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Global Electric Power Steering Market 2017-2021

Global Electric Power Steering Market 2017-2021

About Electric Power Steering

The global automotive industry is experiencing a significant change in terms of electric power steering systems that are increasingly replacing hydraulic power steering in vehicles. Electric power steering system is an improvement over hydraulic system in many ways. They eliminate the use of power steering pumps, improving fuel efficiency in vehicles. It provides more precision and a refined feel, which hydraulic system cannot match. When the thrust of the innovations in the automotive industry is in speed, safety, and fuel efficiency, it is evident that technologies such as electronic power steering systems will eventually capture the market rendering the old technologies obsolete.

Technavio’s analysts forecast the global electric power steering market to grow at a CAGR of 6.68% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global electric power steering market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of passenger cars and light commercial vehicles (LCVs).

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Electric Power Steering Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • ZF Friedrichshafen
  • Mitsubishi Electric
  • Nexteer
  • TRW Automotive
Other prominent vendors
  • ATS Automation Tooling Systems
  • Delphi Automotive
  • GKN
  • Hyundai Mobis
  • JTEKT
  • Mando
  • Robert Bosch
  • thyssenkrupp Presta AG
Market driver
  • Low penetration of cars in emerging economies.
  • For a full, detailed list, view our report
Market challenge
  • Growing car-sharing services in China, India, and Brazil.
  • For a full, detailed list, view our report
Market trend
  • Increase in electrification of mechanical components.
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Electric Power Steering Market 2017-2021

Technavio recognizes the following companies as the key players in the global electric power steering market: ZF Friedrichshafen, Mitsubishi Electric, Nexteer, and TRW Automotive.

Other Prominent Vendors in the market are: ATS Automation Tooling Systems, Delphi Automotive, GKN, Hyundai Mobis, JTEKT, Mando, Robert Bosch, and thyssenkrupp Presta AG.

Commenting on the report, an analyst from Technavio’s team said: “One trend in market is penetration of SBW technology. SBW technology helps to remove the physical connection between the steering wheel and the steering system with the help of electrically connected motors and helps to change the direction of the wheels. In SBW, the vehicle's computer gets the command from the connected device, and the computer sends the command to the wheels.”

According to the report, one driver in market is increase in sales of passenger cars and SUVs. The sales of SUVs and crossovers increased by about 10% in the total passenger car market in the US in 2015. In the US, there is a growing preference for crossovers and SUVs for their increased fuel efficiency and comfort level in three-row seating arrangement. The structure of SUVs and crossovers look similar, but they are distinct in fuel efficiency and usability. Crossovers are more fuel efficient compared with SUVs, as they are built on car frames and are of considerably lightweight. Crossovers usually weigh lighter than SUVs as they are built on truck frames, which contributes to comparatively higher curb weight.

Further, the report states that one challenges in market is growing car-sharing services in China, India, and Brazil. Car sharing services are increasingly becoming popular in emerging countries like China, India, and Brazil due to reasons like increase in private car usage costs and cheaper than taxi rates. Since 2012, there has been a steady growth in the number of car-sharing operators, which has grown to 22 operators by mid-2015 from 9 operators in 2012. In China, a private car is estimated to spent about 93% of its time parked and unused, whereas a car used for car-sharing service has a utilization rate of up to 60%. Car-sharing enables optimum utilization of a car wherein the cost of maintaining the car is shared among the users.

Companies Mentioned

ZF Friedrichshafen, Mitsubishi Electric, Nexteer, TRW Automotive, ATS Automation Tooling Systems, Delphi Automotive, GKN, Hyundai Mobis, JTEKT, Mando, Robert Bosch, and thyssenkrupp Presta AG.

  • Executive summary
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Automotive steering systems: An introduction
      • Table Steering system types
    • Classification of power steering
      • Table Power steering system types
    • Components of a typical power steering system
      • Table Power steering system components
    • Evolution of steering systems
      • Table Product life cycle of steering systems
  • Market landscape
    • Market overview
      • Table Segmentation of global electric power steering market
    • Market size and forecast
      • Table Global electric power steering market 2016-2021 (millions of units)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by product
    • Global electric power steering market by product
      • Table Global electric power steering market: Segmentation by product 2016 and 2021
      • Table Global electric power steering market by vehicle type 2016-2021 (millions of units)
    • Global electrical power steering market in passenger cars
      • Table Global electric power steering market in passenger cars 2016-2021 (millions of units)
    • Global electric power steering market in LCVs
      • Table Global electric power steering market in LCVs 2016-2021 (millions of units)
  • Geographical segmentation
    • Global electric power steering market by geography
      • Table Global electric power steering market by geography 2016 and 2021
    • Electric power steering market in APAC
      • Table Electric power steering market in APAC 2016-2021 (millions of units)
    • Electric power steering market in Americas
      • Table Electric power steering market in Americas 2016-2021 (millions of units)
    • Electric power steering market in EMEA
      • Table Electric power steering market in EMEA 2016-2021 (millions of units)
  • Key leading countries
    • Key leading countries: US and China
      • Table Key leading countries in global electric power steering market
  • Market drivers
    • Key market drivers
    • Increase in sales of passenger cars and SUVs
    • Low penetration of cars in emerging economies
    • Fuel economy benefits
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Growing car-sharing services in China, India, and Brazil
    • Rise in number of on-demand taxi operators
    • Negligible penetration of electric power steering in HCVs
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Penetration of SBW technology
    • Increase in electrification of mechanical components
      • Table Electronic contents in vehicles 2014-2021
    • Electrohydraulic power steering in HCVs
  • Vendor landscape
    • Other prominent vendors
  • Key vendor analysis
    • ZF Friedrichshafen
      • Table ZF Friedrichshafen: Product portfolios
      • Table ZF Friedrichshafen: Business segmentation by revenue 2015
      • Table ZF Friedrichshafen: Business developments
    • Mitsubishi Electric
      • Table Mitsubishi Electric: Product portfolio
      • Table Mitsubishi Electric: Recent development
    • Nexteer
      • Table Nexteer: Product segmentation by revenue 2015
      • Table Nexteer: Geographical segmentation by revenue 2015
      • Table Nexteer: Automotive steering system product portfolio
      • Table Nexteer: Recent developments
    • TRW Automotive
      • Table TRW Automotive: Product portfolio
      • Table TRW Automotive: Recent development
  • Appendix
    • List of abbreviations
  • Explore Technavio

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