Global Automotive Electronic Power Steering Market: Snapshot
The international automotive electronic power steering (EPS) market is foretold to bear a positive impact on its growth dynamics owing to the development of lightweight EPS systems and the advent of brushless motor technology. Some of the major driving factors of the market could be the elevating demand for controlled fuel consumption and driving reliability and comfort and rising automobile manufacture. The furthering penetration of the steer-by-wire technology could also bode well for the market.
The international automotive EPS market is forecasted to garner growth at a 5.9% CAGR between 2017 and 2022. By the final forecast year, the market could reach a valuation of US$33.1 bn. In 2017, it had gathered a revenue of US$24.8 bn.
H-EPS to Put Other Products in Shade with Superior Share by 2022
The world automotive EPS market is envisioned to witness the dominance of hydraulic (H)-EPS as per product segmentation. According to the statistics obtained by seasoned analysts, the market for H-EPS could achieve a revenue valuation of around US$9.9 bn by 2022 from US$7.8 bn in 2017. The growth attained by this product type market annually could surpass that of any other product operable in the industry, such as rack-assist (R)-EPS, pinion-assist (P)-EPS, and column-assist (C)-EPS.
The report also foresees the world automotive EPS market to be segmented according to vehicle type. Here, there could be several markets for automotive EPS, viz. heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars, and compact passenger cars. Expert analysts are expected to be of the opinion that passenger cars could rake in a handsome demand in the market with a high usage of R-EPS and P-EPS systems. Such EPS systems are anticipated to provide greater control over the automobile, easy integration into the gear setup, help in gear reduction, and be compact and economical.
Europe to Set Bar for Higher Growth after Making Dominant Revenue
On the basis of geographical classification, the worldwide automotive EPS market could testify the presence of vital regions such as the Middle East and Africa (MEA), Asia Pacific except Japan (APEJ), Europe, Latin America, and North America and countries such as Japan. Out of these, Europe is prophesied to set the tone for a valuable growth in the market. In 2017, the region showcased dominance in respect of revenue, and this trend is envisaged to continue in the market for the next few years. Prognosticated to grow at a 6.0% CAGR, the regional market could gain 12 BPS in its market share by the concluding forecast year.
Asia Pacific except Japan (APEJ) could be another attractive region for the worldwide automotive EPS market with an US$8.3 bn estimated to be earned by 2022. North America is predicted to expand at a 5.0% CAGR. Japan, however, could lose 14 BPS by the end of the forecast period. The Middle East and Africa (MEA) could also exhibit a sluggish growth in future.
Some of the important names in the worldwide automotive EPS market are projected to be Mando Corporation, NSK, Nexteer, Bosh, and JTEKT.
Global Automotive Electronic Power Steering Market: Overview
The world automotive electronic power steering (EPS) market is prognosticated to showcase an enhanced growth due to the shift from the previous technology to EPS systems. This could be on account of the urgent need to find fuel-efficient solutions followed by the global fuel crisis. Independence from the combustion engine and the usage of alternator for sourcing power are envisaged to have assisted the new EPS technology to overshadow the conventional steering system.
Global Automotive Electronic Power Steering Market: Dynamics
Technological advancements are forecasted to be at the forefront of the world automotive EPS market. Several companies are making their individual contribution toward the growth of technology in the market. For instance, the SPIDAN power steering system developed by GKN PLC uses remanufactured replacement components to ensure the preservation of natural resources. It also helps in decreasing carbon dioxide emission and fuel consumption. Moreover, it boasts of intelligent energy management. Another instance could be Hitachi Automotive Systems Co. Ltd. and Nissan collaborating to develop a new electro-hydraulic power steering system.
The rapid rise in vehicle-owning households and worldwide population are projected to play a significant role in the substantial increase in automotive vehicle production. Today, the EPS systems market is said to have surpassed the traditional hydraulic steering in less than two decades. Advantages such as lower fuel consumption, high durability, improved response at different speeds, low maintenance, and lower weight coupled with simple architecture could fuel the adoption of EPS over hydraulic systems. This, in turn, could fuel the demand in the world automotive EPS market.
Global Automotive Electronic Power Steering Market: Segmentation
According to the researchers authoring the report, the international automotive EPS market could be split up into four chief products, viz. hydraulic (H)-EPS, column-assist (C)-EPS, pinion-assist (P)-EPS, and rack-assist (R)-EPS. Amongst these, H-EPS is anticipated to secure a leading share of 31.2% in the market by the end of 2022. The H-EPS market could expand at an annual US$0.4 bn absolute growth, which is prophesied to be larger than any other product.
The international automotive EPS market is also predicted to be classified into heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars, and compact passenger cars, as per vehicle type segmentation.
In terms of regional segmentation, the international automotive EPS market could be divided into six key geographies, i.e. North America, Latin America, Europe, Japan, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA).
Global Automotive Electronic Power Steering Market: Competition
In all, the report on the worldwide automotive EPS market studies 10 industry players, viz. JTEKT, Bosh, Nexteer, NSK, Mando Corporation, KSR International Company, Showa, ThyssenKrupp Presta, Hitachi Automotive, and Sona Koyo. Readers are also provided with a detailed company share analysis followed by SWOT analysis and company overview of each player studied. Furthermore, for each company analyzed in the report, the analysts offer a study of their important developments, sales data and key financials by type of product, and a list of their products.