With increasingly stringent environmental concerns, governments and environment agencies across the world have been continually working toward reducing exhaust emissions. They have also been focusing on improving fuel economy, which, in turn, is expected to aid in reducing exhaust emissions. As a result, automobile manufacturers have been working toward reducing the overall weight of vehicles, as it can ensure prominent reduction in CO2 emissions. Weight reduction of 10 kg is estimated to save 1 g of CO2 emission per kilometer. In this regard, the focus on the adoption of subsystems, like EPS, has increased, as the incorporation of the EPS results in significant weight savings. In EPS, an electric steering system replaces the hydraulic piston and pump with an electric motor. The motor draws electricity from the battery, only when the vehicle is turning. There is no power loss in such systems, which decreases the fuel consumption of the vehicle. In addition, the aforementioned developments aid in weight reduction, in turn resulting in fuel efficiency of up to 3% and less carbon emissions. When compared to the hydraulic power steering systems, increased fuel efficiency is one of the most deserving advantages of the EPS systems. Furthermore, the automotive industr y’s paradigm shift toward electric mobility is projected to shift the focus of the manufacturers toward electric vehicle (EV) production, over the coming years.

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. MARKET SEGMENTATION (MARKET SIZE, GROWTH, AND FORECAST)

6. COMPETITIVE LANDSCAPE

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. DISCLAIMER