Press release
Electric Steering Market expected to post a growth rate of about 15% CAGR between 2016 and 2022
Electric Steering Market
Market Highlights
Electric steering is increasing replacing hydraulic steering’s in the automotive industry. Usage of electric steering will improve the fuel economy because electric steering uses around 8-10 horsepower under load. Electric powered steering uses electric motor instead and provides increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump. Growth in the improved steering & reliability, and high fuel efficiency of electric steering over hydraulic steering systems is expected to drive the market of electric steering. The global electric steering market is expected to show a growth at CAGR of about 15% from 2016 to 2021.
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Asia-Pacific has emerged to be fastest growing market for electric steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market for electric steering.
Scope of the report
This study provides an overview of the global electric steering industry, tracking market segments across the categorized four geographic regions. The report provides a five-year forecast for the market size in terms of value for North America, Europe, Asia-Pacific, and Rest of the world. The scope of the study segments the global electric steering market based on type and vehicle type.
Key Players
The key players of global Electric steering market report include JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive Systems Inc.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Akash Anand
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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