Automotive Electric Power Steering Systems Market - Growth, Trends, and Forecast (2018 - 2023)
Necessity for fuel-efficient steering systems driving the market
The market has grown substantially and constituted over 50% of the overall automotive electric power steering market in 2017 and it is expected to reach over 75% by 2023. The shift from earlier hydraulic steering system technology to EPS systems, as a result of the global fuel crisis and need for fuel efficient solutions, has led to the growth in the global automotive electric power steering systems market. The need for reducing fuel consumption and other logistical benefits drove automobile manufacturers to shift from hydraulic power steering systems that have become obsolete to the new electric power steering systems. Electric power steering systems are now the norm in automotive industries everywhere. Sourcing of power from an alternator, along with independence from the combustion engine, has helped this technology successfully surpass the earlier steering system.
The global automotive electric power steering systems market has been segmented on the basis of component type, vehicle type, type, and geography.
On the basis of component type, the market has been segmented into steering wheel/column, sensors, steering motor, and others.
On the basis of vehicle type, the market has been segmented into passenger cars, LCV, heavy vehicles, and others.
On the basis of type, the market has been segmented into electrically-powered hydraulic steering, electro-hydraulic power steering, EPS, and others.
On the basis of geography, the marker has been segmented into North America (United States, Canada, others), Europe (United Kingdom, France, Germany, Russia, others),
Asia-Pacific (China, Japan, India, South Korea, others), South America (Brazil, Argentina, others) and Middle East & Africa (South Africa, Saudi Arabia, others).
Europe holds the largest market share of the market, followed by North America. However, the growing automobile sector in Asia-Pacific, with India, China, and Japan emerging as automotive manufacture hubs, is expected to drive the market for electric power steering systems.
Key Developments in the Market
- September, 2017 - GKN PLC has come up with SPIDAN power steering system, that features intelligent energy management that help in the reduction of fuel consumption and CO2 emission and preserves natural resources, through the use of remanufactured replacement components.
- May, 2017 - The New Corvette Stingray and Bugatti Veyron have started using the advance Electric Power Assisted Steering system (EPAS), employing a simple motor to push the steering rack as the steering wheel turns, instead of hydraulic pistons and pumps.
- September, 2017 - German auto parts maker, ZF Lenksysteme, stated that its electric power steering system uses 90% lesser energy than the hydraulic power steering.
- May 2017 - Automotive vehicle production has been growing rapidly with a substantial increase in global population and vehicle-owning households. The market for electric power steering (EPS) systems has surpassed the conventional hydraulic steering, in less than 20 years.
The simpler construction compared to hydraulic systems, with benefits such as lesser weight, low maintenance, better response at different speeds, highly durability, and lesser fuel consumption, are driving the adoption of EPS over hydraulic systems, in turn, driving the market for electric power steering systems.
Unstable fuel prices and safety features such as electronic stability control and ABS integrated with electronic steering systems are some other factors that are increasing the demand.
Major Players -Delphi Automotive, Hitachi Automotive Systems, Hyundai Mobis Co., Ltd., Infineon Technologies, Jtekt Corporation, Robert Bosch Gmbh, Trw Automotive, Nexteer Automotive, Nsk Global, Jtekt Corporation, Showa Corporation, Thyssenkrupp Presta Ag, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro Mechanical Co. Ltd, among others.
Reasons to Purchase the Report
- Current and future global automotive electric power steering systems market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players.
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