Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region - Global Forecast to 2025
“Robust Growth of Column Assist EPS (CEPS) is driving the market for electric power steering”
The global electric power steering market is estimated to be USD 25.83 billion in 2017 and is projected to reach USD 42.01 billion by 2025, at a CAGR of 6.27% during the forecast period. Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin. This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. Around 60% of vehicles that have an EPS system feature CEPS steering systems. However, the introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent in the near future.
“HEV market of electric power steering is estimated to experience the highest growth rate during the forecast period”
The electric power steering market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the engine structure of the vehicle, which combines a conventional internal combustion engine (ICE) system with an electric propulsion system. Due to the presence of IC engine, which has the maximum installation rate of electric power steering systems, this segment of electric vehicles is estimated to experience the highest growth rate during the forecast period. Also, the increasing sales of HEVs in the Asia Pacific region are driving the growth of electric power steering systems in these vehicles.
“Asia Pacific is estimated to be the fastest growing electric power steering market”
The electric power steering market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for electronic and fuel efficient systems in passenger cars make Asia Pacific the largest and fastest growing market for electric power steering. Also, the existing and upcoming vehicle emission regulations in developing countries will further drive the market growth in the region.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type - Tier 1 - 50%, Tier 2 - 33%, Others - 17%
• By Designation - C level - 45%, D level - 35%, Others - 20%
• By Region - Europe - 45%, Asia Pacific - 20%, North America - 22%, Rest of the World - 13%
Major players profiled in the report are:
• Robert Bosch (Germany)
• Delphi (UK)
• Mitsubishi Electric (Japan)
• JTEKT (Japan)
• Nexteer (US)
• ZF TRW (Germany)
• ThyssenKrupp (Germany)
• NSK (Japan)
• Showa (Japan)
• Hyundai Mobis (South Korea)
• GKN (UK)
• Federal-Mogul (US)
The report segments the electric power steering market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and RoW), component (steering wheel, steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearings), electric motor (brush and brushless), application (passenger cars and commercial vehicles), electric vehicle type (BEV, HEV, and PHEV), off-highway (construction equipment and agricultural equipment), type (REPS, CEPS, and PEPS), and mechanism (rigid and collapsible).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the global electric power steering market. Apart from analyzing the quantitative aspects, the report also covers qualitative aspects such as macroeconomic analysis for the global electric power steering market.
Reasons to Buy the Report:
The report provides insights into the following points:
• Market Penetration: The report provides comprehensive information about the electric power steering market and the top 12 players in the market.
• Product Development/Innovation: The report gives detailed insights into upcoming technologies, R&D activities, and new product launches in the electric power steering market.
• Market Development: The report provides comprehensive information about electric power steering. The report analyzes the electric power steering market across regions.
• Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the electric power steering market.