Report segments Electric Power Steering Market by Type (Passenger Vehicle, Commercial Vehicle), by Component (C-EPS, P- EPS, R- EPS), by Region. Global market for Electric Power Steering System is to grow at 6.41% CAGR by 2023.
Global Electric Power Steering Market Highlights:
The global market for electric power steering system (EPS) is expected to register a compound annual growth rate of 6.41% between 2017 and 2023 to reach a valuation in excess of USD 28,300 Mn. EPS facilitates higher fuel efficiency and easier handling of the vehicle as compared to conventional steering systems. The automotive industry continues to be disrupted by new technological affinities where embracing electric and clean technology is the new normal. Pressure has been mounting on carmakers across the globe to adopt technological solutions that meet energy-efficiency standards. Factors as such are partly driving the adoption of EPS system.
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Leading Players Studied In Report are:
JTEKT Corporation, NSK Ltd., Nexteer Automotive, Hyundai Mobis, Robert Bosch GmbH, ThyssenKrupp AG, ZF Friedrichshafen AG, Showa Corporation and Mando Corporation, Federal-Mogul.
Moreover, growth of the automotive sector in fast-developing countries in Asia and Latin America is also providing an impetus to the market. The outlook towards EPS system market remains positive throughout the course of the review period. Incessant advances in the automotive technology coupled with opportunities arising from emerging markets is creating favorable conditions for market participants.
This MRFR market perspective delivers a complete analysis of the opportunities of electric power steering (EPS) system and its prospects over the next five years, until 2023. All the key parameters that are currently governing the course of the market were gauged thoroughly.
The research objective also includes identification of primary growth enablers and threats for the market that are likely to emerge during the assessment period. It also includes risk assessment and evaluation of untapped growth pockets. As a part of the analysis, the report also profiles two major vehicle types (passenger vehicle and commercial vehicle) with EPS system. The report also offers a revenue analysis of EPS component such as C-EPS, P-EPS, and R-EPS. The market has been assessed across five key regions, which include North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC) and Europe.
Market Segmentation:
The global electric power steering system market has been segmented on the basis of type and component. based on type, the global electric power steering system market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is leading the global electric power steering system market followed by commercial vehicle segment that commands for 36.8% in the electric power steering system market during the assessment period.
Based on component, the global electric power steering system market has been segmented into column assist electric power steering (C-EPS), pinion assist electric power steering (P-EPS) and reach assist electric power steering (R-EPS). The pinion assists electric power steering segment commands for the major share in the global electric power steering system market owing to the high demand for these steering systems from the automobile manufacturers.
Regional Analysis:
Geographically, the global electric power steering system market has been segmented into five major regions such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
The Europe region is controlling the global electric power steering system market owing to the rapid development of automotive industry that is contributing to the demand for electric power steering systems in this region. The Asia Pacific region commands for the second largest share in the global electric power steering system market and is forecasted to expand at a CAGR of 5.14% during the assessment period.
The growth of the electric power steering market in the Asia Pacific region is majorly attributed by the increased incorporation of electric power steering system along with other features to improve the performance and safety of vehicles in the automotive industry and high demand for vehicles equipped with electric power steering in this region. Increased disposable income and easy adoption of technologically advanced solutions are aiding the growth of eth electric power steering system market in the North America region. Poor economic conditions of the underdeveloped countries are acting as restraining factors to the growth of the electric power steering system market in the Middle East and Africa region.
List Of Tables:
TABLE 1 MARKET SYNOPSIS 17
TABLE 1 LIST OF ASSUMPTIONS 20
TABLE 2 P-EPS, 2013-2018 (USD/UNIT) 35
TABLE 3 R-EPS, 2013-2018 (USD/UNIT) 35
TABLE 4 C-EPS, 2013-2018 (USD/UNIT) 36
TABLE 5 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2013-2017 (THOUSAND UNITS) 38
TABLE 6 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2018-2023 (THOUSAND UNITS) 39
TABLE 7 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2013-2017 (USD MILLION) 39
TABLE 8 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2018-2023 (USD MILLION) 39
TABLE 9 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2013-2017 (THOUSAND UNITS) 42
Continued…
List Of Figures:
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
FIGURE 8 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET SHARE, BY TYPE, 2017 (%)
FIGURE 9 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2018-2023 (USD MILLION)
FIGURE 10 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET SHARE, BY MATERIAL, 2017 (%)
FIGURE 11 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY MATERIAL, 2018-2023 (USD MILLION)
Continued…
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