Electric Power Steering Gearbox Market Top Key Players – JTEKT, Nexteer, Robert Bosch, ZF, NSK
In addition, there is increasing pressure on car manufacturers around the world to develop technological solutions that meet energy efficiency standards, which are expected to contribute to the further development of the global electric power steering system during the forecast period. In addition, the continued growth of the automotive sector in fast-growing countries such as Asia and Latin America further contributes to market growth.
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GLOBAL ELECTRIC POWER STEERING GEARBOX MARKET DYNAMICS
• Drivers of The Electric Power Steering Market: Global Measures by OEMs to Reduce Complexity and Weight of Vehicles- Over the last few years, OEMs have shifted focus from hydraulic to electric power steering systems in the interests of reduced complexity and increased efficiency. EPS systems use an electric motor instead of a hydraulic pump to provide steering assistance and thus help to reduce the weight of the vehicle.
• Restraints of The Electric Power Steering Market: High Cost and Lack of Steering Feel - Despite the high demand for electric power steering systems, this market still experience certain obstacles. The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.
GLOBAL ELECTRIC POWER STEERING BOX MARKET SEGMENTATION
• Steering column
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
By Type of Electric Motor
• Brush motor
• Brushless motor
By Vehicle Type
• Passenger Cars (PC)
• Commercial Vehicles (CV)
• Latin America
• Rest of the World
RECENT TRENDS IN THE ELECTRIC POWER STEERING GEARBOX MARKET
• From September 2021, the GOI plans to revise its PLI (Production Linked Incentive) program, which will include components such as EPS, automatic transmission, adaptive headlights, and more. This program will stimulate industry to make new investments in these components.
• Brakes India, based in Chennai, has launched Ezsteer, a high performance power steering fluid for cars, trucks and commercial vehicles.
• In October 2020, BorgWarner acquired Delphi Technologies in a $ 3.3 billion stock exchange deal. The transaction is expected to strengthen the portfolio, capabilities and scale of BorgWarner's electronic and power electronics products, creating a leader in electromechanical drives.
Analysis of the market shares of key players in the industry was based on factors such as total revenues, segment revenues, product portfolio, market presence and recent events. The chapter also highlights the key development strategies adopted by market participants from 2018 to the present. The electric power steering market is dominated by several internationally recognized players such as JTEKT (Japan), Nexteer (USA), Robert Bosch (Germany), ZF (Germany) and NSK (Japan).
• Robert Bosch
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