Growing Awareness about Automotive Electric Power Steering Systems Market and Related Conditions to Drive the Market Growth
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Global automotive electric power steering systems was estimated at US$ 19.01 billion in 2020 and is expected to reach US$ 31 billion by 2029, growing at a CAGR of 7% over the forecast period. The need for fast-paced and high performance cars, along with enhanced safety features is driving the automotive electric power steering system market. The market which has grown leaps in past couple of decades was largely affected by the recent COVID-19 pandemic. Unavailability of labor, various trade restrictions and disrupted supply chain owing to the lockdowns imposed by most of the leading economies dragged the automotive EPS system market behind. Though the situation seems to be changing as the number of COVID-19 cases is plunging and the demand for passenger vehicles is steadily going upwards to pre-pandemic levels.
As automotive electric power steering (EPS) system is much more efficient compared to the conventional steering systems like hydraulic and electro-hydraulic, it is being extensively adopted by automakers. The arrival of self-driving vehicles together with increased need for low steering effort is taking the automotive EPS system market ahead.
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Everything that is comfortable and makes one's job easy is likely to come at an increased price and same is the case with automotive EPS system. The higher cost as compared to other steering systems could restrain the growth of the automotive electric power steering market. Despite, being expensive, the automotive EPS system has managed to carve a niche for itself. The market adversely affected by the COVID-19 pandemic is expected to rebound mainly because of its adoption by the logistics industry. As it provides the much needed comfort to drivers who travel longer routes, the integration of EPS system reduces the efforts and this could result in lower number of road accidents and also help the companies save more money.
The study also elaborates on growing futuristic opportunities in order to get a clear idea about global opportunities for the Automotive sector. The report focuses on some significant questions faced by different stakeholders in the businesses. The study also address various risks and challenges faced by businesses during the forecast period.
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Key Findings of the Report:
• As column electric power steering system requires less space for installation, it is being widely used in smaller vehicles.
• While sale of integrated systems bring maximum amount of revenue for the automotive electric power steering system market, it is the aftersale which includes sales of components that contributes in terms of profits
• Increased demand for steering systems that is automatic and requires lower amount of efforts is helping the automotive EPS market grow exponentially.
• The major players operating in the automotive electric power steering systems market include Hitachi Ltd., Mando Corp., Robert, Akashi Machine Industry Co. Ltd, JTEKT Corporation, NSK Ltd, SHOWA CORPORATION. amongst others.
Automotive Electric Power Steering Systems Market
By Product Type
• Integrated Systems
o Column Electric Power Steering
o Pinion Electric Power Steering
o Direct Drive Type Power Steering
o Dual Pinion Electric Power Steering
o Rack and Pinion Electric Power Steering
o Steering Column
o Electric Control Unit
o Steering Gear
o Rack and Pinions Gears
o Torque Sensor
• Passenger Vehicles
o Small Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Sales Channel
o North America
Rest of North America
Rest of Europe
o Asia Pacific
Rest of Southeast Asia
Rest of Asia Pacific
o Middle East and Africa
Rest of Middle East & Africa
o Latin America
Rest of Latin America
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