Electric Power Steering Market Highlights:
Electric Power Steering (EPS) Market growing at exponential compound annual growth rate of 6.41% by forecast period of 2018 to 2023. Electric Power Steering Market is majorly driven by factors such as partly driving the adoption of EPS system. 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.
Electric Power Steering Key Companies Market Analyzed For This Research Report Are: JTEKT Corporation, NSK Ltd., Nexteer Automotive, Hyundai Mobis, Robert Bosch GmbH, ThyssenKrupp AG, ZF Friedrichshafen AG, Showa Corporation and Mando Corporation, Federal-Mogul.
The report provides insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
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The global electric vehicle charging station market has witnessed significant growth in recent past. The global market for electric power steering system (EPS) is expected to register a compound annual growth rate of 6.41% between 2017 and 2023 to reach a valuation more than $28,300 Mn. EPS facilitates higher fuel efficiency and easier handling of the vehicle as compared to conventional steering systems. The automotive industry continues to be disrupted by new technological affinities where embracing electric and clean technology is the new normal. Pressure has been mounting on carmakers across the globe to adopt technological solutions that meet energy-efficiency standards.
This MRFR market perspective delivers a complete analysis of the opportunities of electric power steering (EPS) system and its prospects over the next five years, until 2023. All the key parameters that are currently governing the course of the market were gauged thoroughly. The research objective also includes identification of primary growth enablers and threats for the market that are likely to emerge during the assessment period. It also includes risk assessment and evaluation of untapped growth pockets. As a part of the analysis, the report also profiles two major vehicle types (passenger vehicle and commercial vehicle) with EPS system. The report also offers a revenue analysis of EPS component such as C-EPS, P-EPS, and R-EPS. The market has been assessed across five key regions, which include North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC) and Europe.
Led by Germany, Europe accounts for 42.7% share of the global market. European government authorities have taken several initiatives to improve vehicle safety which has led to OEMs increasingly incorporating safety features and EPS systems due to the high-quality control of the vehicle that the technology offers. Prominent countries that are driving the growth of the global EPS market include France, Germany, and the UK with Germany possessing close to a third of the total market.
Meanwhile, the Asia-Pacific is the second largest market and is expected to witness the fastest growth in the global market due to the presence of massive consumer population and the establishment of emerging economies as manufacturing hubs, particularly for the automotive industry. The comparatively cheap labor and overall reduced operating costs available in the region have prompted leading market players to establish manufacturing units. The growth of various emerging economies such as India, China, Japan and others is expected to propel the region and the global market in the coming years.
The report for Global Electric Power Steering Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Electric Power Steering Market Segmentation:
The global electronic power steering system (EPS) market is segmented based on type, component, and region. By type, the market is segmented into a passenger vehicle and commercial vehicle. The passenger vehicle segment dominates, with close to two-thirds of the total market share and is expected to be the fastest growing segment. The market-leading position of the passenger segment is primarily due to passenger vehicles being the most commonly used mode of transport and are experiencing a robust demand causing exponential growth of the global automotive industry.
The Electric Power Steering market is witnessing intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations, as key factors that confront market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality driver state monitoring systems, to survive and succeed in an intensely competitive market environment.
Major Table of Content:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Browse more details on this “Electric Power Steering Market Report 2018” report at: https://www.marketresearchfuture.com/reports/electric-power-steering-system-market-6263
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