Electric Steering Market Research Report 2018 provides comprehensive information, Electric Steering Market is to grow at 6.76% by End of Year 2023.
— This research report analyzes Global Electric Steering Market Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS)), and by Regions with Forecast to 2023.
Key Companies in Electric Steering analyzed are for market analysis are: Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive Systems Inc, Electric Steering JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd.
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Electric Steering Global Market Overview:
The Electric Steering market is segmented based on type and vehicle type, and region.
Others (Others consist of dual pinion and rack direct drive)
By Vehicle Type
The global electric steering market is a very dynamic market and is expected to witness a high growth over the forecast period. The growth of the electric power steering is influenced by the automobile manufacturing sector and the research &development activities by various automotive firms. Furthermore, safety regulations and increase in the demand of automotive sensors, have led to the emergence of Asia-Pacific as the fastest growing region. Increase in the number of electric vehicles has propelled the demand of the market while after-sales services rendered for electric steering parts hinder the growth of the electric steering market.
Electric Power Steering is also known as EPS, uses a motor to assist the driver of the vehicle. Electric steering is increasingly replacing hydraulic steering in the automotive industry. These steering uses electric motor instead and provides increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump.
The Steering Market is directly dependent on vehicle production. The region has the highest vehicle production in the world, majorly due to its increasing population and the increase in disposable income. In the year 2015, the auto sales in China hit a record of USD 24 million. Also, increase in the per capita income and the improved standard of living has contributed to the growth of the automotive industry in Asia-Pacific. Passenger cars equipped with electric steering are preferred by Chinese consumers. Moreover, the changing oil prices are increasing the popularity of mini and compact car models, for which electric steering is suitable. In fact, the increase in adoption of electric power steering in vehicles has also boosted the demand for steering wheel sensors and Asia-Pacific is expected to lead the steering wheel speed sensor market as well.
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.
Table Of Contents:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
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