Press release
Global Electric Power Steering Market Expected To Grow At CAGR Of 6.68% Between Years 2017-2021
About Electric Power Steering
The global automotive industry is experiencing a significant change in terms of electric power steering systems that are increasingly replacing hydraulic power steering in vehicles. Electric power steering system is an improvement over hydraulic system in many ways. They eliminate the use of power steering pumps, improving fuel efficiency in vehicles. It provides more precision and a refined feel, which hydraulic system cannot match. When the thrust of the innovations in the automotive industry is in speed, safety, and fuel efficiency, it is evident that technologies such as electronic power steering systems will eventually capture the market rendering the old technologies obsolete.
Technavios analysts forecast the global electric power steering market to grow at a CAGR of 6.68% during the period 2017-2021.
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Covered in this report
The report covers the present scenario and the growth prospects of the global electric power steering market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of passenger cars and light commercial vehicles (LCVs).
The market is divided into the following segments based on geography:
Americas
APAC
EMEA
Technavio's report, Global Electric Power Steering Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
ZF Friedrichshafen
Mitsubishi Electric
Nexteer
TRW Automotive
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Other prominent vendors
ATS Automation Tooling Systems
Delphi Automotive
GKN
Hyundai Mobis
JTEKT
Mando
Robert Bosch
thyssenkrupp Presta AG
Market driver
Low penetration of cars in emerging economies.
For a full, detailed list, view our report
Market challenge
Growing car-sharing services in China, India, and Brazil.
For a full, detailed list, view our report
Market trend
Increase in electrification of mechanical components.
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
You can request one free hour of our analysts time when you purchase this market report. Details are provided within the report.
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