Pune, India, April 15, 2019 (GLOBE NEWSWIRE) -- A detailed report provided by Market Research Future (MRFR) has stated that the global electric power steering system market is likely to strike a lucrative CAGR of 6.41% during the forecast period of 2017-2023. The primary purpose of an electric power steering system is to reduce the efforts exerted by the driver for steering the vehicle. It adds controlled energy to the steering mechanism by using electric actuators, which leads to a considerable reduction in the manual efforts of the driver. An electric power steering system facilitates higher fuel efficiency and easier vehicle handling, as compared to a traditional steering system. Due to these features, many well-established automobiles manufacturers are shifting their car line-up to support an EPS system, augmenting the EPS system market.
Increasing global population and a rise in the per capita income of the general public are inciting high demand for well-equipped automobiles, which in turn, is triggering speedy growth of the electric power steering system market. Also, a quickly ascending graph of growth for the automobile industry in some developing economies across the globe is influencing substantial market growth throughout the assessment period. With continuous advancements in the automotive sector, along with lucrative growth opportunities in the developing countries, many players in the electric power steering system market are provided with expansion opportunities.
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Market Segmentation
The global electric power steering system market has been segmented on the basis of component, type, and region by MRFR. Passenger vehicles and commercial vehicles are two market segmentations conducted on the basis of type. The passenger vehicle segment is anticipated to lead the global market, with a shareholding of approximately two-thirds of the market. The passenger vehicle segment is also projected to garner the highest growth during the review period. Passenger vehicles are the most generic mode of transport, which is defining the market-leading position of the segment.
By component, the electric power steering system market is segmented into column assist EPS (C-EPS), rack assist EPS (R-EPS), and pinion assist EPS (P-EPS). The C-EPS segment is currently the frontrunner in the market and is anticipated to grow at the fastest rate during the assessment period. The C-EPS is the most suitable component for compact vehicles with limited space for the engine. Popularly used in light, medium and compact cars, the C-EPS component is estimated to witness high demand, driving the segment’s growth to a great extent.
Europe Accounts for 42.7% of Global Share in Electric Power Steering Systems Market
The global electric steering system is assessed to garner USD 28,300 Mn by the end of the forecast period. The Electric Power Steering System Market is geographically segmented into North America, Asia Pacific (APAC), the Middle East & Asia (MEA), South America, and Europe. Europe is assessed to garner the largest market share for electric power steering systems, with a 42.7% shareholding. Government regulations to initiate better vehicle safety has encouraged the original equipment manufacturers (OEMs) to incorporate safety features in the latest automobile models. A high level of required quality control of the vehicle and the technology offered is also proliferating the adoption of EPS systems in Europe. With Germany spearheading the country-specific market, France, and the UK are also estimated to emerge as prominent markets in the region during the forecast period.
Asia Pacific is projected to hold the second largest market share for EPS systems and is anticipated to register the highest CAGR in the global electric power steering system market. Such growth can be influenced by the presence of massive potential consumer population in the region. Further, the establishment of manufacturing units for the automobile industry in many emerging economies is also predicted to prompt market growth in Asia Pacific. Additionally, cheaper labor costs and higher economies of scale for production in the region has instigated many key players to establish manufacturing units in the APAC region. This shift of operations is likely to promote significant market growth for electrical power steering systems.
Key Market Players
MRFR has profiled many prominent players from the global EPS systems market in its latest report. Some of these noteworthy players include Nexteer Automotive, Hyundai Mobis, Robert Bosch GmbH, NSK Ltd, and JTEKT Corporation. Employment of research and development activities to develop fuel-efficient systems by these market players is assumed to capture higher market shares. Some other market players mentioned in the report include Mando Corporation, Showa Corporation, ZF Friedrichshafen, and ThyssenKrupp.
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Industry Update:
April 2019: DENSO completed its integration with ASMO to accelerate the development of motor technologies and innovations for the North American populace. DENSO Manufacturing North Carolina (DMNC) became an integral part of DENSO’s North America Motors Business group. DMNC will be producing blower motors, power seat motors, and electric power steering motors, among other similar products.
Related Reports
Commercial Vehicle (CV) Active Power Steering Market Research Information Report by type (Hydraulic Power Steering (HPS), Electric Power Steering (EPS), Electro-hydraulic Power Steering (EHPS)), by application (Medium commercial vehicles, Heavy commercial vehicles), by Region - Forecast To 2023.
https://www.marketresearchfuture.com/reports/commercial-vehicle-active-power-steering-market-6904
Automotive Steering Systems Market by Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, Hydraulic Powered), by components (Hydraulic pump, Steering Sensor & column Electric Motor), Vehicle Type and by End Market Forecast to 2023.
https://www.marketresearchfuture.com/reports/automotive-steering-systems-market-1814
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