Automotive Electric Power Steering Market Information by Type (Pinion, Rack, Column), Component (Bearing, Rack & Pinion, Electric Motor, Steering – Wheel, Gear, Column), Mechanism (Collapsible, Rigid), Fuel, Vehicle, and Region – Global Forecast to 2023.
Automotive electric power steering is a must have for better driving experience and the global market, as Market Research Future (MRFR) reports, is expected to grow at CAGR of approx. 6% from 2017 to 2023 (forecast period). The main factor that drives the entire automotive sector is the end-user’s comfort. Keeping this in mind, manufacturers have come up with automotive electric power steering to enhance the user experience. As an add-on, it minimizes carbon footprint.
Hydraulic pressure adversely affects cars as it consumes more fuel. It runs constantly on power generated from the engine and doesn’t stop working even when the steering wheel isn’t in operation. While, electric power steering lessens fuel consumption as it operates only when the steering wheel is at work.
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Drivers and Restraints:
Earlier, only high-end cars had this feature but manufacturers have now included electric power steering into regular cars. This kind of superior technology gives smaller cars an extra edge by adding comfort and safety by bringing in precision in operation; features that end-users were craving for a long time.
The experience gets even better with electric power steering’s high durability, improved response at different speeds, low maintenance, light weight, and simple design.
Electrical power steering is also economical as it reduces fuel consumption and carbon footprint, a noteworthy feature for all the automobile makers. The expanding global automotive market is also experiencing increasing competition to develop electric, self-driven or auto-pilot enabled vehicles and electric power steering can become a deciding factor.
However, electric power steering is still not fully reliable and could deter the growth global electronic power steering market.
The key players in the Automotive Electric Power Steering Market are:
Due to the presence of several brands of great repute, the market is competitive and expanding owing to introduction of new technologies each day.
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 global electric power steering market could be segmented based on type, component, mechanism, fuel, and vehicle type.
Based on type, the product can be segmented into pinion assist type, rack assist type, and column assist type. Among these, the column assist type holds the largest market share as it integrates system electronics and assisting mechanism with the steering column, saving crucial space in compact cars.
On the basis of the component, this can be further sub-segmented into bearing, mechanical rack and pinion, steering wheel, steering gear, and steering column. Steering wheels perform better as it has an electric motor. Higher motor efficiency translates to better conversion of steering rotation into wheel movement.
On the ground of mechanism, there are two distinct types, rigid and collapsible. Collapsible variety is more preferred as it is safer for the on-board passengers.
Based on fuel used, petrol and diesel-powered cars use electric power steering technology. However, it is the electric powered vehicles and the hybrids that adapt electric power steering technology better.
The vehicular segment comprises passenger vehicles, light commercial vehicles and heavy commercial vehicles have mostly included similar technologies.
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 growing trend in adopting self-driving cars. Electric power steering has a better prospect here as it smoothens the movement of self-driving automobiles.
The Asia Pacific market is expected to be the next global automotive hub. Rising income of the middle class is giving them better purchasing power. The electric power steering system can be adopted in all segments of automobiles and the mass production has brought the cost down helping the region further.
The Europe region has the maximum variety of technologically superior cars where the implementation of this system has enhanced user-experience.
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