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November 9, 2020

Electric Power Steering Market Recent Study Including Key Players, Applications, Growth and Forecast 2027

The Global Electric Power Steering Market is projected to reach around USD 42.5 billion by 2027 at a CAGR of around 6.2%.

Electric power steering (EPS) operates on an electric motor that is attached to the steering rack via gear mechanism for driving a vehicle instead of hydraulic power steering (HPS) systems where a pump is used. The pump is continuously running even when the steering wheel is not in use, which results in more fuel consumption. In EPS mechanism, the load on the engine utilizes only when the steering wheel is turned which results in less fuel consumption. Moreover, the EPS system excludes many HPS components like fluid, drive belt, pump, hoses, and others which results in being smaller and lighter systems.

Electric Power Steering Market: Drivers & Restraint

Market Drivers:

Rising Demand for Fuel-Efficient Vehicles

Automotive manufacturers are focusing on designing lightweight components for making the vehicle lighter and achieving other key benefits such as reducing emission and increasing fuel efficiency. As compared with traditional hydraulic system, Electric power steering (EPS) is an advanced power steering system which excludes the requirement of hoses, power steering pumps, hydraulic fluids, pulley, and drive belt connected to the engine. EPS operates on an electric motor that draws current from battery only when the vehicle is turning. Thus, a reduction in vehicle weight coupled with lower consumption of fuel has resulted in energy-efficient vehicles.

Hence, the rising demand for fuel-efficient vehicles is expected to drive market growth during the forecast period.

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Growing Vehicle Production in Asia-Pacific

Due to the rise in vehicle production and economic growth, there is an increase in demand for the Electric Power Steering Market. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2018 countries such as India, Malaysia, Thailand, and Russia are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, the rise in automobile production in developing nations will increase the demand for lightweight vehicles which is indirectly propelling market growth.

Thus, the growing vehicle production is anticipated to boost the market growth during the forecast period.

Market Restraint:

High Cost of Electric Power Steering (EPS) System

The components such as modules or rack used in the EPS system are expensive to replace. The high cost associated with the EPS system compared to the traditional steering system increases the overall cost of the vehicle. Due to the presence of cost constraints, the more efficient systems are first implemented in premium vehicles, where the impact of the cost of the system on the overall cost of the vehicle is minor than for standard vehicles.

Hence, the high cost of the electric power steering (EPS) system is expected to restrain the market during the forecast period.

Electric Power Steering Market: Key Segments

  • Based on Type: Column Assist Type, Pinion Assist Type, Rack Assist Type, and Electro-Hydraulic Power Steering (EHPS).
  • Based on Component: Steering Wheel, Steering Column, Steering Gear, Electric Motor, Electronic Control Unit (ECU), Sensors, Intermediate Shaft, and Others.
  • Based on Electric Motor Type: Brushed Direct Current (DC) Motor, and Brushless Direct Current (DC) Motor.
  • Based on Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV).
  • Based on Region Covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.

Electric Power Steering Market: Report Scope

The report on the Electric Power Steering Market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

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List of the leading companies operating in the Electric Power Steering Market include:

  • Robert Bosch GmbH (Germany) (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • JTEKT Corporation (Japan)
  • ZF Friedrichshafen AG (Germany)
  • BorgWarner Inc. (US)
  • Nexteer Automotive Corporation (US)
  • HYUNDAI MOTOR GROUP (South Korea)
  • Melrose Industries PLC (UK)
  • Tenneco Inc. (US)
  • NSK Ltd (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Other Key Companies
  • thyssenkrupp AG (Germany)
  • ATS Automation Tooling Systems Inc. (Canada)
  • SHOWA CORPORATION (Japan)
  • Mando Corp (South Korea)
  • KSR International Inc. (Canada)

Electric Power Steering Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Electric Power Steering Market, by Type

  • Column Assist Type
  • Pinion Assist Type
  • Rack Assist Type
  • Electro-Hydraulic Power Steering (EHPS)

Electric Power Steering Market, by Component

  • Steering Wheel
  • Steering Column
  • Steering Gear
  • Electric Motor
  • Electronic Control Unit (ECU)
  • Sensors
  • Intermediate Shaft
  • Others

Electric Power Steering Market, Electric Motor Type

  • Brushed Direct Current (DC) Motor
  • Brushless Direct Current (DC) Motor

Electric Power Steering Market, Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)

Consult with an Analyst @ https://www.forencisresearch.com/electric-power-steering-market-consult-with-an-analyst/

Electric Power Steering Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
  • South America (Brazil, Argentina, Rest of South America)

KEY QUESTIONS ANSWERED BY THE REPORT

  • What are the prominent developments affecting the market globally and its growth?
  • What will be the impact of the developments in the market on the industry and the market players in the future?
  • What are the evolving variations of the market worldwide?
  • What are the evolving functions of the market globally?
  • What are the prominent aspects that will affect market growth globally during the study period?
  • Who are the key players operating in the market across the world?
  • How are the key players leveraging in the present market scenario globally?

Table of Content

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Rising demand for Fuel-Efficient Vehicles
      2. Growing Vehicle Production in Asia-Pacific
    3. Restraint
      1. High Cost of EPS System
    4. Opportunities
      1. Growing Adoption of ADAS Features in EPS
      2. Growing Demand for Electric Vehicles
    5. Challenges
      1. Failures Associated with Electronic Components & Systems
  5. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. ELECTRIC POWER STEERING MARKET BY TYPE, Market Size in USD Million and Units (2019-2027)
    1. Introduction
    2. Column Assist Type
    3. Pinion Assist Type
    4. Rack Assist Type
    5. Electro-Hydraulic Power Steering (EHPS)
  7. ELECTRIC POWER STEERING MARKET BY COMPONENT, Market Size in USD Million and Units (2019-2027)
    1. Introduction
    2. Steering Wheel
    3. Steering Column
    4. Steering Gear
    5. Electric Motor
    6. Electronic Control Unit (ECU)
    7. Sensors
    8. Intermediate Shaft
    9. Others
  8. ELECTRIC POWER STEERING MARKET BY ELECTRIC MOTOR TYPE, Market Size in USD Million and Units (2019-2027)
    1. Introduction
    2. Brushed Direct Current (DC) Motor
    3. Brushless Direct Current (DC) Motor
  1. ELECTRIC POWER STEERING MARKET BY VEHICLE TYPE, Market Size in USD Million and Units (2019-2027)
    1. Introduction
    2. Passenger Cars
    3. Light Commercial Vehicles (LCV)
    4. Heavy Commercial Vehicles (HCV)
  2. ELECTRIC POWER STEERING MARKET BY REGION, Market Size in USD Million and Units (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Norway
      7. The Netherlands
      8. Rest of Europe
    3. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia-Pacific
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  3. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  4. COMPANY PROFILES
    1. Robert Bosch GmbH (Germany)
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. JTEKT Corporation (Japan)
    3. ZF Friedrichshafen AG (Germany)
    4. BorgWarner Inc. (US)
    5. Nexteer Automotive Corporation (US)
    6. HYUNDAI MOTOR GROUP (South Korea)
    7. Melrose Industries PLC (UK)
    8. Tenneco Inc. (US)
    9. NSK Ltd (Japan)
    10. Mitsubishi Electric Corporation (Japan)
    11. Other Key Companies
      1. thyssenkrupp AG (Germany)
      2. ATS Automation Tooling Systems Inc. (Canada)
      3. SHOWA CORPORATION (Japan)
      4. Mando Corp (South Korea)
      5. KSR International Inc. (Canada)
  5. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

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November 9, 2020, 11:13
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