Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Electric Steering Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Electric Steering Market Global Market – Overview
Electric steering basically serves the purpose of enabling drivers to follow a desired course. Over the time, various types of electric steering shave been developed such i.e. Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS), and others. According to a recent study report published by the Market Research Future, the global market of electric steering is booming and is expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).
The automotive steering systems market is completely dependent on the automotive industry. Thus, the increasing or decreasing demand of the automotive industry directly has an impact on the electric steering market. The total four wheeler production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2020. This results as a primary factor driving the electric steering systems market, as the interiors of automobiles have gained prevalence in recent times with technological development and rapidly increasing disposable income among the consumers. Thus, the growth of the electric steering systems market is expected to go hand in hand with the automotive industry.
The existence of major manufacturers across various continents often puts them against each other. Such cut throat competition results in high quality product being delivered to the customers. Manufacturers, like Mercedes, BMW and Audi among others, often try to one up each other with the aim to expand their customer base or gain a higher market share. The electric steering systems market significantly benefits from the intense competition in the automotive industry. Automotive steering systems have gained significance in recent times and with manufacturers pushing high end interiors in entry level automobiles, the electric steering systems market is expected to witness significant growth during the forecast period.
Browse Full Report @ https://www.marketresearchfuture.com/reports/electric-steering-market-1859
Key Players:
JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive Systems Inc., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global electric steering market.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global electric steering market are that of new product development.
On August 2017, WABCO Holdings Inc. had signed a long term agreement with Nexteer Automotive in order to develop and supply active steering systems for medium- and heavy-duty commercial vehicles.
On Jan 2015, The Bosch Group acquired ZF Friedrichshafen AG 50 percent share in order to incorporate into Bosch Group. The new division had been named as Robert Bosch Automotive Steering GmbH.
On June 2014, JTEKT commenced production of pinion-type electric power steering (P-EPS) systems at JTEKT Steering Systems (Xiamen) Co., Ltd. (JSSX) in Fujian Province, China.
Electric Steering Market – Segmentation
The global electric steering market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS), and Others
Segmentation by Vehicle Type: Comprises Passenger Car and Commercial Vehicle
Segmentation by Region : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Electric Steering Market: Regional Analysis
Europe has accounted for the largest market share in the electric steering industry due to the growing demand for electric steering in this region. Automotive industry is diversifying at a greater speed, as manufacturers and suppliers race to produce lighter and more powerful vehicles in lesser time. Alternative fuels, new lightweight materials and innovative technology are transforming the manufacturing process of automotive industry. With the global economy undergoing an unprecedented level shift, major emerging countries such as China, India, Thailand, and Indonesia are becoming manufacturing hubs for global automotive players. The income levels of individuals have been steadily increasing, also resulting in the rise in their disposable income, pushing the market towards growth. The currently booming automotive industry, combined with steadily increasing disposable income, is expected to contribute significantly in the growth of the market. The boom in the emerging countries will result in the growth of the electric steering industry.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Certified Global Research Member
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
