According to “Electric Power Steering System Market 2019 Global Size, Share, Trends, Regional Analysis and Industry Outlook Report” published by Market Research Future, The Global Electric Power Steering System Market to grow at 6.41% CAGR and reach $28,300 Million by 2023. Electric Power Steering System Industry 2019 Report Segments Market for Electric Power Steering System by Type (Passenger Vehicle, Commercial Vehicle), Component (C-EPS, P- EPS, R- EPS), Region.
Global Electric Power Steering System Key Players Analyzed in Report –
Players leading the global EPS market include NSK Ltd., JTEKT Corporation, Nexteer Automotive, Robert Bosch GmbH, Hyundai Mobis, ThyssenKrupp AG, Showa Corporation and Mando Corporation, ZF Friedrichshafen AG, and Federal-Mogul, among others.
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Global Market Highlights:
Electric power steering system reduces the steering efforts of the driver by adding controlled energy to the steering mechanism by utilizing electric actuators, which considerably reduces the physical efforts required to turn the wheels. 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 2019 to 2023 and reach the valuation of USD 28,300 Mn by the end of 2023.
The Electric Power Steering System market has been growing rapidly over the past few years due to the technological advancements transpired in the field. Advantages, such as the high-quality control on the vehicle and the higher fuel efficiency that the EPS technology offers is impacting the market growth, positively. Other factors that are contributing to the market growth include continuous advances in automotive technology and the opportunities arising from developing markets. Moreover, factors such as the rapid urbanization and improving economic conditions are creating favourable conditions for market participants, enhancing consumer’s purchasing power.
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.
Market Segments Analysis:
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for electric power steering (EPS) system
- Passenger Vehicle
- Commercial Vehicle
Regional Market Insights:
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 European region is expected to remain the largest market in the global electric power steering system market. Led by the continuous growth in the automotive sector, the region accounts for over 42.7% share of the global market. Besides the growing vehicle production and the presence of several manufacturers impacts market growth, positively. The European governments have taken several initiatives to improve vehicle safety, which has led to OEMs increasingly incorporating safety features and advancing EPS systems. France, Germany, and the UK are prominent countries that are driving the growth of the regional EPS market.
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.
North America is a noteworthy market for EPS, globally. Factors such as increasing vehicle production and the growing demand for safety and comfort features in vehicles drive the regional market growth. Well-established automotive industry in this region creates huge growth opportunities for the regional electric power steering system market.
Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Bargaining Power Of Buyers
5.5.3 Bargaining Power Of Suppliers
5.5.4 Threat Of Substitutes
5.5.5 Intensity Of Rivalry
5.6 Value Chain/Supply Chain Analysis
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