Published: Sep, 2019
Transparency Market Research has published a new report on the global automotive electric power steering market for the forecast period of 2019–2027. According to the report, the global automotive electric power steering market is projected to reach ~US$ 33.8 Bn by 2027, expanding at a CAGR of ~5% during the forecast period.
- According to the report, the global automotive electric power steering market is likely to be driven by the demand for efficient power steering systems.
- EPS with ADAS is a prominent segment of the automotive electric power steering market.
- Rise in the adoption of electric vehicles is expected to be a major driver of the automotive electric power steering market.
- Key manufacturers such as JTEKT Corporation and DENSO CORPORATION are likely to play a major role in propelling the global automotive electric power steering market with continuous development of technology.
Expansion of Global Automotive Electric Power Steering Market
- Global shift toward efficient and low-emission vehicles is expected to drive the adoption of EPS.
- Rising consumer demand for higher fuel economy and better ride quality of vehicles is expected to drive the automotive electric power steering market.
- Improved sales of premium and luxury cars in North America and Europe and increasing sales of premium cars in Asia Pacific are projected to drive the global automotive electric power steering market.
In terms of motor assist, the column assist segment is expected to expand significantly in the automotive electric power steering market during the forecast period. A column assist electric power steering integrates the motor, sensor, and controller, and assists the mechanism within the steering column. Column assist electric power steering systems are highly preferred for passenger vehicles, and this factor is attributed to the leading share held by the segment in the global electric power steering market.
Based on technology, the EPS with ADAS segment is anticipated to expand considerably in the automotive electric power steering market during the forecast period, as more number of vehicles are adopting adaptive cruise control and lane keep assist systems. Rise in consumer affordability and awareness about vehicle safety have fueled the demand for ADAS, which, in turn, is driving the automotive electric power steering market. The sales of luxury and premium vehicles are rising in countries in Asia Pacific such as China and India. The resurgence of the demand for premium vehicles in Europe and North America and increasing sales in Asia Pacific are anticipated to drive the global automotive electric power steering market
Regional Analysis of Global Automotive Electric Power Steering Market
- In terms of region, the global automotive electric power steering market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to lead the global automotive electric power steering market, owing to the high volume production of vehicles in India and China. Asia Pacific is followed by Europe and North America, owing to the high demand for vehicles in these regions.
Prominent players operating in the global automotive electric power steering market include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited, TRIDEC, and Hitachi Automotive Systems.
The global automotive electric power steering market has been segmented as follows:
- Automotive Electric Power Steering Market by Motor Assist
- Column Assist
- Pinion Assist
- Rack Assist
- Automotive Electric Power Steering Market by Technology
- Conventional EPS
- EPS with ADAS
- Automotive Electric Power Steering Market by Component
- EPS Control Modules
- Electric Motors
- Rack & Pinions
- Steering Columns
- Automotive Electric Power Steering Market by Vehicle
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Automotive Electric Power Steering Market by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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