Market Trends of Europe Electric Power Steering Industry
Technological Advancements in Steering Systems Would Drive the Market
- Increasing technological advancements in steering systems have paved the way for many components like sensors to replace traditional steering parts such as hoses, belts, and pumps. Sensors give out accurate readings both in terms of position and performance indicators. Usually, steerings are equipped with sensors like torque sensors, angle and acceleration sensors, wheel speed sensors, etc.
- Steering sensors find their extensive application in electric hybrid and pure electric vehicles. The demand for fuel-efficient vehicles in light of the regulatory standards of the European Commission (EC) and Environmental Protection Agency (EPA) would drive the growth of electric vehicles and, in turn, the steering sensors sales.
- Rising concerns about passenger safety have obliged automobile manufacturers to equip their vehicles with driver assistance systems, including steering assistance systems. The integration of numerous steering sensors in electric power steering (EPS) helps provide additional safety benefits to the driver.
- In order to have an edge over competitors, the companies have been actively working to bring in advanced features with respect to steering systems. For instance, in September 2022, ZF Friedrichshafen AG (ZF) announced that its Commercial Vehicle Solutions (CVS) division has presented the most recent eMobility technologies in advance of the IAA Transportation 2022. ZF has introduced the CeTrax 2 electric central drive for heavy-duty vehicles, as well as the eWorX electrified commercial vehicle Power Take-Off system. It has also unveiled its cutting-edge new Electric Power Steering (EPS) system for trucks, coaches, and city buses. CeTrax 2 is a heavy-duty commercial vehicle integrated, modular e-drive system.
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Germany is Projected to Hold a Major Share in the Market
- Increasing production and sales of vehicles in Europe is the primary factor that is expected to drive the market in the forecast period. Both passenger cars and commercial vehicle sales have been seeing a steady demand over the past few years, which in turn is also expected to support the electric power steering market in Europe.
- The demand for light commercial vehicle rentals has also been growing in Europe due to the growth in e-commerce, logistics, and industries in the region. The United Kingdom has been one of the primary driving factors for the market growth of light commercial vehicles across the European region. With the establishment of e-commerce giants and major regional operations for the European region, light commercial vehicles (LCVs) as of May 2023, sales of all vans to 3.5 tons increased 15.3% to 25,359 units, sales of trucks between 3.5 and 6.0 tons decreased 24.5% to 386 units while sales of taxis decreased 14.6% to 111 units.
- Further, according to the Federal Motor Transport Authority, a quarter more electric cars were registered in Germany in the first half of 2022 than the previous year over the same period. During that time, the proportion of fully electric vehicles climbed to 13.5% of all new registrations. Overall, alternative-drive car registrations climbed by 14.2%, accounting for over half of all new car registrations (battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles). German brands accounted for 50.6% of new passenger car registrations with electric powertrains during the reporting period.
- By 2030, Germany hopes to have 15 million electric vehicles on the road. Furthermore, the German Federal Government is aggressively supporting the usage of plug-in electric vehicles. Furthermore, since the rise in BEV subsidies in June 2020, the market share of BEVs has steadily increased. Aside from the environmental benefits, the increasing availability of electric vehicles on the market is driving the growth of the electric power steering market in Europe.
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