Market Trends of US Automotive EPS Industry
This section covers the major market trends shaping the US Automotive EPS Market according to our research experts:
Passenger Cars Dominates the Market Share
The passenger car EPS market is witnessing significant growth in the United States market. Factors such as rising demand for advanced technologies and safety systems in vehicles have been propelling this growth.
EPS implementation in passenger cars is also growing with added benefits like no hoses or fluids required in the steering system, which would significantly reduce the maintenance costs. More than 50% of the passenger cars are running with EPS technology in the United States.
EPS's benefits, such as reducing the driver's additional effort to turn the steering wheel and offers smooth and easy to drive, have further driven the EPS adoption rate in vehicles in the country.
Technological Advancement in EPS Driving the Market
Electric power steering systems provide a lighter experience, mainly during low-speed manoeuvres, especially during parking or turning a 90-degree. With consumers more concerned about safety systems, technologies will play a significant role in customers opting for vehicles equipped with electric power steering systems.
For instance, in 2020, Bosch had announced the launch of its new Electric Power Steering System (ESP) with a fail-operational function which enables drivers to make a safe stop in a rare case of a single failure, which could become a major requirement to develop a fully autonomous driving technology in the future.
Also, in 2019 Nexteer Automotive, announced the expansion of its advanced steering technology at the North American International Auto Show (NAIAS). Advanced technology features address several key components: steering on-demand, quiet wheel steering, stable steering column, steer-by-wire, high availability electric power steering, and cybersecurity.
With the introduction to newer technologies, OEMs would have to comply with more modern methodologies designed by the Federal Automated Vehicles Policy documents from the US Department of Transportation (DOT) and National Traffic Highway Safety Association (NHTSA) in the near future.
