Global Automotive Electronic Power Steering Market: Overview
The world automotive electronic power steering (EPS) market is prognosticated to showcase an enhanced growth due to the shift from the previous technology to EPS systems. This could be on account of the urgent need to find fuel-efficient solutions followed by the global fuel crisis. Independence from the combustion engine and the usage of alternator for sourcing power are envisaged to have assisted the new EPS technology to overshadow the conventional steering system.
Global Automotive Electronic Power Steering Market: Dynamics
Technological advancements are forecasted to be at the forefront of the world automotive EPS market. Several companies are making their individual contribution toward the growth of technology in the market. For instance, the SPIDAN power steering system developed by GKN PLC uses remanufactured replacement components to ensure the preservation of natural resources. It also helps in decreasing carbon dioxide emission and fuel consumption. Moreover, it boasts of intelligent energy management. Another instance could be Hitachi Automotive Systems Co. Ltd. and Nissan collaborating to develop a new electro-hydraulic power steering system.
The rapid rise in vehicle-owning households and worldwide population are projected to play a significant role in the substantial increase in automotive vehicle production. Today, the EPS systems market is said to have surpassed the traditional hydraulic steering in less than two decades. Advantages such as lower fuel consumption, high durability, improved response at different speeds, low maintenance, and lower weight coupled with simple architecture could fuel the adoption of EPS over hydraulic systems. This, in turn, could fuel the demand in the world automotive EPS market.
Global Automotive Electronic Power Steering Market: Segmentation
According to the researchers authoring the report, the international automotive EPS market could be split up into four chief products, viz. hydraulic (H)-EPS, column-assist (C)-EPS, pinion-assist (P)-EPS, and rack-assist (R)-EPS. Amongst these, H-EPS is anticipated to secure a leading share of 31.2% in the market by the end of 2022. The H-EPS market could expand at an annual US$0.4 bn absolute growth, which is prophesied to be larger than any other product.
The international automotive EPS market is also predicted to be classified into heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars, and compact passenger cars, as per vehicle type segmentation.
In terms of regional segmentation, the international automotive EPS market could be divided into six key geographies, i.e. North America, Latin America, Europe, Japan, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA).
Global Automotive Electronic Power Steering Market: Competition
In all, the report on the worldwide automotive EPS market studies 10 industry players, viz. JTEKT, Bosh, Nexteer, NSK, Mando Corporation, KSR International Company, Showa, ThyssenKrupp Presta, Hitachi Automotive, and Sona Koyo. Readers are also provided with a detailed company share analysis followed by SWOT analysis and company overview of each player studied. Furthermore, for each company analyzed in the report, the analysts offer a study of their important developments, sales data and key financials by type of product, and a list of their products.
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