Automotive Electric Power Steering Market Information by Type (Pinion, Rack, Column), Component (Bearing, Rack & Pinion, Electric Motor, Steering - Wheel, Gear, Column), Mechanism (Collapsible, Rigid), Fuel, Vehicle, and Region – Global Forecast to 2023
Automotive Electric Power Steering Market Overview
Automotive electric power steering market is gaining much precedence in the automotive sector owing to its ability to provide comfort to drivers while driving. Its association with electric vehicles is even better. The rise in uptake of electric vehicles is spurring the market further. Such advantageous features are helping the global automotive power steering market gain 6% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their detailed report discussed the possibility of exceeding the deemed market valuation.
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In 2018, Nexteer launched a steering system that makes an intuitive transition from manual to automated on-demand to make driving safe. This is to give the driver a better driving experience.
Type, component, mechanism, vehicle type, and fuel are the segments that MRFR uses for a better analysis of the automotive electric power steering market. This reveals information based on volume and value for a holistic understanding of the global market
Based on the component, the automotive electric power steering market includes steering gear, mechanical rack & pinion, steering wheel, bearing, and steering column.
Based on the vehicle type, the automotive electric power steering market consists of Light Commercial Vehicle (LCV), passenger vehicle, and Heavy Commercial Vehicle (HCV).
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions in consideration for a better understanding of the global automotive electric power steering market.
North America is doing good in the market owing to its huge market taking on innovations and implementing them with substantial ease. The market’s growth is depending mostly on the revamping of the automotive sector. At the same time, higher integration of electric cars is spurring the regional market growth.
The APAC market is expecting substantial tailwind due to the advantages it is receiving in the garb of market behemoths opening plants in the region. In accordance, several manufacturing sites are operating in the region which is helping the market grow.
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