Automotive Electric Power Steering Systems Market – New Business Plan, Market Size, Share, Analysis and Opportunities to 2023- Top Players - ATS AUTOMATION TOOLING SYSTEMS INC., DELPHI AUTOMOTIVE SYSTEMS, GKN PLC, HITACHI AUTOMOTIEC SYSTEMS, INFINEON TE

Market Analysis:

Europe to Dominate the Market

Europe holds the largest market share of the market, followed by North America. However, the growing automobile sector in Asia-Pacific, with India, China, and Japan emerging as automotive manufacture hubs, is expected to drive the market for electric power steering systems.

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The market has grown substantially and constituted over 50% of the overall automotive electric power steering market in 2017 and it is expected to reach over 75% by 2023. The shift from earlier hydraulic steering system technology to EPS systems, as a result of the global fuel crisis and need for fuel efficient solutions, has led to the growth in the global automotive electric power steering systems market. Electric power steering systems are now the norm in automotive industries everywhere. Sourcing of power from an alternator, along with independence from the combustion engine, has helped this technology successfully surpass the earlier steering system.

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Market Segments:
Automotive Electric Power Steering Systems Market is segmented by:
1. Component Type: Steering Wheel/Column, Sensors, Steering Motor, Others
2. Vehicle Type: Passenger Cars, LCV, Heavy Vehicles
3. Technology Type: Electrically-Powered Hydraulic Steering (EPHS), Electro-Hydraulic Power Steering (EHPS), Electric Power Steering (EPS)
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments
• September, 2017 - GKN PLC has come up with SPIDAN power steering system, that features intelligent energy management that help in the reduction of fuel consumption and CO2 emission and preserves natural resources, through the use of remanufactured replacement components.
• September, 2017 - German auto parts maker, ZF Lenksysteme, stated that its electric power steering system uses 90% lesser energy than the hydraulic power steering.

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