Electric Power Steering Market to rise at 6.76% CAGR and reach remarkable market value during 2019 and 2023 due to automobile manufacturing sector and the research &development activities by various automotive firms. Furthermore, safety regulations and increase in the demand of automotive sensors, have led to the emergence of Asia-Pacific as the fastest growing region responsible for market growth of Electric Power Steering Market, according to Global Electric Power Steering Market 2019 – Industry Report published by “Market Research Future”.
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Key Players Profiled in the latest report by Market Research Future include:
JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive Systems Inc.
Electric Power Steering Market Overview:
Electric Power Steering Market is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS)), and by Regions – Global Forecast To 2023.
The global Electric Power Steering market is a very dynamic market and is expected to witness a high growth over the forecast period. The growth of the electric power steering is influenced by the automobile manufacturing sector and the research &development activities by various automotive firms.
Furthermore, safety regulations and increase in the demand of automotive sensors, have led to the emergence of Asia-Pacific as the fastest growing region. Increase in the number of electric vehicles has propelled the demand of the market while after-sales services rendered for Electric Power Steering parts hinder the growth of the Electric Power Steering market.
The significantly higher cost of Electric Power Steering than the hydraulic steering systems, which are the most widely used alternative, is still a barrier for vehicle manufacturers. This is mainly attributed to the non-completion of the supply chain, and the lack of economies of scale. Also, to develop Electric Power Steering solutions, suppliers and OEMs (original equipment manufacturers) need to cooperate, to ensure that the steering systems meet the design and other requirements of the models. This creates a substantial burden on suppliers, owing to their weak research and development.
Sensor is an integral part of the global Electric Power Steering market. Sensors detect the motion and torque of the steering column and a computer module applies assistive power through an electric motor coupled directly with either the steering gear or steering column. As per MRFR analysis, the automotive sensor market is estimated to increase by 7.42% (approx.) between 2016 and 2022. The demand for automotive sensor has boosted the Electric Power Steering market.
Segmental Analysis:
The scope of the study segments the global Electric Power Steering market by its type and vehicle type, and region
By Type:
C-EPS
P-EPS
R-EPS
Others (Others consist of dual pinion and rack direct drive)
By Vehicle Type:
Passenger Cars
Commercial Vehicles
Detailed Regional Analysis:
Geographically, the global Electric Power Steering market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World.
North America is expected to have a saturated market growth due to mature automobile market at CAGR of 6.63% during the forecast period. Factors driving the market include technological advancement and fuel efficiency. The U.S. is leading the market for Electric Power Steering after China. There are a number of factors driving the market for such steering are rising industrialization, increased spending on modernization, up gradation of infrastructure and public transport. The market is expected to have a saturated growth during the forecast period. Canada is one of the largest vehicle producers in the world. The auto sector is Canada’s biggest contributor to manufacturing Gross Domestic Product (GDP). The Canadian automotive industry produces light and heavy duty vehicles. The high growth in the automobile industry is expected to drive the global Electric Power Steering market.
Europe is expected to account for the second-largest share in the global Electric Power Steering market. The large customer base and high disposable income of end-users have fueled the demand for vehicles in the region. The growing European automotive market represents several opportunities for manufacturers of Electric Power Steering system and other automotive parts. Germany is expected to account for the second largest share in the global Electric Power Steering market. The large customer base and high disposable income and steady economic growth have fuelled the demand of the market.UK is expected to grow at a high rate in the global Electric Power Steering market. The car production in U.K. has increase over the last few years, majorly due to economic stability and high skilled workforce. The factors driving the market include technological advancement, large customer base, high fuel efficiency and high disposable income. France is expected to grow at a high rate in the global Electric Power Steering market. The automotive industry in France is the biggest contributor to France’s foreign trade balance. Also, the federal government of France has implemented new polices for helping the automobile industry in the country. The factors driving the market include large consumer base, high growth in the automotive industry, steady economic growth and high disposable income.
Asia-Pacific has emerged to be the fastest growing market for Electric Power Steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market for Electric Power Steering. China accounts for the largest market in the Global Electric Power Steering market. The increasing population, improving per capita income and changing lifestyles are driving the market. The region has largest vehicle production. It is one of the major reasons for biggest market for such steering and gaining highest revenue growth.
TABLE OF CONTENTS:
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 RESEARCH OBJECTIVES
2.2.2 ASSUMPTIONS & LIMITATIONS
2.3 MARKETS STRUCTURE
3 MARKET RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 SECONDARY RESEARCH
3.3 PRIMARY RESEARCH
3.4 FORECAST MODEL
4 MARKET LANDSCAPE
4.1 FIVE FORCES ANALYSIS
4.1.1 THREAT OF NEW ENTRANTS
4.1.2 BARGAINING POWER OF BUYERS
4.1.3 BARGAINING POWER OF SUPPLIERS
4.1.4 THREAT OF SUBSTITUTES
4.1.5 SEGMENT RIVALRY
4.2 VALUE CHAIN/SUPPLY CHAIN OF GLOBAL ELECTRIC POWER STEERING MARKET
5 INUSTRY OVERVIEW OF GLOBAL ELECTRIC POWER STEERING MARKET
5.1 INTRODUCTION
5.2 GROWTH DRIVERS
5.3 IMPACT ANALYSIS
5.4 MARKET CHALLENGES
Continued…
LIST OF TABLES:
TABLE 1 GLOBAL ELECTRIC POWER STEERING MARKET: BY REGION, 2017-2023
TABLE 2 NORTH AMERICA ELECTRIC POWER STEERING MARKET: BY COUNTRY, 2017-2023
TABLE 3 EUROPE ELECTRIC POWER STEERING MARKET: BY COUNTRY, 2017-2023
TABLE 4 ASIA PACIFIC ELECTRIC POWER STEERING MARKET: BY COUNTRY, 2017-2023
TABLE 5 MIDDLE EAST & AFRICA ELECTRIC POWER STEERING MARKET: BY COUNTRY, 2017-2023
TABLE 6 LATIN AMERICA ELECTRIC POWER STEERING MARKET: BY COUNTRY, 2017-2023
Continued…
LIST OF FIGURES:
FIGURE 1 GLOBAL ELECTRIC POWER STEERING MARKET SEGMENTATION
FIGURE 2 FORECAST METHODOLOGY
FIGURE 3 FIVE FORCES ANALYSIS OF GLOBAL ELECTRIC POWER STEERING MARKET
FIGURE 4 VALUE CHAIN OF GLOBAL ELECTRIC POWER STEERING MARKET
FIGURE 5 SHARE OF GLOBAL ELECTRIC POWER STEERING MARKET IN 2017, BY COUNTRY (IN %)
FIGURE 6 GLOBAL ELECTRIC POWER STEERING MARKET, 2017-2023,
Continued…
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