Pune India, June 06, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the electric power steering market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the electric power steering market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the components, electric motor, application, electric vehicle, EV gear type, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global electric power steering market are JTEKT corporation, Nexteer, ZF Friedrichshafen AG, Robert Bosch, NSK LTD., Hyundai Mobis, Hitachi Astemo, Ltd., Thyssenkrupp, KYB Corporation, Mando Corporation, and others. To achieve a substantial market share in the worldwide electric power steering market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Tesla is one of the most significant manufacturers and distributors present in the global electric power steering market.
Electric power steering uses an electric motor to draw energy from the electrical system of the vehicle and deliver the steering assistance. It uses computer system and sensors to detect torque and effort that driver puts on the steering wheel for deciding the need of assistance. In addition, it enhances fuel economy in the vehicle, as the electric motor in such systems only draws power when required. In addition, it eradicates hydraulic fluid maintenance; and allows a variety of features such as automated parking & lane changes, lane-keep assist, and the capability to guide the vehicle around obstacles.
Governments across the globe are introducing fuel efficiency rules and regulations. For instance, in April 2020, the National Highway Traffic Safety Administration (NHTSA) and the Environmental Protection Agency (EPA) issued the Safer Affordable Fuel Efficient (SAFE) Vehicles Rule, which mandated the automakers to improve fuel efficiency. Such regulations has driven demand for the electric power steering systems due to its higher energy efficiency and elimination of need for a power steering pump, hoses, hydraulic fluids, and a drive belt and pulley on the engine.
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Scope of Electric power steering Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Components, Electric Motor, Application, Electric Vehicle, EV Gear Type, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | JTEKT corporation, Nexteer, ZF Friedrichshafen AG, Robert Bosch, NSK LTD., Hyundai Mobis, Hitachi Astemo, Ltd., Thyssenkrupp, KYB Corporation, Mando Corporation. |
Segmentation Analysis
Sensors segment is expected to be the fastest growing segment in 2021.
The components segment includes steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and bearing. Sensors segment is expected to witness highest growth rate during the forecast period. The need of sensors such as steering wheel speed sensor, torque sensor, and position sensor in electric power steering systems primarily drives growth of this segment. Steering sensors sense both the levels and position of torque applied over the column when a driver turns the wheel and software translates those signals into an appropriate output through the motor.
BEV segment is expected to be the fastest growing segment in 2021.
On the basis of electric vehicle, the market I segmented into BEV, PHEV, and FCEV. The BEV segment is expected to witness highest growth rate during the forecast period due to increased production of BEVs. In addition, strict emission norms around the globe is fueling sales of BEVs and leading to the increased demand for electric power steering.
Commercial vehicles segment is expected to be the fastest growing segment in 2021.
The application segment includes Passenger Cars (PC) and Commercial Vehicles (CV). Commercial vehicles segment is expected to witness highest growth rate during the forecast period. Growth of this segment is mainly driven by increased number of construction and e-commerce activities across the globe. The factors such as aggressive investments in infrastructure and rural development along with the strict regulatory norms for vehicle length, and loading limits has driven demand for electric power steering for commercial vehicles.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the electric power steering include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region has registered highest value for the year 2021. Growth of this region is mainly driven by growing popularity of autonomous cars along with the easy availability of convenient financing options by the governments to ensure in-house automotive production. However, Asia-Pacific is projected to register higher growth rate during the forecast period of 2022-2028. Growth of this region is driven by surge in production of passenger vehicles in China and India, cheap raw materials, and the presence of leading electric power steering component manufacturers.
Country Analysis
Germany
Germany electric power steering market size was valued at USD 2.07 billion in 2021 and is expected to reach USD 3.17 billion by 2029, at a CAGR of 5.6% from 2022 to 2029. Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, according to the Germany Trade & Invest, the economic development agency of the Federal Republic of Germany, this country is the leading automotive market in Europe, accounting for about 25% of all passenger cars manufactured in the region.
Furthermore, According to the Capgemini “COVID -19 and the automotive consumer” study in 2020, interest in car ownership amongst under 35-year-olds is on the rise in the country. This trend of car ownership is creating demand for Electric Power Steering.
China
China electric power steering market size was valued at USD 4.61 billion in 2021 and is expected to reach USD 6.88 billion by 2029, at a CAGR of 5.3% from 2022 to 2029. China is the world’s largest light vehicle manufacturer. In addition, this country is leading automotive producer, consumer and exporter. For instance, the country continues to be the largest vehicle market by both manufacturing output and annual sales, with domestic production anticipated to reach 35 million vehicles by 2025.
Furthermore, in January 2022, the Ministry of Commerce and the National Development and Reform Commission, the country’s top economic planning agency announced the support to full foreign ownership of passenger car manufacturing in the country. Such initiatives are anticipated to create lucrative growth opportunities for China Electric Power Steering market.
India
India electric power steering market size was valued at USD 1.38 billion in 2021 and is expected to reach USD 2.14 billion by 2029, at a CAGR of 5.8% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of electric power steering in this country is expected to create lucrative growth opportunities for market. For instance, According to NITI Aayog and Rocky Mountain Institute (RMI), the EV finance industry in India is expected to reach about $50 Billion by 2030.
In March 2022, Yamaha India announced the development of a prototype of an Electric Power Steering (EPS) support system for motorcycles. Such innovations in the country are opportunistic for growth of the market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for electric power steering has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of electric power steering were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for electric power steering significantly decreased.
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