Electric Power Steering Market 2019 Global Size To Grow At 6.41% CAGR By 2023 – Industry Share, Growth, And Regional Forecast To 2023
Electric Power Steering System Market 2019 Global Industry Analysis By Type (Passenger Vehicle, Commercial Vehicle), by Component ( C-EPS, P- EPS, R- EPS), by Region Global Forecast to 2023.
Pune, India – February 28, 2019 /MarketersMedia/ —
Electric Power Steering System Market 2019 Global Industry Analysis By Type (Passenger Vehicle, Commercial Vehicle), by Component ( C-EPS, P- EPS, R- EPS), by Region Global Forecast to 2023. Market Research Future (MRFR) has published a detailed report stating that the global electric power steering system market is marked to expand significantly at a CAGR of 6.41% during the forecast period of 2017 to 2023 and reach the valuation of USD 28,300 Mn by the end of 2023.
Companies Covered:
Notable market players operating in the global EPS market include Nexteer Automotive, Hyundai Mobis, Robert Bosch GmbH, NSK Ltd, and JTEKT Corporation. These players employ R&D activities which focus on technological advancements and the development of fuel-efficient systems to increase their market share and further market growth. Other players included in the report are Mando Corporation, Showa Corporation, ZF Friedrichshafen, and ThyssenKrupp.
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The automotive industry continues to be disrupted by new technological affinities where embracing electric and clean technology is the new normal. Pressure has been mounting on carmakers across the globe to adopt technological solutions that meet energy-efficiency standards. Factors as such are partly driving the adoption of EPS system. Moreover, growth of the automotive sector in fast-developing countries in Asia and Latin America is also providing an impetus to the market. The outlook towards EPS system market remains positive throughout the course of the review period. Incessant advances in the automotive technology coupled with opportunities arising from emerging markets is creating favorable conditions for market participants.
While EPS technology is highly fuel efficient, the raw materials used to manufacture the necessary components are expected to increase, particularly in developed regions such as North America. Subsequently, this adds to the cost of the final product which can make servicing and replacement expensive. This increased cost is slowing market growth as manufacturers view these factors as a barrier, which creates another challenge to produce designs for EPS to appropriately suit the vehicle and particular car model. However, the global automotive industry presently has a highly positive outlook with majority car manufacturers choosing to leverage the fuel efficiency that EPS provides, emerging economies which have become hugs for automotive manufacturing are growing rapidly thus providing market expansion opportunities beyond the forecast period.
Market Segments Analysis:
The global electric power steering system market has been segmented on the basis of type and component. based on type, the global electric power steering system market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is leading the global electric power steering system market followed by commercial vehicle segment that commands for 36.8% in the electric power steering system market during the assessment period. Based on component, the global electric power steering system market has been segmented into column assist electric power steering (C-EPS), pinion assist electric power steering (P-EPS) and reach assist electric power steering (R-EPS). The pinion assist electric power steering segment commands for the major share in the global electric power steering system market owing to the high demand for these steering systems from the automobile manufacturers.
Regional Analysis:
Geographically, the global electric power steering system market has been segmented into five major regions such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The Europe region is controlling the global electric power steering system market owing to the rapid development of automotive industry that is contributing to the demand for electric power steering systems in this region. The Asia Pacific region commands for the second largest share in the global electric power steering system market and is forecasted to expand at a CAGR of 5.14% during the assessment period. The growth of the electric power steering market in the Asia Pacific region is majorly attributed by the increased incorporation of electric power steering system along with other features to improve the performance and safety of vehicles in the automotive industry and high demand for vehicles equipped with electric power steering in this region. Increased disposable income and easy adoption of technologically advanced solutions are aiding the growth of eth electric power steering system market in the North America region. Poor economic conditions of the underdeveloped countries are acting as restraining factors to the growth of the electric power steering system market in the Middle East and Africa region.
Table of Content:
TABLE 1 MARKET SYNOPSIS 17
TABLE 2 P-EPS, 2013-2018 (USD/UNIT) 35
TABLE 3 R-EPS, 2013-2018 (USD/UNIT) 35
TABLE 4 C-EPS, 2013-2018 (USD/UNIT) 36
TABLE 5 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2013-2017 (THOUSAND UNITS) 38
TABLE 6 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2018-2023 (THOUSAND UNITS) 39
TABLE 7 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2013-2017 (USD MILLION) 39
TABLE 8 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENT, 2018-2023 (USD MILLION) 39
TABLE 9 GLOBAL ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2013-2017 (THOUSAND UNITS) 42
Continued
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