Market Scenario:
The automotive industry has been using traditional hydraulic pressure, provided by a pump, driven by the engine. This pump would constantly run, using the generated engine power, thus, placing an adverse load on the engine. This pump would continue running even when the steering wheel isn’t operated, adversely affecting the vehicle fuel consumption. With electric power steering mechanism, the engine load is utilized to guide the driver only when the steering wheel is turned, in either direction, thereby, decreasing the fuel consumption. The drag or thrust is still exerted on the engine but actually occurs only when the steering movement is performed, thereby improving the engine efficiency drastically.
There are many factors that are responsible for the growth of automotive electric power steering market. Firstly, customers over the world seek technically superior automobiles with high-end features, economical cost, and better safety options. Secondly, automobile makers always try to manufacture cleaner, greener cars with a lesser carbon footprint, which can be achieved by incorporating this system. Thirdly, the consumers desire more peaceful and comfortable driving experience, with a lesser driving effort that can again be achieved using electric power steering system. The global automotive electric power steering market is estimated to grow with a CAGR of approx. 6% (2017 to 2023).
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Automotive Electric Power Steering Market by Segmentation:
On the basis of type, the most commonly used electric power steering is the column assist type, since it integrates system electronics and assisting mechanism with the steering column, helping to save crucial space in compact cars. On the basis of component, the one type deciding the performance of the steering wheel assembly is the electric motor. Higher the motor efficiency, better is the conversion of steering rotation into wheel movement, thus requiring lesser effort. On the basis of mechanism, the collapsible variety is more preferred, owing to reduced chances of serious injuries to passengers. On the basis of fuel used, petrol and diesel-powered cars use electric power steering technology, extensively. However, electric powered vehicles and hybrids generally adapt better to the electric power steering technology, owing to the better integration of this system with the automobile functionality.
Regional Analysis of Automotive Electric Power Steering Market:
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America market (the U.S. and Canada, in particular), has shown a healthy upward trend in the research & development and adoption of self-driving cars. The electric power steering mechanism aids the smooth movement of these self-driving automobiles, thus, having a strong growth prospect in this market. The Asia Pacific market is expected to be the next global automotive hub owing to the rising income and purchasing power of the middle class. The electric power steering system can be adopted in all segments of automobiles (high, medium, and low), thus, bringing down the production cost due to mass production. The Europe region has the maximum variety of technologically superior cars where in, the vehicle functioning is further enhanced using this system.
The Key Players In Automotive Electric Power Steering Market Are:
Delphi Automotive (U.K), Mando Corporation (South Korea), Robert Bosch GmbH (Germany), KSR International Company (Canada), Mitsubishi Electric Corporation (Japan), Showa Corporation (Japan), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), Sona Koyo Steering Systems Ltd. (India), Nexteer Automotive (U.S.), Federal-Mogul (U.S.), Hyundai Mobis (South Korea), NSK Ltd. (Japan), TRW Automotive (U.S.), and Thyssenkrupp AG (Germany), among others.
The report for Global Automotive Electric Power Steering Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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