RISING DEMAND FOR FUEL EFFICIENT VEHICLES TO PROPEL THE ELECTRIC POWER STEERING MARKET

Electric Power Steering Market Size, Share, Trends, Growth, Analysis, Research

Electric Power Steering Market: Key Highlights

  • According to the new market research report Electric Power Steering Market by Type (Column Assist Type, Pinion Assist Type, Rack Assist Type, and Electro-Hydraulic Power Steering), by Component (Steering Wheel, Steering Column, Steering Gear, Electric Motor, Electronic Control Unit (ECU), Sensors, Intermediate Shaft, and Others), by Electric Motor Type (Brushed Direct Current (DC) Motor and Brushless Direct Current (DC) Motor), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles ), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the electric power steering market is estimated to reach around USD 42.5 Billion by 2027 at a CAGR of around 6.2% during the review period
  • The increasing demand for fuel-efficient vehicles is a key factor driving the demand for the electric power steering market
  • However, the high cost of electric power steering (EPS) System remain a major restraining factor for the market growth

Electric Power Steering Market

Electric Power Steering Market: Key Market Dynamics

  • The rise in automobile production in developing nations has increased the usage of lightweight vehicles which is indirectly propelling electric power steering market growth
  • Electric power steering (EPS) system operates on an electric motor which draws current from battery only when the vehicle is turning resulting in energy-efficient vehicles
  • Growing adoption of electric vehicles is anticipated to boost the electric power steering market in the future
  • Failures associated with electronic components is likely to act as a challenge for market growth

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Electric Power Steering Market: Regional Overview

  • Asia-Pacific

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.

  • Europe

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.:

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:

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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Published : 2020-03-09