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Automotive Electric Power Steering Market Poised to Expand at a Robust Pace by 2031
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Rise in sales of vehicles across the globe due to decline in tax rates on vehicles is also a key factor fueling the demand for electric power steering in vehicles. High demand for electric vehicles due to enactment of stringent emission norms is anticipated to further drive the automotive electric power steering market across the globe.
Automotive Electric Power Steering Market: Drivers
Rise in adoption of advanced electric components in vehicles to improve safety features is likely to boost the automotive electric power steering market. Vehicle manufacturers are using an increased number of electric components and systems in their vehicles to improve the quality and driving experience of their vehicles. Manufacturers are employing electronic devices and systems to increase the efficiency of their vehicles and monitor the working of all major components in order to identify faults, initially, before they become severe.
Penetration of electric power steering system is anticipated to rise at a notable pace during the forecast period, as the technology offers various advantages over the existing hydraulic power steering technology, including low maintenance cost and assistance in providing higher fuel efficiency
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Automotive Electric Power Steering Market: Challenges
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
The automotive electric power steering system comprises a large number of electronic components, and the failure of electronic is a major factor restraining the automotive electric power steering market. Furthermore, a few consumers prefer hydraulic power steering system over electric power steering system, which, in turn, is estimated to hamper the electric power steering market.
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Automotive Electric Power Steering Market: Major Segments
The global automotive electric power steering market has been segmented based on motor assist, component, vehicle, technology, and region
Based on motor assist, the column assist segment dominated the global automotive electric power steering market. Column assist is widely used in passenger vehicles, and a rise in the sale of passenger vehicles across the globe is anticipated to increase the demand for column assist power steering systems in vehicles.
Based on technology, the EPS with ADAS is a prominent segment of the global automotive electric power steering market. Technological advancements in vehicles, which include lane departure warning system and blind spot detection system, are likely to increase the penetration of EPS with ADAS technologies in vehicles. This, in turn, is estimated to boost the automotive electric power steering market across the globe.
Automotive Electric Power Steering Market: Regional Analysis
Based on region, the global automotive electric power steering market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Europe and Asia Pacific are projected to be highly lucrative markets during the forecast period. Rapid expansion of manufacturing industries across Asia Pacific is anticipated to propel the automotive electric power steering market across the region. Europe has a major presence of OEM and tire-1 suppliers who have advanced R&D facilities regarding electric power steering, which is likely to drive the automotive electric power steering market across Europe.
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Automotive Electric Power Steering Market: Competition Landscape
Key players operating in the global automotive electric power steering market include
JTEKT Corporation
DENSO Corporation
Sona Koyo Steering Systems Ltd.
ZF Friedrichshafen AG
GKN plc.
Robert Bosch GmbH
NSK Ltd.
Mitsubishi Electric Corporation
China Automotive Systems, Inc.
Delphi Technologies
Hyundai Mobis
Thyssenkrupp Business Area Components Technology
SHOWA Corporation
Mando Corp.
Global Steering Systems
Zhejiang Shibao Company Limited
TRIDEC
Hitachi Automotive Systems
Players operating at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. On June 7, 2019, NSK Cooperation and Volkswagen signed an agreement on EPS 9 electric power steering to boost innovation in the power steering technology. Both companies would have equal approach in the development of the division.
On March 6 2019, CHINA AUTOMOTIVE SYSTEMS, INC. announced that it has secured a major supply contract from Great Wall Motor Company Limited for EPS (electric power steering). Great Wall announced that it was planning to launch a new all-electric vehicle brand, the ORA. Consequently, the company would be upgrading steering systems for its new vehicle models with conventional hydraulic power steering to EPS (electric power steering). The company was expected to deliver 150,000 units by the end of 2019.
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