Global Automotive Electronic Power Steering Market was valued at USD 27.34 Billion in 2019 and is expected to reach over USD 48.60 Billion by 2026, growing at a CAGR of around 8.8% during the forecast period from 2020 to 2026
Automotive Electronic Power Steering Market
According to the report, the global Automotive Electronic Power Steering market was valued at USD 27.34 Billion in 2019 and is expected to reach over USD 48.60 Billion by 2026, growing at a CAGR of around 8.8% during the forecast period from 2020 to 2026.
The demand for Automotive Electronic Power Steering Market is increasing significantly due to hybrid electric and electric vehicles with current and innovative technologies such as drive-by-wire are projected to raise the demand/popularity of electronic power steering systems in the years to come. Similarly, commercialization of concept car such as Driver-less Car etc. will further boost the demand.
The automotive business has gone through several phases of upgrades in power, design, and effectiveness in the last few years. The technology and the automation have brought automobiles to function in several terrains, which were previously meant just for smooth roads. The choice of right steering design provides steadiness and maneuverability to the vehicle in every terrain. The steering method is a mixture of different linkages which are projected to turn the vehicle in bare minimum radius without turning it. Unlike conventional steering, the current automotive electronic power steering includes different electronic mechanisms which help to decrease power and offer perfect turning. Electronic power steering can enhance the driving experience and fuel effectiveness. Earlier, the electronic power steering was utilized only in sports utility vehicles (SUVs) or high-end vehicles. In recent years, the consistency of electronic power steering has developed and improved a lot; as a result, it has boosted its participation in almost each and every category of vehicle. The current electronic power steering is more compact and comprises several other controlling aspects and airbags.
The automotive electronic power steering market is anticipated to hold potential development opportunities in the coming future. The automobile which has a power steering system is likely to experience huge demand. Hybrid electric and electric vehicles with current and innovative technologies such as drive-by-wire are projected to raise the demand/popularity of electronic power steering systems in the years to come. The requirement for decreasing fuel usage and logistical advantages drove the automobile producers to shift from the old age hydraulic power steering systems that had turned into outmoded owing to huge fuel usage, to the new/innovative electric power steering systems thus triggering the development of the automotive electronic power steering market.
The global automotive electronic power steering market can be classified into different categories based on its type and application vehicle. Based on the type, it can be divided into rack-assisted power steering system (R-EPS), electronic hydraulic power steering (EHPS), column-assisted electronic power steering (C-EPS), and pinion-assisted electronic power steering (P-EPS). Based on application, the global automotive electronic power steering market can be categorized into passenger cars, light motor vehicles (LMV), agricultural tractors, special utility vehicles (sports cars, cranes, military vehicles, earth moving, etc.) heavy motor vehicles (HMV). The application of electronic power steering in LMV and passenger cars are anticipated to remain dominating owing to ample production in these categories, whereas, application in heavy motor vehicles is projected to develop substantially.
The global automotive electronic power steering market is segmented into North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa. Asia-Pacific is anticipated to increase at a high growth rate due to the huge production of automobiles in this region. While North America and Europe are projected to have saturated market expansion rates owing to the mature automobile market. The Middle East and Africa are expected to grow at a steady rate in the coming years.
Some of the most important companies in the global automotive electronic power steering market are Mitsubishi Electric Corporation, Zhuzhou Elite Electro-Mechanical Co. Ltd., Robert Bosch Automotive Steering GmbH, Nexteer Automotive, ZF Friedrichshafen Group, JTEKT Corporation, NSK Global, ThyssenKrupp Presta AG, SHOWA Corporation, Hyundai Mobis, and Mando Corporation, among others.