The growing integration of electric power steering (EPS) systems in commercial vehicles such as buses and trucks is pushing up their demand all over the world. Commercial vehicles usually operate at night and have to travel through remote locations, often facing harsh weather and conditions. Thus, commercial vehicle drivers and fleet owners are increasingly incorporating electric power steering systems in their vehicles in order to reduce the chances of road accidents.
Additionally, the implementation of regulations regarding the adoption of advanced driver assistance systems (ADAS) with several vehicle systems by the governments of various countries is also propelling the demand for electric power steering systems. For example, as per the Regulation No. 79 of the Economic Commission for Europe, of the United Nations (UN/ECE), the uniform provisions pertaining to the approval of automobiles mandate the installation of advanced steering equipment in vehicles.
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Moreover, as these systems are increasingly being installed in commercial vehicles, the mushrooming sales of these vehicles are also fueling the demand for these systems. According to reports, commercial vehicle sales increased from 19.2 million in 2010 to 26.4 million in 2018, at a CAGR of 4.1%. Besides, the growing requirement for higher fuel efficiency, surging adoption of luxury cars equipped with ADAS, and the rising public awareness about technologically advanced automotive systems are also driving the demand for EPS.
This is, in turn, fueling the expansion of the global electric power steering (EPS) market. EPS systems are installed in both commercial vehicles and passenger cars. Between these two, the adoption of these systems was found to be higher in the passenger cars between 2014 and 2019. This was because of the large number of passenger cars in operation and the launch of new models equipped with advanced EPS systems.
Hence, it can be said with confidence that the demand for electric power steering systems will surge sharply in the coming years, primarily because of their growing requirement in the commercial vehicles, on account of the rising prevalence of road accidents and the enactment of stringent government regulations regarding their integration in these vehicles across the world.