The power assisted steering market from HCV segment will witness a CAGR of around 5% over the forecast time period. This growth projection can be chalked up to wide scale adoption of electric power steering and the significant growth of the construction and logistics industries across APAC and Latin America. Cost-effectiveness of the electric power steering is another major factors that will foster the market growth over the coming time period.

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The rising adoption of Electric Power Steering (EPS) systems in automotive vehicles to improve safety, fuel efficiency, and ADAS (Advanced driver-assistance systems), is anticipated to expand power-assisted steering market size in the near future. The Society of Automotive Engineers (SAE) stated that the EPS system is required for the effective implementation of advanced steering functions such as automatic lane departure alert, park assist, lane holding, smooth road shake control, adaptive cruise control, and automated stability controls.

On the regional front, the Europe power assisted steering market held more than 20% of the overall market share in 2020. Going forward, the segment will showcase lucrative growth owing to the large production as well as sales of automotive vehicles across the region. Furthermore, Several light truck manufacturers have been adopting rack type EPS as it could function at much higher front-axle loads and also has optimized space. This is further likely to increase the product demand in the times to come.

Meanwhile, Latin America is expected to hold a considerable share in the overall power assisted steering market. The growth can be attributed to the surging automotive vehicle production in the region, which is in line with growing fleets in emerging countries such as Argentina, Mexico, and Brazil.

Over the past couple of years, key market participants have been focusing on a number of strategic measures to enhance their market presence. Citing an instance, in May 2020, ZF Friedrichshafen AG, a leading German manufacturer and supplier of passenger car parts, reportedly completed its acquisition of WABCO, a leading commercial vehicle technology supplier, after obtaining all the approvals it needed from regulatory authorities.

This acquisition ties the two market leaders behind a shared idea of forming a consumer-centric powerhouse to develop commercial vehicle technology. With WEBCO’s addition, ZF’s focus would be on expanding its portfolio of commercial vehicle services and on functioning consumer business.

Robert Bosch GmbH, NSK Steering Systems Co., Ltd., SHOWA Corporation, ZF Friedrichshafen AG, Nexteer Automotive, Mando Corp, and JTEKT Corporation among many others are some of the key market players operating in the power assisted steering market.

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Some Point from Table of Contents:

Chapter 4   Power Assisted Steering Market, By Propulsion Type

4.1    Global power assisted steering market insights, by propulsion type

4.2    EV

4.2.1    Global market estimates and forecasts, 2017 - 2027

4.2.2    Market estimates and forecast, by region, 2017 - 2027

4.3    ICE

4.3.1    Global market estimates and forecasts, 2017 - 2027

4.3.2    Market estimates and forecast, by region, 2017 - 2027

Chapter 5   Power Assisted Steering Market, By Vehicle

5.1    Global power assisted steering market insights, by vehicle

5.2    Passenger Cars

5.2.1    Global market estimates and forecasts, 2017 - 2027

5.2.2    Market estimates and forecast, by region, 2017 - 2027

5.3    LCV

5.3.1    Global market estimates and forecasts, 2017 - 2027

5.3.2    Market estimates and forecast, by region, 2017 – 2027

5.4    HCV

5.4.1    Global market estimates and forecasts, 2017 - 2027

5.4.2    Market estimates and forecast, by region, 2017 - 2027

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