Electric Power Steering Market to Grow at 5.55% CAGR in Value Terms by 2026
Better fuel efficiency and increased electric vehicle sales to
drive global electric power steering market through 2026.
According
to TechSci Research report “Global
Electric Power Steering Market by Type (C-EPS, P-EPS and R-EPS), By
Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy
Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Company and
By Region, Forecast & Opportunities, 2026”. Global electric
power steering market was valued USD 37.71 Billion
in 2020 and is estimated to reach around a total market value of 51.57 billion
USD by 2026, registering a CAGR of 5.55% through the
forecast periods. Automakers all throughout the history of automobile
manufacturing have been perpetually putting efforts to reduce the overall
weight of the vehicle without compromising the performance of the vehicle, since
the reduced weight of the vehicle induces advantages like better fuel
efficiency, etc. According to the US Department of Energy, for a person driving
a vehicle running on flex fuel vehicle (FFV) for 54.717 Km per day for 5 days
per week and does this for 49 weeks per year where twenty-five percent of this
driving is done under highway conditions and the rest is city driving, the lifetime
running cost of fuel totals around USD28,500. The lifetime running fuel cost of
most of the vehicles is more than the vehicle itself, burning a hole in the
pocket of customers. Traditionally, Hydraulic Power Steering is used as a power
steering unit in automobiles, but the hydraulic power steering unit is heavy as
well as fuel inefficient. A better alternative of hydraulic power steering unit
is the electric power steering unit which provides steering assistance using an
electric motor. The assistance is provided in accordance with the torque sensor
that signals a control computer when to aid the power steering. The improved
technology is extremely light in nature, reducing the overall weight of the
vehicle and improving the fuel efficiency of the automobile up to 30% as
compared to the traditional hydraulic power steering unit. Due to the factor
that the electric power steering has fewer moving parts compared to the
hydraulic power steering, the steering unit has less wear and tear issues, as a
result less maintenance is required which lowers down the service cost of the
steering unit. The installation of electric power steering unit saves money on
major ownership costs such as fuel and maintenance. Owing to these factors, automobile
manufacturers around the world are expected to increase the number of
installations of electric power steering in their manufactured automobiles at a
rapid rate in the forthcoming years. The growing global economy and the
increasing global vehicle production is also among the driving factors of electric
power steering sales in the world. The Global Electric Power Steering market is
majorly dominated by the Asia-Pacific region. This region is comparatively dominating
based on the net orders and fleet of the passenger vehicles and commercial
vehicles across the globe.
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Global electric power steering market is segmented based on by type, by vehicle type, by mechanism, by company
and by region. The global electric power steering market based on type of
steering is majorly dominated by P-EPS and R-EPS, both sharing almost an
equivalent share in 2020. The Column type Electric Power Steering units
are majorly installed in medium to heavy duty commercial vehicles. Growing road
infrastructure, connecting remote regions is inducing the sales of commercial
vehicles and is resulting in increasing the number of Column type Electric
Power Steering sales across the globe.
In terms of vehicle type, global electric power steering market is
distinguished based on passenger cars, light commercial vehicles, medium and
heavy commercial vehicles, and Off-the-road vehicles. Continuously increasing
sales of passenger vehicles and increasing rate of replacements of existing
fleet is driving the installation of electric power steering units in passenger
cars, as a result passenger car holds maximum market share as compared to other
vehicle types.
Based on mechanism, electric power steering is distinguished between Collapsible
electric power steering and rigid electric power steering. Collapsible electric
power steering holds a dominant market share due to the safety benefits of
collapsible electric power steering.
Addition to that, by region, the market is segmented among Asia Pacific,
North America, Europe, South America and Middle East and Africa. Majority of electric
power steering demands come from Asia Pacific region, hence organizing them as
leaders of the mainstream market in 2020. Electric power steering sales are
briskly growing in North America, and the same is expected in the forecasting
period.
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Due to the halt in manufacturing of passenger vehicles and commercial
vehicles around the world, the sales of electric power steering have been
predominantly affected due to COVID-19 pandemic. Nevertheless, the market is
showing positive signs of recovery because of which the global electric power
steering market is expected to recover from the COVID-19 impact in around three
years.
Some of the major players
operating in the global electric power steering market are JTEKT Corporation,
NSK Ltd, Nexteer Automotive, Robert Bosch GMBH, ZF
Friedrichshafen AG, Mando Corporation. Apart from these companies, other companies
like Hitachi
Astemo, Ltd., Hyundai Mobis, Showa Corporation, Delphi Technologies, Mitsubishi
Electric, thyssenkrupp AG, Melrose Industries PLC, Denso Corporation etc. are also increasing their marketing activities and enriching their
product portfolios to increase their customer outreach.
“In 2020, Asia Pacific accounted for the largest share, i.e., 61.73% in the
global electric power steering
market. The
region is expected to maintain its dominance over the next five years as well. Asia
Pacific is one of the leading electric power steering manufacturing regions in
the world. Increase demand for passenger vehicles and growing global economy is
boosting demand for electric power steering in the world.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Electric Power Steering Market By
Type (C-EPS, P-EPS and R-EPS), By Vehicle Type (Passenger Cars, Light
Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road
Vehicles), By Mechanism (Collapsible, Rigid), By Company and By Region (Asia
Pacific, North America, Europe, South America, Middle East and Africa) Forecast
& Opportunities, 2026”, has evaluated
the future growth potential of the global electric power steering market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global electric power steering market.
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