Global Electric Power Steering Market to Expand Significantly at A CAGR of 6.41% During 2017-2023

Pune, India, December, 2018 /press release/- Market Research Future Published a Research Report on Global Electric Power Steering Market Research Report.Market Synopsis: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 2017 to 2023 and reach the valuation of USD 28,300 Mn by the end of 2023. 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.Market Segmentation:The global electric power steering system market has been segmented on the basis of 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 assist 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.Access Complete Report @ https://www.marketresearchfuture.com/reports/electric-power-steering-system-market-6263

Regional Analysis

:Geographically, the global electric power steering system market has been segmented into five major regions such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The Europe region is controlling the global electric power steering system market owing to the rapid development of automotive industry that is contributing to the demand for electric power steering systems in this region. 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. Increased disposable income and easy adoption of technologically advanced solutions are aiding the growth of eth electric power steering system market in the North America region. Poor economic conditions of the underdeveloped countries are acting as restraining factors to the growth of the electric power steering system market in the Middle East and Africa region.Industry Updates:In December 2018, Chevrolet, an American automobile division of the American manufacturer General Motors, has launched a new passenger vehicle, the Chevrolet Trailblazer, which is equipped with the electric power steering system.In November 2018, NSK Steering Systems, a Rane group company which is a joint venture with NSK Japan, has opened a new facility for manufacturing Electric Power Steering (EPS) at Ahmedabad, Gujrat (India).Key Players:The major players profiled by MRFR that are operating in the global electric power steering system market are JTEKT Corporation, NSK Ltd., Hyundai Mobis, Robert Bosch GmbH, Nexteer Automotive, ThyssenKrupp AG, ZF Friedrichshafen AG, Showa Corporation and Mando Corporation and Federal-Mogul.