Electric Power Steering Market to Grow at a CAGR of 4.40% During Forecast Period
Global electric power steering market is driven by higher
vehicle production in the forecast period, 2023-2027.
According
to TechSci Research report, “Electric Power Steering Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”, The global electric power steering
market is expected to grow with a CAGR of 4.40% in the forecast period owing to
rapidly increasing vehicle production. Surging demand for the ownership of four
wheelers and increasing demand for high tech and advanced electric vehicles are
further driving the growth of the global electric power steering market in the
upcoming five years. Also, increasing demand for the hybrid vehicles and the
growing popularity of electric vehicles further support the market growth. Advantages
like eco-friendly engines, high power generation, and technical advancement in
hybrid cars enhance the popularity of hybrid cars, thus supporting the growth
of the global electric power steering market in the next five years. Higher
fuel efficiency, better technology incorporation, higher disposable income
among the population, and their tendency for higher expenses over automobiles
further substantiate the growth of the global electric power steering market in
the future five years. Unlike traditional power steering, the electric power
steering does not work on hydraulic power; thus, the maintenance cost for the
vehicle decreases substantially. This shift from hydraulic steering toward
electric power steering is anticipated to drive the growth of the global
electric power steering market in the forecast years through 2027. Other
factors driving the growth of the market include demand for higher energy
efficiency, better mileage of the vehicle, lighter weight vehicles, higher
performance demands.
Although slower adaptation of
electric vehicles in developing nations may hinder the growth of the market,
however, government schemes and regulations may overcome the restraint on the
market.
Browse over 149 market data
Figures spread through 189 Pages and an in-depth TOC on " Global
Electric Power Steering Market"
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The global electric power
steering market is segmented by type, vehicle type, mechanism, regional distribution,
and competition landscape. Based on vehicle type, the market is further
fragmented into passenger cars, light commercial vehicles, medium & high
commercial vehicles, OTR, and others. Passenger cars are anticipated to hold
the largest revenue shares of the market and dominate the market segment with
86.14% of shares. Growth of passenger cars is majorly due to the increasing
demand for vehicle ownership. Higher production of the cars, rising disposable
income, and surging demand for hybrid passenger cars are further driving the
growth of the global electric power steering market along with the sub-segment
in the next five years. Light commercial vehicles are also anticipated to hold
significant growth in the future five years to increase the production of
electric light commercial vehicles. Increasing demand for the light commercial
vehicles for short route transportation and passenger carrying vehicles that
are battery powered are aiding the growth of the light commercial vehicle
demands along with the growth of the global electric power steering market in
the forecast years through 2027.
Based on mechanism, the
market is further bifurcated into collapsible and rigid. The collapsible
electric power steering mechanism is anticipated to hold the largest revenue
shares of the market and dominate the market in the upcoming five years on the
grounds of its applications in passenger cars and light commercial vehicles.
Higher consumption of passenger cars and light commercial vehicles further
substantiates the growth of the segment and growth of the global electric power
steering market. The collapsible steering mechanism is a complete equipment
mechanism comprising of the upper column and lower shaft. In case of an
accident, the lower shaft enters into the housing. Increasing government
regulation regarding road safety also drives the growth of the collapsible
mechanism and the growth of the global electric power steering market in five
years.
Some of the market players
dominating the global electric power steering market are :
- JTEKT Corporation
- NSK Ltd
- Nexteer Automotive Group Limited
- BorgWarner Inc.
- Mando Corporation
- Hitachi Astemo, Ltd.
- Denso Corporation
- Robert Bosch GmbH.
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
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“Asia Pacific is anticipated
to hold the largest revenue shares of the market and dominate the market
segment in the upcoming five years on the grounds of increasing demands for
electronic vehicles. The purchasing capacity of hybrid passenger cars and
growing demand for light commercial vehicles working efficiently with
electronically powered batteries are further aiding the growth of the market in
major economies of the region like India, China, Indonesia, etc. Increasing
investment in the automobile industry and its growing advancement are other
major factors driving the market growth. New market players may invest in such
advancement to enter and establish their brands in the market,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Electric Power Steering Market
- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented 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 Region”, has evaluated the future
growth potential of global electric power steering 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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