Electric Power Steering Market: Key Highlights
Electric Power Steering Market: Key Market Dynamics
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Electric Power Steering Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the high production and sales of automobiles. According to OICA, in 2018 countries like Thailand, India, Indonesia, Malaysia, and among others showed a positive growth of 9%, 8%, 10.3% 12.2%, respectively. This region has witnessed high penetration of electric power steering systems due to strict regulations lowering emission, increase in vehicle electrification and the rising adoption of electric vehicles in countries such as China, Thailand, Australia, and Japan which are expected to boost the market growth.
In Europe, the increasing vehicle production, and demand for the lightweight vehicles are expected to propel the demand for electric power steering market. Furthermore, the current vehicle generation in Europe is 70-140 kg of weight reduction per car which results in saving 982 million liters’ fuel and about 2.3-million-ton reduction in CO2 Emissions. Moreover, the presence of a large number of production hubs for high-end vehicles have also propelled the market growth in Europe.
Electric Power Steering Market: Key Players Overview
BorgWarner Inc. company supplies automotive components. The company manufactures products to original equipment manufacturers (OEM) of light trucks, sport utility vehicles, and passenger cars. In January 2020, the company announced to acquire Delphi Technologies for approximately USD 3.3 billion. Delphi company provides automotive parts such as the electric power steering system and manufactures powertrain technologies. The acquisition would strengthen BorgWarner’s capabilities, power electronics products, and scale.
Nexteer Automotive Corporation manufactures automotive components. The Company designs and distributes steering, gears, and driveline systems. In August 2019, the company announced Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd., started a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. (Dongfeng Components). This joint venture will start a huge production of single pinion assist electric power steering (SPEPS) systems.
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