Albany, USA, 2017-Nov-15 — /EPR Network/ —There has been a shift in the automotive industry from traditional technology to advanced Electronic Power Steering (EPS) systems. In a new report titled ‘Automotive Electronic Power Steering Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022,’ Market Research Reports Search Engine (MRRSE) studies the performance of the automotive EPS market over a five year forecast period from 2017 to 2022. The global fuel crisis has prompted manufacturers of steering systems to introduce fuel-efficient solutions. Use of alternators to source power and reduced dependency on the combustion engine are enabling latest EPS technology to completely replace traditional steering systems.
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Factors Impacting Demand for Automotive Electronic Power Steering Systems
One of the key revenue push factors is the imminent advancement in automotive technology. Some of the recently developed technologies ensure decreased consumption of fuel; help in reducing carbon emissions; and facilitate enhanced management of energy. Another key market growth driver is the steady increase in vehicle ownership across the globe, leading to a subsequent growth in vehicle manufacturing. Automobiles produced today come with enhanced features such as advanced power steering systems. New-age EPS systems offer several inherent benefits such as increased fuel efficiency, increased durability, lesser maintenance, lower weight, and a simple design architecture. These benefits have led to an increased adoption of EPS systems over traditional hydraulic steering systems, thereby fueling global market demand for electronic power steering systems in the automotive industry.
Global Automotive Electronic Power Steering Market: Segmentation & Forecast
The global market for automotive electronic power steering systems is anticipated to reach a market valuation of US$ 33.1 Billion by the end of the forecast period in 2022, up from an estimated US$ 24.8 Billion by the end of 2017. This is reflective of a value CAGR of 5.9% during the forecast period.
The global market for automotive electronic power steering is segmented on the basis of product type into Rack-assist-EPS, Column-assist-EPS, Hydraulic-EPS, and Pinion-assist-EPS. The Hydraulic-EPS segment is projected to lead the global market with about 31% market share by 2022 end. This segment is expected to register an annual absolute growth of US$ 0.4 Billion.
The global market for automotive electronic power steering systems is segmented on the basis of vehicle type into premium passenger cars, compact passenger cars, luxury passenger cars, heavy commercial vehicles, mid-sized passenger cars, light commercial vehicles. The passenger cars segment is expected to lead the global automotive electronic power steering market, with an increasing usage of the P-EPS and R-EPS systems.
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The global market is segmented into the key regions of Europe, North America, Latin America, Asia Pacific except Japan (APEJ), Middle East and Africa (MEA), and Japan. Of all the regional markets, Europe is projected to display good growth over the forecast period. The Europe regional market is predicted to dominate the global market by the end of 2017 and will most likely continue its dominance into the forecast period. The Europe market is slated to register a value CAGR of 6.0% and gain 12 basis points in value share towards the close of the period of assessment. APEJ is projected to be the other attractive market for automotive electronic power steering systems, estimated to reach a valuation of over US$ 8 Billion by year 2022. North America will record 5.0% revenue CAGR.
Key Market Players
The companies featured in the report include ThyssenKrupp Presta, JTEKT, NSK, KSR International Company, Sona Koyo, Bosh, Mando Corporation, Hitachi Automotive, Showa, and Nexteer.
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