Apr 27, 2020 (Heraldkeepers) -- Electric Power Steering System Market Information by Type (Passenger Vehicle, Commercial Vehicle), by Component (C-EPS, P- EPS, R- EPS), by Region Global Forecast to 2023.
Players leading the global EPS market include NSK Ltd., JTEKT Corporation, Nexteer Automotive, Robert Bosch GmbH, Hyundai Mobis, ThyssenKrupp AG, Showa Corporation and Mando Corporation, ZF Friedrichshafen AG, and Federal-Mogul, among others.
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The electric power steering system (EPS) market has been growing rapidly over the past few years due to the technological advancements transpired in the field. Advantages, such as the high-quality control on the vehicle and the higher fuel efficiency that the EPS technology offers is impacting the market growth, positively.
According to Market Research Future (MRFR), the global electric power steering system (EPS) market is projected to reach a valuation of over USD 28,300 MN by 2023. MRFR mentions the market will register approximately 6.41% CAGR throughout the forecast period (2017 to 2023). The burgeoning automotive industry predominantly drives the market, witnessing increased production and sales across the globe.
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.
Other factors that are contributing to the market growth include continuous advances in automotive technology and the opportunities arising from developing markets. Moreover, factors such as the rapid urbanization and improving economic conditions are creating favorable conditions for market participants, enhancing consumer's purchasing power.
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.
The report is segmented into three key market dynamics to widen the scope of understanding,
By Type : Passenger Vehicle and Commercial Vehicle.
By Component : C-EPS, P- EPS, and R- EPS, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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 electric power steering system market is expected to witness the fastest growth, accounting for the second-largest market, globally. Presence of many manufacturers, flourishing automotive sector, and a massive consumer population drive the APAC EPS market. Moreover, the availability of cost-competitive labor and raw material required for the production have been prompting the leading market players to shift their manufacturing units to this region, is fostering the regional market growth, in turn.
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.
Highly competitive, the EPS market appears fragmented due to the presence of several large and small players. The market growth is dependent on automobile sales and is driven by the increase in automotive production. Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and product & technology launch to gain a competitive edge and to maintain market position.
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