Good Growth Opportunities in Global Electronic Power Steering Market Till 2026
The automotive industry has gone through many phases of improvements in design, power and efficiency in the last few decades. The technology has brought automobiles to perform in any terrains, which were earlier meant only for smooth roads. The selection of correct steering design provides stability and maneuverability to vehicle in any terrains.
The steering mechanism is a combination of various linkages which are intended to turn vehicle in minimum radius without over turning it. Unlike conventional steering, the modern electronic power steering comprises of various electronic components which assist to reduce power and provide precision turning. The electronic power steering can improve fuel efficiency and driving experience.
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Earlier, the electronic power steering was used only in only high-end vehicle or sports utility vehicles (SUVs). In recent years, the reliability of electronic power steering has increased, which in result, has boosted its involvement in almost every categories of vehicle. The modern electronic power steering are much more compact and includes many other controlling features and airbags.
Global Electronic Power Steering Market: Dynamics
The electronic power steering market is basically dependent on the automobile manufacturing sector. Also, research and development activities by various automotive firms is one of the driving factor of the global electronic steering market. Developments of sophisticated and robust steering mechanism is estimated to fuel up the global electronic steering market. Moreover, increasing competition to develop electric, self-driven or auto-pilot enabled vehicles is expected to boost the global market of power steering. Whereas, unavailability of cent percent reliable steering system and failure of electronics of steering are major restraints to global electronic power steering market.
Unlike conventional steering which have constant direct connection of links, development of electronic power steering with no direct contact of links is expected to trend in the forecast market.
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Global Electronic Power Steering Market: Segmentation
The global electronic power steering (EPS) or electric power assisted steering (EPAS) market can be segmented into various categories on the basis of its type and application vehicle. On the basis of EPS type, it can be segmented as column assisted electronic power steering(C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted power steering system (R-EPS), electronic hydraulic power steering (EHPS).
On the basis of type of vehicle application, the global electronic power steering can be segmented as light motor vehicles (LMV), passenger cars, heavy motor vehicles (HMV), agricultural tractors, and special utility vehicles (cranes, sports cars, earth moving, military vehicles, etc.).
The application of electronic power steering in passenger cars and LMV are expected to remain dominating due to wide production in this categories. Whereas, application in heavy motor vehicles is expected to grow substantially.
Global Electronic Power Steering Market: Region-wise Outlook
The global electronic power steering (EPS) or electric power assisted steering (EPAS) market is segmented into 5 key regions, namely North America, Latin America, Middle East & Africa, Asia-Pacific and Europe. Asia-Pacific is expected to attain high growth rate because of large production of automobiles in this region. Whereas, Europe and North America is expected to have saturated market growth rate due to mature automobile market.
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Global Electronic Power Steering Market: Key Players
The major key players in global electronic power steering market includes companies like Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro Mechanical Co. Ltd.