Global Electric Power Steering Market — Global Industry Analysis and Forecast (2017–2026) _ by component, by electric motor type, by type, by mechanism, by off-highway vehicles, by application, and by Geography
Global Electric Power Steering Market is expected to reach US$ 42.63 Bn by 2026 from US$ 23.25 Bn in 2016 at CAGR of 6.25 % (Detailed analysis of the market CAGR is provided in the report). In previous years, the electronic power steering was used only in the only high-end vehicle or sports utility vehicles (SUVs). But in recent time, the reliability of electronic power steering has increased, which in a result, has boosted its involvement in almost every category of vehicle.
Global Electric Power Steering Market
Electric Power Steering Market is segmented by component, electric motor type, application, electric vehicle, type, mechanism, off-highway vehicles, and geography. By component, the Electric Power Steering Market is segmented into a steering wheel, steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit (ECU), electric motor and bearings.
On the basis of electric motor type, the electric power steering market is classified into brushed dc motors and brushless dc motors. In terms of electric vehicle, the electric power steering market is classified as HEV, BEV, and PHEV.
On the basis of type, the electric power steering market is segmented as C-EPS, P-EPS, and R-EPS. in terms of mechanisms, the electric power steering market is categorized into collapsible EPS and rigid EPS. Based on Off-highway vehicles, the electric power steering market is segmented into agricultural equipment and construction equipment. On the basis of applications, the electric power steering market is classified into passenger vehicles and commercial vehicles.
The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Global measures by OEMS to reduce complexity and weight of vehicles and increasing vehicle production is trending the overall Electric Power Steering Market. Moreover, increasing competition to develop electric, self-driven or auto-pilot enabled vehicles is expected to boost the global market of power steering. However, higher cost of EPS as compared to traditional steering systems will restrain the market growth.
Also, unavailability of the cent percent reliable steering system and failure of electronics of steering are major restraints to global electronic power steering market. Penetration of commercial vehicles is the opportunity in the electric power steering market. The C-EPS holds the largest global electric power steering market share in 2017. Column Assist EPS (CEPS) has proved to be the perfect solution for compact vehicles that have lesser space in the engine room because the power assist unit is located in the cabin.
This system integrates the system electronics (motor, controller, and sensor) and the assist mechanism with the steering column. APAC is going to emerge as one of the higher growth regions in the forecast period followed by North America and Europe. Rising per capita income of the region’s widespread consumer base has created a favorable environment for the growth will drive the market in the APAC region.
The North American and European markets are set to have a steady pace during the forecast period because a majority of the vehicles in these regions are equipped with the electric power steering system.
Some of the key players in the electric power steering market are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro Mechanical Co. Ltd.
Global Electric Power Steering Market, By Component:
• Steering Wheel • Steering Column • Sensors • Steering Gear • Mechanical Rack and Pinion • Electronic Control Unit (ECU) • Electric Motor • Bearings
Global Electric Power Steering Market, By Electric Motor Type:
• Brushed Dc Motors • Brushless Dc Motors
Global Electric Power Steering Market, By Application
• Passenger Cars • Commercial Vehicles
Global Electric Power Steering Market, By Electric Vehicle:
• Plug-In Hybrid Electric Vehicles (PHEV) • Battery Electric Vehicle (BEV) • Hybrid Electric Vehicles (HEV)
Global Electric Power Steering Market, By Type:
• C-EPS • P-EPS • R-EPS
Global Electric Power Steering Market, By Mechanism:
• Collapsible EPS • Rigid EPS
Global Electric Power Steering Market, By Off-Highway Vehicles:
• Agricultural Equipment • Construction Equipment
Global Electric Power Steering Market, By Geography:
• North America • Europe • Asia Pacific • Middle East & Africa • Latin America
Key Players in the Global Electric Power Steering Market Are:
Nexteer • JteKT • Robert Bosch • ZF • Hitachi • NSK • Hyundai Mobis • Showa Corporation • Thyssenkrupp • Delphi • Federal Mogul • GKN • Mitsubishi Electric Corporation • Mando Corporation • Zhuzhou Elite Electro Mechanical Co. Ltd.