The demand for electric power steering in the automotive industry is on the rise due to improved fuel efficiency in vehicles and lower mechanical complexity. The increasing production of passenger and commercial vehicles along with demand for advanced safety and convenience are contributing towards a healthy growth of the automotive electric power steering market. Major market manufacturers are adopting various strategies, including technological innovations and mergers and acquisitions for their growth.
MARKET DYNAMICS
The automotive electric power steering market is anticipated to grow in the forecast period owing to driving factors such as initiatives by manufacturers to reduce weight and vehicle complexity. Also, regulatory concerns encouraging the use of efficient technology are expected to propel the market growth. However, these systems are costlier than traditional steering systems. This factor may negatively influence the growth of the automotive electric power steering market during the forecast period. However, increasing adoption in commercial vehicles is likely to showcase significant growth opportunities for the players operating in the automotive electric power steering market in the future.
MARKET SCOPE
The "Global Automotive Electric Power Steering (EPS) Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of automotive electric power steering market with detailed market segmentation by component, vehicle type, and geography. The global automotive electric power steering market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading automotive electric power steering market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global automotive electric power steering market is segmented on the basis of component and vehicle type. Based on component, the market is segmented as steering column, steering motor, sensor, and others. On the basis of the vehicle type, the market is segmented as passenger cars, light commercial vehicles, and heavy commercial vehicles.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global automotive electric power steering market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The automotive electric power steering market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting automotive electric power steering market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the automotive electric power steering market in these regions.
MARKET PLAYERS
The reports cover key developments in the automotive electric power steering market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from automotive electric power steering market are anticipated to lucrative growth opportunities in the future with the rising demand for automotive electric power steering in the global market. Below mentioned is the list of few companies engaged in the automotive electric power steering market.
The report also includes the profiles of key automotive electric power steering companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, key developments in the past five years.
- GKN Automotive Limited
- Hitachi Automotive Systems, Ltd.
- Hyundai Mobis Co., Ltd.
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive Corporation
- NSK Ltd.
- Robert Bosch GmbH
- Showa Corporation
- ZF Friedrichshafen AG
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