Electric steering is increasing replacing hydraulic steering’s in the automotive industry. Usage of electric steering will improve the fuel economy because electric steering uses around 8-10 horsepower under load. Electric powered steering uses electric motor instead and provides increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump. Growth in the improved steering & reliability, and high fuel efficiency of electric steering over hydraulic steering systems is expected to drive the market of electric steering. The global electric steering market is expected to show a growth at CAGR of about 15% from 2016 to 2022.
Asia-Pacific has emerged to be fastest growing market for electric steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market for electric steering.
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Key Players of Electric Steering Market:
- JTEKT Corporation
- Robert Bosch Automotive Steering GmbH
- ZF TRW Automotive Holdings Corp.
- NSK Ltd.
- Nexteer Automotive Group Limited
- Mando Corporation
- ThyssenKrupp Ag
- Hyundai Mobis Co., Ltd.
- Showa Corporation
- China Automotive Systems Inc.
1. Report Prologue
2.2. Scope of the Study
2.2.1. Research Objective
2.3. Market Structure
2.4. Market Segmentation
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
4. Market Dynamics
4.1. Drivers & Opportunities
4.2. Challenges & Restraints
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
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Scope of the Report:
This study provides an overview of the global electric steering industry, tracking market segments across the categorized four geographic regions. The report provides a five-year forecast for the market size in terms of value for North America, Europe, Asia-Pacific, and Rest of the world. The scope of the study segments the global electric steering market based on type and vehicle type.
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