Global Electric Power Steering (EPS) Market 2015-2019
About Electric Power Steering System
EPS systems are rapidly gaining acceptance among automakers and consumers because of the benefits they offer. They are lightweight and offer more fuel economy, when compared with hydraulic power steering systems. In terms of precision, EPS systems are more precise and reduce the steering effort.
TechNavio's analysts forecast the Global Electric Power Steering market to grow at a CAGR of 8.63 percent over the period 2014-2019.
Covered in this Report
TechNavio's report, Global Electric Power Steering Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
TechNavio Announces the Publication of its Research Report – Global Electric Power Steering Market 2015-2019
TechNavio recognizes the following companies as the key players in the Global Electric Power Steering Market: JTEKT Corp., Mitsubishi Electric Corp., Nexteer Automotive, NSK Ltd. and TRW Automotive Holdings Corp.
Other Prominent Vendors in the market are: China Automotive Systems, Continental, Delphi Automotive, Mando, Showa and ZF Lenksysteme.
Commenting on the report, an analyst from TechNavio’s team said: “Emerging economies such as China, Brazil, and India are experiencing rapid expansion and growth in terms of economy and infrastructure. These economies are poised to become prominent automotive markets globally in the coming years. This is also influencing the demand for vehicles fitted with EPS systems. Many automakers and component manufacturers are increasing their R&D spending to improve their product lines and bring in more technological innovations that would reduce/control emission levels.”
According to the report, the growth of the market is attributed to the increase in demand for passenger cars fitted with EPS systems. Countries worldwide are implementing stringent regulations to reduce/control vehicle emission levels. The fuel economy of EPS-fitted cars is higher than that of hydraulic steering-fitted cars.
Further, the report states that vendors in this market, however, have to grapple with the rising cost of raw materials. This adds to their production costs, but vendors or manufacturers are unable to pass this extra cost on to customers because of the intensely competitive nature of the market. This negatively affects their profit margins.
JTEKT Corp., Mitsubishi Electric Corp., Nexteer Automotive , NSK Limited , TRW Automotive, Bosch Corporation , China Automotive Systems Inc., Continental AG, Delphi Automotive, Federal-Mogul Corp., Mando Corp., Showa Corpms