Global Electric Power Steering System (EPS) Market to Register 4.96% CAGR between 2020-2023.
Major Manufactures in the Electric power system is Samsung SDI Co, BYD, ChaoWei, Panasonic, GS Battery Exide Technologies, MCA, Power- Sonic Europe and Southern Battery.
Electronic power steering systems eliminate the need for a pump, hoses and a drive belt connected to the engine using variable amounts of power. The configuration of an EPS system can allow the entire power assist system to be packaged on the rack and pinion steering gear or in the steering column.
The steering mechanism is a combination of various linkages which are intended to turn vehicle in minimum radius without over turning it. Unlike conventional steering, the modern electronic power steering comprises of various electronic components which assist to reduce power and provide precision turning. The electronic power steering can improve fuel efficiency and driving experience.
Samsung SDI Co, CEO Jun Young-Hyun suggested three tasks to make the ‘next 50 years’ in Sept 2020 50th anniversary: Securing technology with the super-gap strategy, establishing a great corporate culture and enhancing social responsibility. He stated that the super-gap strategy based on the best quality and safety will make a leading technology company, so the company should have technologies to prepare for the next ‘next-generation’. He also stressed that the company should lead the market by prioritizing the technology in the ‘next 50 year. BDV lunches recently in Sept 2020 The new Song PLUS features four firsts: the world's first mass-produced gradient interior, the first smart interaction digital panel for passengers, the first with one-piece ‘floating’ headrest seats, and the first to be powered by BYD's brand new 1.5TI engine. In addition to its next-gen innovations, the Song PLUS is also China's first wide-body SUV, with its advancements at every layer from interior to exterior writing a new chapter for the segment.
BYD Delivers 33 New Electric Buses to Barbados Transport Board the introduction of electric buses into the existing fleet of the Transport Board will assist in improving the efficiency and effectiveness of public transport in Barbados. The buses were specifically designed for the Barbados market and come equipped with wheelchair accessibility, WIFI and USB charger connectors, promising a quiet, comfortable, and emissions-free ride.
DENSO Corporation Sept 2020 announced it has developed a new Electric Power Steering Motor Control Unit (EPS-MCU), delivering improved handling and safety to vehicles. It is featured in TOYOTA NEW HARRIER, which was released in June 2020, and will be featured in cars of various automakers. The newly developed EPS-MUC, called “DDA2 (DENSO Dual Assist 2nd Generation),” maintains two drive circuits and motor windings while integrating multiple components and simplifying the structure, resulting in a 10% reduction in size as well as cost saving compared to DDA1. In addition, DENSO has reduced development lead time by reviewing and reforming how the control program is adapted to suit the needs of various vehicles, ensuring it meets customer requirements. Specifically, the company writes the software so that it automatically integrates into the vehicle after the unit is installed at the vehicle factory.
Automotive Electric Power Steering Market, By Components Steering wheel, Steering column Sensors, Steering gear, Mechanical rack and pinion, Electronic control unit, Electric motor and Bearing. By Application it has Passenger Cars (PC), Commercial Vehicles (CV). By Region it has been Asia Pacific, Europe, North America and Rest of the World. APAC region is anticipated to have a major growth rate for electric power steering system market during the forecast period. Major players such as JTEKT Corporation and Hyundai Mobis Co. Ltd have been highly dominating the market for electric power steering systems. The Rack -assist type of electric power steering systems are forecast to have high market growth with CAGR of xx% during forecast period from 2020 to 2025. The rise in demand of commercial vehicles adopting EPS is expected to fuel the market growth in the near future.