Analytical Insights About Automotive Electric Power Steering Market Provided in Detail
The key restraining factor, such as high cost of automotive electric power steering as compared to the conventional steering system, may hinder the global automotive electric power steering market growth over the forecast period.
[UKPRwire, Thu Aug 22 2019] An automotive electric power steering comprises of an electric motor to assist during the driving of a vehicle. Sensors detect the position and torque of the steering column, and a computer module applies assistive torque via the motor, which connects to either the steering gear or steering column. Automotive electric power steering offers more assistance than traditional hydraulic power steering through the use of an electric motor, which is coupled directly to the steering gear or column.
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The key driving factor of the global automotive Electric Power Steering Market includes fast growing population, which has resulted in increased demand for premium, as well as non-premium vehicles, across all major economies. The macroeconomic factors, such as growing urbanization & industrial activities, coupled with boost in the living lifestyle and an upsurge in demand for luxury and comfort in vehicles across many countries, is further augmenting the demand for automotive electric power steering. The momentous rise in the sales of vehicles, owing to better fuel efficiency and low emission is highly expected to propel the global automotive electric power steering market. Additionally, substantial development in the Asian & European automotive sector and technological advancement in traditional vehicle steering will create a noteworthy opportunity for the global automotive electric power steering market. Furthermore, the upsurge in the demand for safety features in the automotive sector is highly anticipated to boost the demand for automotive electric power steering. All the above mentioned major influencing factors are highly expected to drive the global automotive electric power steering market over the forecast period. The key restraining factor, such as high cost of automotive electric power steering as compared to the conventional steering system, may hinder the global automotive electric power steering market growth over the forecast period.
Rack EPS (R-EPS) in the automotive electric power steering market is estimated to account for a significant market share over the forecast period. The prime advantages associated with Rack EPS (R-EPS) is increase in installation rate of EPS in commercial vehicles. On the other hand, among vehicle type segment, passenger vehicles are anticipated to see rapid market growth over the forecast period, attributed to increasing vehicle production along with growing demand for passenger vehicles.
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The global automotive electric power steering market is segmented into seven regions: North America, Europe, MEA, East Asia (Japan, China, and South Korea), South Asia (India, Thailand, Malaysia, Indonesia, Philippines, and Rest of South Asia), Oceania (Australia, New Zealand) and Latin America. Among the above-mentioned countries, East Asia is estimated to account for a significant market share due to a rise in the production of commercial and passenger vehicles in countries, such as China, Japan and South Korea. South Asia is anticipated to witness a high growth in the global automotive electric power steering market owing to the rise in sales of mid-size and compact vehicle in the region. Moreover, Middle East & Africa is projected to showcase most optimistic growth in the global automotive electric power steering market due to the rise in the sales of luxury vehicle across the region. Europe is one of the key maturing regions that will generate creditable opportunity in the global automotive electric power steering market over the forecast period due to the existence of significant automotive manufacturer.
Automotive Electric Power Steering Market: Prominent players
Prominent players for the global automotive electric power steering market are Jtekt, Nexteer, ZF, Robert Bosch, NSK, Hyundai Mobis, Showa Corporation, Delphi, Thyssenkrupp, Mitsubishi Electric, GKN Federal Mogul and other key market players. The automotive electric power steering market comprises well-diversified global and regional players with global vendors dominant in the market.
The research report presents a comprehensive assessment of the automotive electric power steering market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The automotive electric power steering market report provides analysis and information according to market segments such as geographies, type, components, electric motor, and vehicle type.
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