The automotive electric power steering market is gaining much mileage with automotive makers now focusing more on comfort, along with performance. This intention has brought in many details under the purview of the automotive makers. One among them is the electric power steering. The result is a better experience for the driver where a balance has been maintained between specifications and aesthetic appeals. The steering wheel got much notice as this is an integral force that can tire down the driver. Modern technology reduces the engine load utilized by the steering wheel to make it operate more smoothly. This would also lessen the fuel consumption and increase car performance. The global automotive electric power steering market is expecting a 6% CAGR during the forecast period (2018-2023), owing to the inclusion of such technology in car production across the world. Market Research Future (MRFR) published a report that has at its core in a detailed analysis of segments and market factors that can impact the market in the coming years. Among the factors, preference of the automotive makers for a better and greener car can drive the market forward.
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The global automotive electric power steering market can be segmented by type, component, mechanism, vehicle type, and fuel.
Type-wise segmentation of the automotive electric power steering market includes pinion-assist type, rack assist type, and column assist type. Column assist type is the most common one as it helps in saving crucial space in compact cars.
Component-based segmentation of the automotive electric power steering market comprises bearing, mechanical rack & pinion, steering wheel, steering gear, and steering column.
Based on the mechanism, the automotive electric power steering market includes collapsible and rigid. The collapsible variety enjoys much preference.
Based on the fuel-used, the automotive electric power steering market can be segmented into Petrol, Diesel, battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). Petrol and diesel-powered cars mostly use electric power steering technology. The electric car has better integration solution for such steering.
Based on vehicle type, the automotive electric power steering market comprises Passenger Vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
Considering regions, the automotive electric power steering market can be segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America market is doing great in the segment with the automotive sector revamping itself, and heavy investments are ensuring the intake of the luxury cars which squarely influences the market. In addition, the region is investing mostly in luxury cars and electric cars which is providing the market much-needed boost.
The APAC market is expected to register significant market revenue during the forecast period owing to major market players expanding their business in the region. Infrastructural cost is relatively less in the region than other regions which attracts a lot of business. With that, increasing disposable income is inflating the consumer pool which can provide the market with traction.
Prominent players in automotive electric power steering market are KSR International Company (Canada), Mando Corporation (South Korea), Delphi Automotive (U.K), Sona Koyo Steering Systems Ltd. (India), Mitsubishi Electric Corporation (Japan), Showa Corporation (Japan), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), Nexteer Automotive (U.S.), Federal-Mogul (U.S.), Robert Bosch GmbH (Germany), NSK Ltd. (Japan), Hyundai Mobis (South Korea), TRW Automotive (U.S.), and ThyssenKrupp AG (Germany), and others.
In 2018, Nexteer introduced a steering system where steering on-demand system enables safe and intuitive transitions from manual to automated and vice versa which can give the driver a better driving experience. The quiet steering is not going to change its position in the automated mode even when the car is taking a turn.
Suzuki launched their KingQuad 500AXi Power Steering in 2018 where the ATVs are going to tackle tough trails easily without much vibration. Its fuel injection system and twin iridium spark plugs can ensure easy starting to assist the driver.
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