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