Electric Steering System Market Size, Share, Growth Analysis, By Type(Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric Power Steering (R-EPS)), By Flavor Variation(Passenger Cars, Commercial Vehicles), By Distribution Channel(Steering Column, Steering Motor, and Steering Gear), By Region - Industry Forecast 2024-2031

Drivers

Increasing Integration of Advanced Driver Assistance Systems (Adas) with Eps

• The integration of Advanced Driver Force Assistance Structures (ADAS) with EPS, enforces the safety function of road maintenance and parking assistance strengthen their own establishment. The company is witnessing a shift towards using cables through the steering wheel, moving away from touch devices between the steering wheel and wheels, largely due to the flexibility and customizability of the vehicle system.

Rapid Development of Sensor Applications

• A sensor on the steering wheel measures two main driver inputs: torque (steering effort), and steering wheel speed and position. Thus, three types of sensors have been used in such systems: torque sensor, steering wheel speed sensor, and position sensor. These sensors provide the signal as input to the ECU, which provides the appropriate output to the steering system for each action. Torque sensors are usually non-interacting sensors. These sensors measure the force exerted by the driver on the steering wheel, thereby enabling intuitive tracking of the electric steering. It works on the principle of non-contact magnetometry. It consists of a magnet unit, a flow tube unit, and a sensor unit. The torque sensor wire itself has two independent coils. One coil determines whether a right-hand adjustment is made, and the other determines whether a left-hand adjustment is made. The signal is then fed from the EPS module to the appropriate coil, which then helps drive the vehicle.

Restraints

High Initial Cost Associated with Implementing an EPS System

• One of the principal limitations of the market is the higher initial price associated with implementing an EPS system compared to a traditional water guidance system. This inherent cost poses challenges especially in a market with price-conscious buyers and economic uncertainty. Another limitation is the potentially extensive complexity of storage and restoration, as EPS systems contain electronic interfaces that may require specialized capabilities and processors.

Limited Aftermarket

• A wide range of aftermarket options is essential for customers seeking cost-effective and customized solutions. After sales expansion requires industry shareholders strive to diversify offerings, increase consumer choice, and encourage a competitive post-ecosystem. The vehicle owners seeking to repair or improve aftermarket is a challenge. Electric power steering systems offer performance advantages, but its maintenance and repair complexity pose a significant challenge to the market Proper service requires specialized knowledge and equipment, which can be costly for vehicle owners in terms of maintenance.