ElectricPower Steering System Market Overview:
Global Electric Power SteeringSystem Market is expected to be valued at USD 31.7 Billion by 2025, at a CAGRof 5.28% during the forecast period.
The report covers segmentationand drivers for a better glimpse of the market in the coming years. Electricpower steering systems have been significantly adopted rates over the past fewyears in developing nations, such as China, Australia, and Brazil, owing to therising automotive production and growing automotive aftermarket. The market ismainly dependent on automobile production and sale. Thus, the fluctuation indemand for automobiles has an impact on the market. The global passenger andcommercial vehicle production volume in 2019 was almost 91 million units and isexpected to witness a steady growth rate in the coming years.
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CompetitiveAnalysis
Global ElectricPower Steering System Market growth is characterized by the presence ofmany local, regional, and global vendors. The global market is highlycompetitive, with all the players continually striving to gain a significantmarket share. High competition, rapid advances in technology, frequent changesin government policies, and stringent environmental regulations are some of thecritical factors that could restrain market growth. The vendors compete interms of cost, product quality, reliability, and aftermarket services. Vendorsmust provide cost-effective and efficient products to survive and succeed in acompetitive market environment.
The growth of the vendors isdependent on market conditions, government support, and industrial development.Thus, the vendors should focus on expanding their presence and improving theirservices. Showa Corporation (Japan), JTEKT Corporation (Japan), NexteerAutomotive (US), Hyundai Mobis (South Korea), Thyssenkrupp AG (Germany), ZFFriedrichshafen AG (Germany), and Robert Bosch GmbH are some of the key playersoperating in the global market. These companies compete in terms ofavailability, quality, price, and technology and consider product developmentas their key strategy in the global electric power steering system market.Although the international players are dominating the global market, regionaland foreign players with small market shares also have a significant presence.The international players may strengthen their presence in the global market byheavily investing in product development during the forecast period.
SegmentalAnalysis
The global market for theelectric power steering system is segmented based on Type, Vehicle Type,Mechanism, and Region.
The electricpower steering system market has witnessed aprospective growth over the last few years. As per MRFR analysis, the globalmarket is expected to retain the same growth rate during the forecast period.In this report, the global market for electric power steering system has beendivided, based on type, into Column Assist Electric Power Steering (C-EPS),Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric PowerSteering (R-EPS).
Based on vehicle type, theglobal electricpower steering system market trend is segmented into apassenger-carrying vehicle (PCV), light commercial vehicle (LCV), and heavycommercial vehicle (HCV). The increasing demand for improving vehicleefficiency and the increasing incorporation of safety features in the vehiclesare likely to drive the need for electric power steering systems in the globalmarket during the forecast period. The chapter discusses in detail the varioustypes of vehicles that are using electric power steering. On the basis ofapplication, the global automotive electric power steering market is segmentedas passenger cars, LCV, and HCV.
The chapter discusses in detailthe various mechanism through which electric power steering are offered by themanufacturers in the global market. On the basis of the mechanism, the globalautomotive market is segmented as collapsible EPS and rigid EPS.
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RegionalAnalysis
Geographic analysis of theGlobal Electric Power Steering System Market spans across North America,Europe, Asia-Pacific, and the Rest of the World.
Europe comprises Germany,France, the UK, and Italy. The region is one of the advanced automotive hubsacross the globe. Component manufacturers use improved technologies in theirproducts to gain a competitive edge and increase their revenue generation. Thehigh export of automobiles and related components, including the electric powersteering system, is projected to drive the regional market growth during thestudy period. Moreover, the increasing demand for electric power steeringsystems and components from international automotive manufacturers, includingMercedes, BMW, and Audi, encourages global industry players to improve anddevelop their operation network in Europe.
The growing auto componentmanufacturing, including the electric power steering system, especially inChina, Japan, and India, is expected to drive the automotive sector in theregion primarily. The increasing population and low labor costs are attractingautomotive industry players to set up production facilities in the region.Additionally, the proliferating aftermarket industry of automotive components andother related products is expected to positively drive the electric powersteering system market during the projected timeframe.
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