Global Electric Power Steering Market Trends, Size 2019 Study And Analysis Resea

Posted by Abhijeet Bendre on November 20th, 2019

Market research future published a research report on Global Electric Steering market. The Electric Power Steering Market Share is expected to grow over the CAGR of around 6.76% during the period 2017 to 2023.

Market Highlights

The global electric 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 steering parts hinder the growth of the electric steering market. The Steering Market is directly dependent on vehicle production. The region has the highest vehicle production in the world, majorly due to its increasing population and the increase in disposable income. In the year 2015, the auto sales in China hit a record of USD 24 million. Also, increase in the per capita income and the improved standard of living has contributed to the growth of the automotive industry in Asia-Pacific. Passenger cars equipped with electric steering are preferred by Chinese consumers. Moreover, the changing oil prices are increasing the popularity of mini and compact car models, for which electric steering is suitable. In fact, the increase in adoption of electric power steering in vehicles has also boosted the demand for steering wheel sensors and Asia-Pacific is expected to lead the steering wheel speed sensor market as well.

On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. Asia-Pacific has emerged to be the fastest growing market for electric 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 steering. China accounts for the largest market in the Global Electric 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. Japan is leading the market for electric steering after China and US. The domestic auto production in Japan has increased over the last few years. The region has the largest vehicle production due to changing lifestyle and increasing disposable income and hence expected to drive the market for electric steering. The Indian steering systems market is closely linked to the automotive market. The automotive industry in India contributes largely to the country’s gross domestic product (GDP). In addition to increased vehicle production the steering systems market is also gaining from the Indian consumer’s growing awareness on the benefits of power steering in terms of convenience. Europe is expected to account for the second-largest share in the global electric steering market. The large customer base and high disposable income of end-users have fuelled the demand for vehicles in the region. The growing European automotive market represents several opportunities for manufacturers of electric steering system and other automotive parts.

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