Electric Power Steering System Market Overview:
Global Electric Power Steering System Market size is expected to be valued at USD 31.7 Billion by 2025, at a CAGR of 5.28% during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. Electric power steering systems have been significantly adopted rates over the past few years in developing nations, such as China, Australia, and Brazil, owing to the rising automotive production and growing automotive aftermarket. The market is mainly dependent on automobile production and sale. Thus, the fluctuation in demand for automobiles has an impact on the market. The global passenger and commercial vehicle production volume in 2019 was almost 91 million units and is expected to witness a steady growth rate in the coming years.
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Global Electric Power Steering System Market is characterized by the presence of many local, regional, and global vendors. The global market is highly competitive, with all the players continually striving to gain a significant market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Showa Corporation (Japan), JTEKT Corporation (Japan), Nexteer Automotive (US), Hyundai Mobis (South Korea), Thyssenkrupp AG (Germany), ZF Friedrichshafen AG (Germany), and Robert Bosch GmbH are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the global electric power steering system market. Although the international players are dominating the global market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.
The global market for the electric power steering system is segmented based on Type, Vehicle Type, Mechanism, and Region.
The electric power steering system market has witnessed a prospective growth over the last few years. As per MRFR analysis, the global market is expected to retain the same growth rate during the forecast period. In this report, the global market for electric power steering system has been divided, based on type, into Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric Power Steering (R-EPS).
Based on vehicle type, the global electric power steering system market is segmented into a passenger-carrying vehicle (PCV), light commercial vehicle (LCV), and heavy commercial vehicle (HCV). The increasing demand for improving vehicle efficiency and the increasing incorporation of safety features in the vehicles are likely to drive the need for electric power steering systems in the global market during the forecast period. The chapter discusses in detail the various types of vehicles that are using electric power steering. On the basis of application, the global automotive electric power steering market is segmented as passenger cars, LCV, and HCV.
The chapter discusses in detail the various mechanism through which electric power steering are offered by the manufacturers in the global market. On the basis of the mechanism, the global automotive market is segmented as collapsible EPS and rigid EPS.
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Geographic analysis of the Global Electric Power Steering System Market spans across North America, Europe, Asia-Pacific, and the Rest of the World.
Europe comprises Germany, France, the UK, and Italy. The region is one of the advanced automotive hubs across the globe. Component manufacturers use improved technologies in their products to gain a competitive edge and increase their revenue generation. The high export of automobiles and related components, including the electric power steering system, is projected to drive the regional market growth during the study period. Moreover, the increasing demand for electric power steering systems and components from international automotive manufacturers, including Mercedes, BMW, and Audi, encourages global industry players to improve and develop their operation network in Europe.
The growing auto component manufacturing, including the electric power steering system, especially in China, Japan, and India, is expected to drive the automotive sector in the region primarily. The increasing population and low labor costs are attracting automotive industry players to set up production facilities in the region. Additionally, the proliferating aftermarket industry of automotive components and other related products is expected to positively drive the electric power steering system market during the projected timeframe.
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