China Automotive Electric Power Steering Market Future Trends to 2023 - Ats Automation, Denso Corporation, Mitushibishi Electric Corporation, Zf Friedrichshafen

The China Automotive Electric Power Steering (EPS) market is estimated to register a CAGR of 15.73% during the forecast period of 2018u20132023. The country is likely to see faster adoption of EPS in vehicles in the next five years, owing to increasing electric vehicle sales, as well as, other major factors, like an immediate need for controlling emission levels and fuel-efficient solutions in the automotive industry.

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Increasing Passenger Car Sales to Boost the Market

Passenger car sales have been increasing in China at an average growth rate of 11% during 2014u20132016. In 2016, China passenger car sales accounted for 24,376,902 units. China has the largest share of passenger vehicles, followed by the United States, Japan, Germany, South Korea, and India. China alone contributed to 26.99% of the global sales. This improvement in sales is expected to encourage automakers to amp up their production activities, driving the market for automotive EPS over the forecast period.

Major Players:

ATS AUTOMATION, DENSO CORPORATION, MITUSHIBISHI ELECTRIC CORPORATION, AND ZF FRIEDRICHSHAFEN AG, amongst others.

Key Developments in the Market

April 2017: Nexteer Automotive signed a joint venture agreement with China-based Dongfeng Motor Parts and Components Group Co., to supply EPS for Dongfeng Motor Group. The 50:50 joint venture was anticipated to start in late 2017, due to pending Chinese regulatory approval.

December 2017: Nexteer Automotive, started a constructing a plant in Liuzhou, China, at the end of 2017 and expected to complete it by October 2018. The plant will produce electric steering system and supply to the growing demand in China as well as other Asia-Pacific markets.

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Technology Advancement in EPS

NSK Ltd, a Japanese Company has designed the world’s lightest column type Electric Power Steering (EPS), which will contribute to increased fuel efficiency in automobiles. This EPS is 13% lighter than the current products on the market. The company has planned to launch this lightweight system on a global scale for small to mid-sized cars, which have a particular need for fuel efficiency. This steering system was developed keeping in mind various factors, such as the vital need to maintain safety, a compact and lightweight form that will contribute to fuel efficiency, and also enhance performance.

The simple EPS design compared to hydraulic steering systems, with advantages such as lesser weight, low maintenance, a better response at different speeds, high durability, and lesser fuel consumption, has fuelled the adoption of EPS over hydraulic systems, in turn, driving the market for automotive electric power steering systems. Erratic fuel prices and safety features, such as electronic stability control and ABS integrated with electronic steering systems, are some other factors fuelling demand in this market.

Automakers and EPS manufacturers noticed the high potential of growth in the Chinese market and geared up with strategies to penetrate and invest in the market.

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This release was published on openPR.