Automotive Electric Power Steering (EPS) Market
Automotive Electric Power Steering (EPS) Market Global Industry Assessment & Forecast
#
Pages:
169
2021
Nov - 2021
VMR-2021-0582
Segments Covered
By
Component Type Steering Rack/Column, Sensor, Steering Motor, Other Component Types
-
By
Type Column Type, Pinion Type, Dual Pinion Type
-
By
Vehicle Type Passenger Car, Commercial Vehicle
Snapshot
 Forecast
Years:
|
2021 - 2028 |
 Historical
Years:
|
2016 - 2020 |
 Revenue
2021: |
20.12 Billion |
 Revenue 2028:
|
33.91 Billion |
 Revenue CAGR
(2021 - 2028): |
6.72% |
Fastest Growing Region (2022 -
2028)
|
Asia Pacific |
Customization Offered
Cross-segment Market Size and
Analysis
for Mentioned Segments- Additional Company Profiles (Upto 5
With
No Cost)
- Additional Countries (Apart From
Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request
Customization Speak To
Analyst
Component Type Analysis: Preview On the basis of Component Type,
the market is segmented into Steering Rack/Column, Sensor, Steering Motor, Other Component Types. Sensor held the
highest share in 2020 and is expected to grow at a significant rate over the
forecast period. This is attributed to the rising demand for the Sensor
in developing countries such as China and India. Digitalization in Asia Pacific
region has led to a surge in the usage of technology in various business
processes over the past few years. Rising adoption of online platforms across
various sectors along with analytical solutions, IoT, AI, and Blockchain
technology to gain a competitive advantage is also paving the way for the Automotive Electric Power Steering (EPS)
market growth. Type
Analysis: Preview
Based on Type,
the market is segmented into Column Type, Pinion Type, Dual Pinion Type. Column Type held the
largest share and is projected to grow at a notable CAGR over the coming years.
Rising demand for Automotive Electric Power Steering (EPS) in various countries
such as the U.S., Germany, China, India, and Japan, among others is likely to
support the growth of the market. Numerous companies are focusing on investing
heavily in this application to cater the end user requirements effectively.
Global Automotive Electric Power Steering (EPS) Market: Component Type Segment Analysis
-
- Steering Rack/Column
- Sensor
- Steering Motor
- Other Component Types
Global Automotive Electric Power Steering (EPS) Market: Type Segment Analysis
-
- Column Type
- Pinion Type
- Dual Pinion Type
Global Automotive Electric Power Steering (EPS) Market: Vehicle Type Segment Analysis
-
- Passenger Car
- Commercial Vehicle
FAQ
Frequently Asked Question
What is the global demand for Automotive Electric Power Steering (EPS) in terms of revenue?
-
The global Automotive Electric Power Steering (EPS) valued at 20.12 Billion in 2020 and is expected to reach 33.91 Billion in 2028 growing at a CAGR of 6.72%%.
Which are the prominent players in the market?
-
The prominent players in the market are GKN PLC, Hyundai Mobis Co. Ltd., Thyssenkrupp Presta AG, Mitsubishi Electric Corporation, Nexteer Automotive, Hitachi Automotive Systems Ltd, ZF Friedrichshafen AG, Robert Bosch GmbH, Hubei Henglong Auto System Group, JTEKT Corporation, Denso Corporation, NSK Ltd..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 6.72%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
The driving factors of the Automotive Electric Power Steering (EPS) include
- The increasing government initiatives for safer automotive systems are anticipated to augment the growth of the automotive electric power steering (EPS) market during the forecast period. This is owing to the increasing percentage of the road accidents taking place. About 1.24 million people die in road accidents each year on an average across the world, half of whom are vulnerable road users, such as pedestrians and motorcyclists, while the other half die because of side-impact accidents. According to the World Health Organization (WHO), 80% of cars sold in the world are not compliant with the main safety standards. Only 40 countries have adopted the full set of the seven most important regulations for car safety. The significant increase in the number of accidents has encouraged consumers to adopt for better safety systems in their vehicles. Several automobile manufacturers are incorporating new technologies like direct adaptive steering in vehicles, which involves sensors in the car that constantly monitor the position of the steering wheel are factors driving the market
- The rising vehicle sale across the globe is anticipated to augment the growth of the automotive electric power steering (EPS) market during the forecast period. This is owing to the rapid urbanization, increasing industrialization, increasing disposable income of the consumers, and advancement in technologies. Furthermore, the increasing adoption of personal vehicles with luxurious features has also increased the global sales of automobiles and its production by the manufacturers which in turn is expected to support the growth of the automotive electric power steering (EPS) market in the forecast period.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Automotive Electric Power Steering (EPS) in 2020.
