Automotive Electric Power Steering Market: To Experience Significant Growth During The Forecast Period 2024-2031

Automotive, Semicon Companies Collaborate to Allocate Inventory amid COVID-19

It is estimated that the coronavirus pandemic has slowed the automotive industry by nearly four years. The significant drop in the turnover between the years 2018-2019 and 2019-2020 is creating concerns for companies in the automotive electric power steering market. As such, business activities are gaining pace in certain regions of the world. For instance, Israel-based foundry Tower Semiconductor has announced to expand its manufacturing capacity for 200mm wafers that are in high demand for automotive and IoT (Internet of Things) devices.

Companies in the automotive electric power steering market are collaborating with semiconductor companies to make decisions on whether to allocate their inventory to meet automotive demands amid supply chain uncertainties.

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global automotive electric power steering market segmentation

PID Control Method Holds Potentials in Overcoming Operational Issues of EPS

Electric power steering (EPS) systems are being associated with energy savings, lightweight attributes, and smart driving. However, operational issues in these systems such as model uncertainties and external interference are being addressed by manufacturers. Hence, companies in the automotive electric power steering market are anticipated to team up with scholars and researchers who offer guidance on various control theories, which are improving the ergonomics of EPS.

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Over-the-air Connected Tech, Control Units Revolutionizing EPS Systems

The automotive electric power steering market is projected to reach the revenue of US$ 30.2 Bn by 2031. The growing demand for highly automated driving is creating incremental opportunities for automakers. Bosch Mobility Solutions— a provider of vehicle technology with software solutions and services is gaining recognition for its over-the-air connected technology in EPS, along with ADAS (Advanced Driver-Assistance Systems).


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