Automotive Electric Power Steering Market is anticipated to witness growth in the long run. Rising prices of fuel along with the seeking of technically superior automobiles by consumers is anticipated to support market demand.
(EPS/EPAS) Electric power assisted steering or motor driven power steering are used to assist the driver of a vehicle with the help of an electric motor.
Automotive Electric Power Steering Market is anticipated to witness growth in the long run. Rising prices of fuel along with the seeking of technically superior automobiles by consumers is anticipated to support market demand. Global consumers of automobiles are looking for an economical cost, better safety options, and high-end features. The dream of greener cars with a lesser carbon footprint can be achieved by incorporating this system. Also, the consumer wants a more comfortable and peaceful driving experience, which can be achieved by an electric power steering system. Moreover, rising government rules and regulations related to carbon emission is anticipated to supplement growth Surging fuel cost and coupled with the introduction of new and added features in the upcoming automobiles are anticipated to support market growth in the long run. Increasing vehicle production, rising demand for advanced safety and convenience along with an increase in disposable incomes globally are considered to be some of the factors boosting the market growth. EPS is a fuel-efficient mechanism and it helps the engine load to guide the driver, when he turns the steering wheel, thus decreasing the fuel consumption. However, a rise in vehicle recalls, owing to malfunctioning of sensors or other components, may hinder the growth of the market.
The automotive electric power steering market is segmented to the basis of type, into Pinion assist type, rack assist type, and column assist type. The column assist type is anticipated to witness growth. It is also considered to be the most widely used electric power steering. This surge in demand is estimated to occur owing to its integration of assisting mechanism and system electronics with steering column thus, saving space in compact cars. On the basis of vehicle type, the passage vehicle is anticipated to have a significant growth in the predicted period. The market is growing at a rapid pace in developing countries and will support growth.
On the basis of region, the automotive electric power steering market is segmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. North America is anticipated to hold a substantial share during the forecast period, owing to the R&D and adoption of self-driving automobiles. The electric power steering mechanism supports in the easy movement of self-driving automobiles, thus, propelling growth prospects in the market. Furthermore, Asia Pacific is also anticipated to hold a significant share and will also become the next global automotive hub, due to the rising income and purchasing power of consumers in the region.
Renowned automotive electric power steering market players are Mando Corporation, Delphi Automotive, KSR International Company, Robert Bosch GmbH, Showa Corporation, Mitsubishi Electric Corporation, Hitachi Automotive Systems Ltd., JTEKT Corporation, Nexteer Automotive and Sona Koyo Steering Systems Ltd. amongst others.
The report segments the automotive electric power steering market as follows:
Global Automotive Electric Power Steering Market: Type Segment Analysis
Global Automotive Electric Power Steering Market: Component Segment Analysis
Global Automotive Electric Power Steering Market: Mechanism Segment Analysis
Global Automotive Electric Power Steering Market: Vehicle Type Segment Analysis
Global Automotive Electric Power Steering: Regional Segment Analysis