Sep 19, 2019 (Heraldkeepers) -- According to latest Electric Power Steering Market Analysis 2019 to 2023 report, the global Electric Power Steering market is expected to grow at healthy 5.91% CAGR by 2023. Report include insightful analysis done by Electric Power Steering Industry expertise which comprises valuable historical and forecast information on Electric Power Steering Market segments by Type (Passenger Vehicle, Commercial Vehicle), by Component (C-EPS, P- EPS, R- EPS), Region.
Electric Power Steering Industry Key Companies Analyzed in Report: NYCeWheels (U.S.), Accell Group (Netherlands), Derby Cycle (Germany), Easy Motion USA (California), Moustache Bikes (France), and Jiangsu Xinri E-Vehicle Co., Ltd. (China). myStromer AG (Switzerland), Karbon Kinetics Limited (KKL) (U.K.), Pedego Electric Bikes (California), and A2B Electric Bikes (U.K).
Get Free Sample Copy of " Electric Power Steering Market Research Report - Global Forecast 2023" at: https://www.marketresearchfuture.com/sample_request/6263
Global Electric Power Steering Market 2019 Insights:
Electric power steering system reduces the steering efforts of the driver by adding controlled energy to the steering mechanism by utilizing electric actuators, which considerably reduces the physical efforts required to turn the wheels. Market Research Future (MRFR) has published a detailed report stating that the global electric power steering system market is marked to expand significantly at a CAGR of 6.41% during the forecast period of 2018 to 2023 and reach the valuation of USD 28,300 Mn by the end of 2023.
The innovation in the automotive sector has increased of late leading to considerable developments in automobile performance. Market reports connected with automobile industry have been presented by Market Research Future which prepares reports on other industry verticals that aims to examine the recent market scenarios better.
High demand for energy efficient vehicle that can reduce the amount of fuel required for its functioning owing to the hike in fuel prices is majorly fueling the growth of the global electric power steering system market. Rise in global population and increasing per capita income are inducing high demand for well-equipped automobiles, which in turn is propelling the growth of the global electric power steering system market during the forecast period.
The automotive sector continues to grow with new technological interventions like embracing electric technology. Pressure has been mounting on automakers across the globe to adopt technological solutions that meet energy-efficiency standards. Besides, the increasing demand from end-users for improved efficiency, safety, and comfort is fostering the growth of the market.
Conversely, factors such as the high investment capital and concerns associated with the integration of EPS technology with autonomous cars are impeding the growth market. Nevertheless, the demand for more efficient, responsive, fuel-efficient, user-friendly, and unconventional steering systems is expected to support the growth of the market, attracting multiple investors.
Electric Power Steering Market Segment Analysis:
The global electric power steering system market has been segmented based on type and component.
Based on type, the global electric power steering system market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is leading the global electric power steering system market followed by commercial vehicle segment that commands for 36.8% in the electric power steering system market during the assessment period.
Based on component, the global electric power steering system market has been segmented into column assist electric power steering (C-EPS), pinion assist electric power steering (P-EPS) and reach assist electric power steering (R-EPS). The pinion assists electric power steering segment commands for the major share in the global electric power steering system market owing to the high demand for these steering systems from the automobile manufacturers.
Electric Power Steering Market Regional Insights:
Geographically, the Electric Power Steering market span across Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
The European region is expected to remain the largest market in the global electric power steering system market. Led by the continuous growth in the automotive sector, the region accounts for over 42.7% share of the global market. Besides the growing vehicle production and the presence of several manufacturers impacts market growth, positively. The European governments have taken several initiatives to improve vehicle safety, which has led to OEMs increasingly incorporating safety features and advancing EPS systems. France, Germany, and the UK are prominent countries that are driving the growth of the regional EPS market.
The Asia Pacific region commands for the second largest share in the global electric power steering system market and is forecasted to expand at a CAGR of 5.14% during the assessment period. The growth of the electric power steering market in the Asia Pacific region is majorly attributed by the increased incorporation of electric power steering system along with other features to improve the performance and safety of vehicles in the automotive industry and high demand for vehicles equipped with electric power steering in this region.
North America is a noteworthy market for EPS, globally. Factors such as increasing vehicle production and the growing demand for safety and comfort features in vehicles drive the regional market growth. Well-established automotive industry in this region creates huge growth opportunities for the regional electric power steering system market.
Study Period: 2018 to 2023.
Base Year: 2018.
Key Table of Content:
1 Executive Summary 11
2 Introduction 12
2.1 Definition 12
2.2 Scope Of The Study 12
2.3 Assumptions 12
2.4 Key Buying Criteria 13
2.5 Market Structure 13
3 Research Methodology 14
3.1 Research Process 14
3.2 Primary Research 14
3.3 Secondary Research 15