Global electric power steering market is projected to grow at 5.55% CAGR in value terms to reach USD51.57 billion over the next five years. The major factors contributing to the growth of the market include increasing vehicle production and growing vehicle sales. Due to the growing global economy and increasing consumer spending, the vehicle sales across the world is growing and as a result the electric power steering market in the world is growing with it. Furthermore, automakers have been constantly working on technologies that can help the automotive manufacturers to reduce the overall weight of the vehicle while increasing the overall performance of the vehicle. The electric power steering is lighter in weight as compared to the hydraulic power steering unit, as a result, automakers are increasingly mounting up electric power steering in their manufactured vehicles and the trend is expected to continue in the forthcoming years. As electric power steering has less moving component as compared to the hydraulic power steering, the installation of electric power steering unit in vehicles reduces the overall complexity of the power steering, which in turn is positively influencing the electric power steering sales across the world.
According to a press release, published by the Union of Concerned Scientist organization, “tailpipe emissions from cars, trucks and buses account for over one-fifth of the United States total global warming pollution”. Being fuel efficient, electric power steering unit also reduces the overall green-house gas emissions of the vehicle, making electric power steering unit as environment friendly when compared to its alternate hydraulic power steering unit.
Global electric power steering market is segmented based on by type, by vehicle type, by mechanism, by company and by region. Based on steering type, the market is segmented into Column type-EPS, Pinion type-EPS and Rack type-EPS. While Column type Electric Power Steering is mostly installed in Medium & Heavy Commercial Vehicles, Pinion-type Electric Power Steering and Rack-type Electric Power Steering are majorly installed in the passenger cars and light commercial vehicles such as pickup trucks. The passenger cars and pickup trucks together hold over 90% of the sales of four wheelers sold in the world, as a result, Pinion-type Electric Power Steering and Rack-type Electric Power Steering are fairly dominating the Global Electric Power steering market. P-EPS and R-EPS are also anticipated to be the fastest growing segment due to the increasing rate of replacements of passenger vehicles.
The Global Electric Power Steering market is also driven due to the growing trend towards electrification of the automobiles across the globe, making automobiles eco-friendly. The increasing government concern for the environment and sustainable fuel-efficient technologies is positively impacting the growth of the electric power steering market across the globe. Since Electric power steering helps in reducing the overall weight and green-house gas emission of the vehicle, the number of electric power installations in automobiles by the automotive manufacturers have increased rapidly in the last decade and the trend is expected to grow more in the forecast years as well.
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, Hitachi Astemo, Ltd., Hyundai Mobis, Showa Corporation, Delphi Technologies, Mitsubishi Electric, thyssenkrupp AG, Melrose Industries PLC, Denso Corporation etc. Companies operating in the market are using inorganic strategies such as partnerships, mergers & collaborations to increase their share in the market.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyse the historical growth in the market size of Global Electric Power Steering market, in terms of value and volume, from 2016 to 2020.
- To estimate and forecast the market size of Global Electric Power Steering Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast Global Electric Power Steering Market based on type, vehicle type, mechanism, and regional distribution.
- To identify drivers and challenges for Global Electric Power Steering Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Global Electric Power Steering Market.
- To conduct the pricing analysis for Global Electric Power Steering Market.
- To identify and analyse the profile of leading players involved in the manufacturing of Global Electric Power Steering Market.
Key Target Audience:
- Electric Power Steering manufacturers
- Automobile manufacturers
- Raw material suppliers
- Electric power steering design companies
- Distributors and traders
- Research organizations and consulting companies.
- Research Institutes
- Industry associations
- Market research and consulting firm.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Global Electric Power Steering market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Electric Power Steering Market, By Type:
- Global Electric Power Steering Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
- Off-the-Road Vehicles
- Global Electric Power Steering Market, By Mechanism:
- Collapsible EPS
- Rigid EPS
- Global Electric Power Steering Market, By Region:
- United States
- Rest of APAC
- United Kingdom
- Rest of Europe
- Rest of South America
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
Company Profiles: Detailed analysis of the major companies present in Global Electric Power Steering market.
With the given market data, TechSci Research offers customizations according to the company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.