The global electronic power steering market is segmented by steering type into column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted power steering system (R-EPS) and electro-hydraulic power steering (EHPS)); by vehicle into Battery electric vehicle (BEV), Plug-In Hybrid Electric Vehicles (PHEV) and Hybrid electric vehicle (HEV); by mechanism into rigid and collapsible and by regions. Electronic Power Steering Market is anticipated to mask a CAGR of 6.7% during the forecast period i.e. 2018-2027.
Currently the global electronic power steering market is observing vibrant growth on account of increasing demand of automobiles in the market. Advances in automotive industry in the past few years and growing technological explorations are projected to drive electronic power steering market besides the wide range of functions of electronic power steering in an immense range of duties such as driver’s torque supplementation, lower significant power to operate, providing higher energy efficiency and more during the forecast period.
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As a developed region with well-established various end-user automotive industries such as agricultural automobiles, construction automobiles, North America is panned to observe substantial electronic power steering market growth due to rising electronic power steering usage in tractors, bulldozers, terrain forklifts and others.
North America is estimated to be followed by Asia Pacific in terms of consumption due to expanding electronic power steering requirements in construction and passenger car industries. Europe is expected to drive the demand and positively impact electronic power steering market growth over the forecast period owing to increasing applications of electronic power steering for military and mining industries.
Rapid Industrialization and Increasing Disposable Income
The growing disposable income of the present population is surging the demand for customization in automobile industry with rising demand for customized electronic power steering. The use of electronic power steering in eliminating HPS components and making the system smaller and lighter is anticipated to contribute significantly in the growth of the electronic power steering market.
Rapid urbanization and industrialization is leading in steady economic development with thriving automotive manufacturing sector which is expected to boost the electronic power steering market in the developing regions.
Growing Application in Various End-User Industries
On the back of multiplying electronic power steering uses in growing end-use industries such as agricultural, construction, military, mining and growing technological explorations is projected to drive electronic power steering market besides the wide range of functions of electronic power steering in an immense range of duties such as driver’s torque supplementation, lowering significant power to operate, providing higher energy efficiency and more during the forecast period.
However, higher costs of EPS to traditional steering systems, maintaining electronic power steering market against steer by wire technology as well as lack of steering feel in electronic power steering is expected to sluggish the sturdy growth of electronic power steering over the forecast period across the developing and developed regions around the globe.
The report titled “Global Electronic Power Steering Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Electronic Power Steering market in terms of market segmentation by steering type, by mechanism, by vehicle and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Electronic Power Steering market which includes company profiling of Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, Showa Corporation, ThyssenKrupp Presta AG, Mando Corporation and Hyundai Mobis.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Electronic Power Steering market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.