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Automotive Electric Power Steering Market By Type (Pinion Assist Type, Rack Assist Type and Column Assist Type), By Component (Bearing, Rack And Pinion, Electric Motor, Steering Wheel, Steering Gear and Steering Column), By Mechanism (Collapsible and Rigid), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV)-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 – 2029

  • TBI926888
  • July 24, 2020
  • Global
  • 132 pages
  • SAC Insights
                                              Abstract
                    
(EPS/EPAS) Electric power assisted steering or motor driven power steering are used to assist the driver of a vehicle with the help of an electric motor.

Automotive Electric Power Steering Market is anticipated to witness growth in the long run. Rising prices of fuel along with the seeking of technically superior automobiles by consumers is anticipated to support market demand. Global consumers of automobiles are looking for an economical cost, better safety options, and high-end features. The dream of greener cars with a lesser carbon footprint can be achieved by incorporating this system. Also, the consumer wants a more comfortable and peaceful driving experience, which can be achieved by an electric power steering system. Moreover, rising government rules and regulations related to carbon emission is anticipated to supplement growth Surging fuel cost and coupled with the introduction of new and added features in the upcoming automobiles are anticipated to support market growth in the long run. Increasing vehicle production, rising demand for advanced safety and convenience along with an increase in disposable incomes globally are considered to be some of the factors boosting the market growth. EPS is a fuel-efficient mechanism and it helps the engine load to guide the driver, when he turns the steering wheel, thus decreasing the fuel consumption. However, a rise in vehicle recalls, owing to malfunctioning of sensors or other components, may hinder the growth of the market.

The automotive electric power steering market is segmented to the basis of type, into Pinion assist type, rack assist type, and column assist type. The column assist type is anticipated to witness growth. It is also considered to be the most widely used electric power steering. This surge in demand is estimated to occur owing to its integration of assisting mechanism and system electronics with steering column thus, saving space in compact cars. On the basis of vehicle type, the passage vehicle is anticipated to have a significant growth in the predicted period. The market is growing at a rapid pace in developing countries and will support growth.

On the basis of region, the automotive electric power steering market is segmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. North America is anticipated to hold a substantial share during the forecast period, owing to the R&D and adoption of self-driving automobiles. The electric power steering mechanism supports in the easy movement of self-driving automobiles, thus, propelling growth prospects in the market. Furthermore, Asia Pacific is also anticipated to hold a significant share and will also become the next global automotive hub, due to the rising income and purchasing power of consumers in the region.

Renowned automotive electric power steering market players are Mando Corporation, Delphi Automotive, KSR International Company, Robert Bosch GmbH, Showa Corporation, Mitsubishi Electric Corporation, Hitachi Automotive Systems Ltd., JTEKT Corporation, Nexteer Automotive and Sona Koyo Steering Systems Ltd. amongst others.

The report segments the automotive electric power steering market as follows:

Global Automotive Electric Power Steering Market: Type Segment Analysis

	Pinion Assist Type
	Rack Assist Type
	Column Assist Type

Global Automotive Electric Power Steering Market: Component Segment Analysis

	Bearing
	Rack And Pinion
	Electric Motor
	Steering Wheel
	Steering Gear
	Steering Column

Global Automotive Electric Power Steering Market: Mechanism Segment Analysis

	Collapsible
	Rigid

Global Automotive Electric Power Steering Market: Vehicle Type Segment Analysis

	Passenger Vehicle
	Light Commercial Vehicle (LCV)
	Heavy Commercial Vehicle (HCV)

Global Automotive Electric Power Steering: Regional Segment Analysis

	North America
	
		The U.S.
	
	
	Europe
	
		UK
		France
		Germany
	
	
	Asia Pacific
	
		China
		Japan
		India
	
	
	Latin America
	
		Brazil
	
	
	Middle East and Africa 

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