Electric Steering Market Scope
Electric Steering Market is projected to be worth USD 46.37 billion by 2030, registering a CAGR of 6.76% during the forecast period (2022 to 2030)., the market was valued at USD 26.11 billion in 2021.
The Electric Steering Market 2021 Industry electric power steering (EPS) is a viable alternative to hydraulic steering and eliminates the need of a hose, pump, and drive belt. The global electric steering market report by Market Research Future (MRFR) paints a clear picture on the use of the component in upcoming variants of cars as well as numerous opportunities for the period of 2016 to 2022 (forecast period). The COVID-19 outbreak and its implications on the industry are explored in the report.
ZF TRW Automotive Holdings Corp., Nexteer Automotive Group Limited, Mando Corporation, China Automotive Systems Inc., ThyssenKrupp Ag, Showa Corporation, Hyundai Mobis Co., Ltd., JTEKT Corporation, NSK Ltd., and Robert Bosch Automotive Steering GmbH are key players of the Global Electric Steering Market.
By vehicle type, the Electric Steering Market is divided into commercial vehicle and passenger vehicle.
By type, it is segmented into rack assist electric power steering (R-EPS), pinion assist electric power steering (P-EPS), column assist electric power steering (C-EPS), and others.
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North America is expected to have a saturated market growth due to mature automobile market at CAGR of 6.63% during the forecast period. Factors driving the market include technological advancement and fuel efficiency. The U.S. is leading the Electric Steering Industry after China. There are a number of factors driving the market for such steering are rising industrialization, increased spending on modernization, up gradation of infrastructure and public transport. The market is expected to have a saturated growth during the forecast period. Canada is one of the largest vehicle producers in the world. The auto sector is Canada’s biggest contributor to manufacturing Gross Domestic Product (GDP). The Canadian automotive industry produces light and heavy duty vehicles. The high growth in the automobile industry is expected to drive the global electric steering market.
Europe is expected to account for the second-largest share in the global Electric Steering Market Size. The large customer base and high disposable income of end-users have fuelled the demand for vehicles in the region. The growing European automotive market represents several opportunities for manufacturers of electric steering system and other automotive parts. Germany is expected to account for the second largest share in the global electric steering market. The large customer base and high disposable income and steady economic growth have fuelled the demand of the market.UK is expected to grow at a high rate in the global electric steering market. The car production in U.K. has increase over the last few years, majorly due to economic stability and high skilled workforce.
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The factors driving the market include technological advancement, large customer base, high fuel efficiency and high disposable income. France is expected to grow at a high rate in the global Electric Steering Market share. The automotive industry in France is the biggest contributor to France’s foreign trade balance. Also, the federal government of France has implemented new polices for helping the automobile industry in the country. The factors driving the market include large consumer base, high growth in the automotive industry, steady economic growth and high disposable income.
Asia-Pacific has emerged to be the fastest growing market for electric steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market. China accounts for the largest market in the Global Electric steering market. The increasing population, improving per capita income and changing lifestyles are driving the market. The region has largest vehicle production. It is one of the major reasons for biggest market for such steering and gaining highest revenue growth.
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Table of Content
1.1 Definition 12
1.2 Scope Of The Study 12
1.2.1 Research Methodology 12
1.2.2 Assumptions 12
1.3 Limitations 12
1.4 Market Structure 13
2 Research Methodology
2.1 Research Process 14
2.2 Primary Research 15
2.3 Secondary Research 15
2.4 Market Size Estimation 15
2.5 Forecast Model 17
3 Market Dynamics
3.1 Introduction 18
3.2 Drivers 19
3.2.1 Growth In The Automotive Sensor Market 19
3.2.2 Increasing Disposable Income In APAC Region 19
3.3 Restraints 20
3.3.1 Rise In The Cost Of Servicing And Replacement 20
3.4 Opportunities 20
3.4.1 Increase In The Number Of Electric Vehicles 20
4 Market Factor Analysis
4.1 Porter’s 5 Forces Analysis 22
4.1.1 Threat Of New Entrants 22
4.1.2 Bargaining Power Of Suppliers 23
4.1.3 Bargaining Power Of Buyers 23
4.1.4 Threat Of Substitute 23
4.1.5 Segment Rivalry 23
4.2 Value Chain Analysis 24
5 Electric Steering Market, By Type
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