Electric steering is a viable alternative to hydraulic steering and eliminates the need of a hose, pump, and drive belt. The global electric steering market report by Market Research Future (MRFR) paints a clear picture on the use of the component in upcoming variants of cars as well as numerous opportunities for the period of 2016 to 2022 (forecast period). The COVID-19 outbreak and its implications on the industry are explored in the report.
Market Scope
The electric steering
market is estimated to increase by 7.42% over the forecast period.
Segmentation
By vehicle type, the
market is divided into commercial vehicle and passenger vehicle.
By type, it is segmented
into rack assist Electric steering (R-EPS), pinion assist Electric
steering (P-EPS), column assist Electric steering (C-EPS), and
others.
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Regional Analysis
North America is expected
to have a saturated market growth due to mature automobile market at CAGR of
6.63% during the forecast period. Factors driving the market include
technological advancement and fuel efficiency. The U.S. is leading the market
for electric steering after China. There are a number of factors driving the
market for such steering are rising industrialization, increased spending on
modernization, up gradation of infrastructure and public transport. The market
is expected to have a saturated growth during the forecast period. Canada is
one of the largest vehicle producers in the world. The auto sector is Canada's
biggest contributor to manufacturing Gross Domestic Product (GDP). The Canadian
automotive industry produces light and heavy duty vehicles. The high growth in
the automobile industry is expected to drive the global electric steering
market.
Europe is expected to
account for the second-largest share in the global electric steering market.
The large customer base and high disposable income of end-users have fuelled
the demand for vehicles in the region. The growing European automotive market
represents several opportunities for manufacturers of electric steering system
and other automotive parts. Germany is expected to account for the second
largest share in the global electric steering market. The large customer base
and high disposable income and steady economic growth have fuelled the demand
of the market.UK is expected to grow at a high rate in the global electric
steering market. The car production in U.K. has increase over the last few
years, majorly due to economic stability and high skilled workforce. The
factors driving the market include technological advancement, large customer
base, high fuel efficiency and high disposable income. France is expected to
grow at a high rate in the global electric steering market. The automotive
industry in France is the biggest contributor to France’s foreign trade
balance. Also, the federal government of France has implemented new polices for
helping the automobile industry in the country. The factors driving the market
include large consumer base, high growth in the automotive industry, steady
economic growth and high disposable income.
Asia-Pacific has emerged
to be the fastest growing market for electric steering market. This region has
largest vehicle production due to increasing population and increasing
disposable income. Increasing population, improving per capita income, and
improving living standards are driving the market for automotive industries and
hence expected to drive the market for electric steering. China accounts for
the largest market in the Global Electric steering market. The increasing
population, improving per capita income and changing lifestyles are driving the
market. The region has largest vehicle production. It is one of the major
reasons for biggest market for such steering and gaining highest revenue
growth.
Competitive Outlook
ZF TRW Automotive Holdings
Corp., Nexteer Automotive Group Limited, Mando Corporation, China Automotive
Systems Inc., ThyssenKrupp Ag, Showa Corporation, Hyundai Mobis Co., Ltd., JTEKT
Corporation, NSK Ltd., and Robert Bosch Automotive Steering GmbH are key
players of the global electric steering market.
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