United States. Additionally, it explores the global landscape and the environmental initiatives that are fueling the growth of the EPS industry.

United States Electric Power Steering Market Dynamics

Vehicle Electrification and Safety Norms

The United States Electric Power Steering market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) over the next five years. This growth is primarily driven by the rising preference for vehicle electrification and the government’s stringent automotive safety and security regulations. These norms have necessitated the adoption of advanced technologies, leading to higher implementation of electric power steering systems.

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Dominance of Collapsible EPS Mechanism

In 2021, the Collapsible EPS mechanism dominated the United States Electric Power Steering market. This dominance can be attributed to their installation in passenger cars and light commercial vehicles. With the production of these vehicles on the rise, the market for Collapsible EPS is expected to witness further growth during the forecast period, thereby propelling the electric power steering market in the United States.

Regulatory Push Towards Efficient Technologies

Regulatory bodies both in the United States and globally have imposed stringent policies related to emissions and fuel economy for vehicles. Organizations like the National Highway Traffic and Safety Administration (NHTSA) in the U.S. and the International Council on Clean Transportation (ICCT) in Europe have implemented fleet-level regulations that impose limits on emissions, compelling automotive OEMs to adopt advanced technologies, thereby driving the electric power steering industry’s growth.

Environmental Initiatives

According to the U.S. Department of Energy (DOE), EPS systems can improve fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and lower CO2 emissions by 8g/km. These environmental initiatives, coupled with ongoing product technology developments, are contributing to the global expansion of the electric power steering industry.

Growth in North America

Steady Automotive Market Growth

North America is witnessing considerable growth in the electric power steering market. The region’s automotive market has been growing steadily over the last few years, driven by the region’s economic development. This has had a significant impact on the production and sale of passenger and power-driven vehicles, promoting fuel efficiency and reducing greenhouse gas emissions through the adoption of electric power steering.

Government Regulations and Safety Norms

The U.S. government has enforced Federal Motor Vehicle Safety Standards (FMVSS) for vehicle regulations, specifying design, performance, construction, and durability constraints for motor vehicles and related safety components. This regulatory environment further aids the growth of the electric power steering industry.

Key Players

Leading Companies in the Market

Some of the prominent players in the United States Electric Power Steering market include Nexteer, Robert Bosch, Hyundai Mobis, Delphi, Mitsubishi Electric, Showa Corporation, ZF, JteKT, GKN, Federal Mogul, and more.

Objective of the Study

This comprehensive study aims to:

• Analyze and forecast the market size of Electric Power Steering in terms of value and volume.
• Classify and forecast United States Electric Power Steering based on type, vehicle type, component, mechanism, and regional distribution.
• Identify the drivers and challenges for United States Electric Power Steering.
• Examine competitive developments, including expansions, new product launches, mergers & acquisitions, and more, in the United States Electric Power Steering market.
• Conduct pricing analysis for Electric Power Steering.
• Identify and analyze the profiles of leading players involved in the manufacturing of United States Electric Power Steering.

Who Will Benefit from This Report

1. Electric Power Steering Manufacturers: Gain insights into market trends and competition to make informed business decisions.
2. Automobile Manufacturers: Understand the market landscape and technology trends for better integration into vehicle design and production.
3. Raw Material Suppliers: Identify opportunities for supplying materials and components to the electric power steering industry.
4. Electric Power Steering Design Companies: Stay informed about the latest design trends and technology advancements.
5. Distributors and Traders: Find potential market gaps and distribution opportunities.
6. Research Organizations and Consulting Companies: Utilize the data and insights for further research and consulting services.
7. Industry Associations and Market Research Firms: Benefit from a comprehensive analysis of the electric power steering market for policy-making and research purposes.

This detailed report provides a comprehensive overview of the United States Electric Power Steering market, highlighting its growth drivers, mechanisms, and the impact of regulatory and environmental initiatives. It also sheds light on the global context and factors influencing the North American market, making it a valuable resource for a wide range of stakeholders.

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