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Electric Power Steering Market is expected to generate a revenue of USD 38.10 Billion by 2026, Globally, at 7.22% CAGR: Verified Market Research®
According to the extensive research done by Verified Market Research experts, the Electric Power Steering Market size was valued at USD 22.05 Billion in 2018 and is projected to reach USD 38.10 Billion by 2026, growing at a CAGR of 7.22% from 2019 to 2026.
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While hydraulic power steering utilizes a pump that is built into an oil tank, electric power steering (EPS) uses an electric motor to turn the steering wheel. The constant strain placed on the car's engine by the hydraulic power steering pump has an impact on both fuel efficiency and vehicle performance. Power steering systems supply the torque needed to turn the steering wheel and move the car.
The pump, fluid, hoses, pulley, and drive belt are among the HPS components that are removed while using electric power steering. As a result, compared to hydraulic systems, electric steering systems are lighter and more compact. With the aid of a control unit, electric motor, and sensors like a torque sensor, electric power steering is operated. When the driver moves the steering wheel, the electric motor, which is powered by batteries, helps the steering motion.
High demand for well-equipped automobiles is being fueled by an expanding global population and rising per capita income. The global electric power steering market is thus expanding quickly. Additionally, there is growing pressure on automakers worldwide to use technological advancements that adhere to energy economy rules, which is predicted to drive up demand for global electric power steering throughout the forecast period. Additionally, the market is expanding due to the ongoing expansion of the automobile industry in quickly rising economies like Asia and Latin America .
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