Global Electric Power Steering Market 2020-2024
Technavio has been monitoring the electric power steering market and it is poised to grow by 2.34 mn units during 2020-2024 progressing at a CAGR of 1% during the forecast period. Our reports on electric power steering market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the stringent regulations to control emissions, sharing the increase in production cost to OEMs and end-users, and rising adoption of EPS in entry-level and mid-segment vehicles. In addition, stringent regulations to control emissions is anticipated to boost the growth of the market as well.
The electric power steering market analysis includes application segment and geographic landscapes
Technavio's electric power steering market is segmented as below:
By Geographic Landscapes
- North America
- South America
This study identifies the steer-by-wire technology gaining adoption in CVs as one of the prime reasons driving the electric power steering market growth during the next few years.
"Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our electric power steering market covers the following areas:
- Electric power steering market sizing
- Electric power steering market forecast
- Electric power steering market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric power steering market vendors that include DENSO Corp., Hitachi Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Mando Corp., Nexteer Automotive Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG. Also, the electric power steering market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.