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"
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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