Global Automotive Electric Power Steering Market 2019 Size, Status and Forecast
Posted by Rishikesh Kurane on October 4th, 2019
Global Automotive Electric Power Steering Market Estimated to grow at 6% CAGR between 2017 and 2023 due to demand for technically superior automobiles
Automotive electric power steering is more efficient than the traditional engine driven pumps. Market Research Future (MRFR) has published a research report about the global automotive electric power steering market that estimates increase at 6% CAGR (Compound Annual Growth Rate) for this market with a high rate between 2017 and 2023.
A pivotal factor driving the growth of the global automotive electric power steering market is the growing demand for the technically superior automobiles with high-end features, better safety options, and economic cost. The second most important factor is attempts by automobile makers to try manufacturing eco-friendly cars with a lesser carbon footprint via automotive electric power steering system. The third factor supporting market growth is the demand for comfortable and user-friendly cars.
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The key players in the global automotive electric power steering market include Delphi Automotive (UK), Federal-Mogul (USA), Hitachi Automotive Systems Ltd. (USA), Hyundai Mobis (South Korea), JTEKT Corporation (Japan), KSR International Company (Canada), Mando Corporation (South Korea), Mitsubishi Electric Corporation (Japan), Nexteer Automotive (USA), NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Showa Corporation (Japan), Sona Koyo Steering Systems Ltd. (India), ThyssenKrupp AG (Germany), and TRW Automotive (USA).
The global automotive electric power steering market segmentation segments the market into the component, fuel, mechanism, type, and vehicle type. The component-based segmentation segments this market into bearing, mechanical rack & pinion, steering column, steering gear, and steering wheel. Based on fuel, the market has been segmented into battery electric vehicle (BEV), diesel, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and petrol. Vehicles powered by petrol and diesel mostly use electric power steering technology. The electric car offers better integration solution for such steering.
Regarding mechanism, the market has been segmented into collapsible and rigid. The collapsible variety has received more preference, due to the reduced chances of serious injuries to passengers. By type, the market has been segmented into passenger vehicle, heavy commercial vehicle (HCV), and light commercial vehicle (LCV).
The regional segmentation of the global automotive electric power steering market has segmented the global market into regional markets namely Asia Pacific, North America, Europe, the rest of the world (RoW). North America market is growing primarily due to the revamped automotive sector and heavy investments ensuring the intake of luxury cars. Other factors contributing to the market growth are the adoption of self-driving cars, the high purchasing power of consumers, increased research & development (R&D) activities for innovation, the presence of key market players in this region, technological advancement, and growing investment in luxury cars and electric cars. Significant country-specific markets in this region are USA and Canada.
During the forecast period, the Asia Pacific market is expected to rise as the next global automotive hub due to the rising income and purchasing power of the middle class. The electric power steering system can be adopted in all segments of automobiles. Therefore, it can reduce the production cost via mass production. India is the most important market in this region, followed by the remaining countries in the Asia Pacific region. China and Japan are two important economies in this region.
In Europe, the market is strong due to the availability of the maximum variety of technologically superior cars and the presence of many key market players. In this region, the important country-specific markets are Germany and Spain. France and UK are two important economies in this region.
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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