Opportunities for global automotive electric power steering to reach $24.2 billion by 2021

According to a new market report published by Lucintel, the future of the global automotive electric power steering market looks good with opportunities in the segments of passenger car and commercial vehicle. The global automotive electric power steering market is expected to reach an estimated $24.2 billion by 2021 and it is forecast to grow at a CAGR of 6.6% from 2016 to 2021. The major drivers of growth for this market are increasing vehicle production, increasing demand for driving comfort and reliability, and reduction in fuel consumption.
In this market, column assist EPS, single-pinion assist EPS, dual-pinion assist EPS, and rack assist EPS are some of the major segments of automotive electric power steering. On the basis of its comprehensive research, Lucintel forecasts that the single-pinion assist EPS and rack assist EPS segments are expected to show above average growth during the forecast period.
Within the global automotive electric power steering market, the column assist EPS segment is expected to remain the largest market, as it is compact and easy to mount on the vehicle, and Increasing production of small and mid-size cars drive the demand for the column assist electric power steering , which would spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to high vehicle production, improvement in the economic conditions, and increasing investment by the industry players within the APAC region.
Asia Pacific and the Rest of the World are expected to witness significant growth over the forecast period because of rapidly increasing demand for electric power steering by the OEMs.

For business expansion, the report suggests innovation and new product development to develop high-performance electric power steering systems through software algorithms which can offset the effects of wind and other natural obstacles on a vehicle. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.

Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of brushless motor technology and the development of light weight electric power steering. JTEKT Corporations, Robert Bosch Automotive Steering GmbH, NSK Limited, Nexteer Automotive, and ZF TRW Automotive Holdings Corporation are the major EPS suppliers in the global automotive electric power steering market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive electric power steering market by product type, vehicle type, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Automotive Electric Power Steering Market 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global automotive electric power steering market by product type, vehicle type and region, as follows:

By component type (($ million 2015):
• Steering wheel
• Steering column
• Steering motor
• Torque sensor
• Others
By product type (Million Units from 2010 to 2021):
• Column Assist EPS
• Single-Pinion Assist EPS
• Dual-Pinion Assist EPS
• Rack Assist EPS
By vehicle type (Million Units from 2010 to 2021):
• Small Car
• Mid-Size Car
• Luxury Car
• Sports/Unclassified
• Light Commercial Vehicle (LCV)
By region (Volume (Million Units) and $ million from 2010 to 2021):
• North America
• Europe
• Asia Pacific
• Rest of the World

This 164-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Mass Transportation, Transportation Market Report, SWOT Matrix, Due Diligence and Mergers & Acquisitions.

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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This release was published on openPR.