Electric Steering Market is predicted to grow at approximately 6.76% CAGR by 2030

Pune, India, April, 2018 /MRFR Press Release/- Market research future published a half cooked research report on Global Electric Steering market. The Electric Steering market is expected to grow over the CAGR of around 6.76% during the period 2022 to 2030.

Market Highlights

The global electric steering market is a very dynamic market and is expected to witness a high growth over the forecast period. The growth of the electric power steering is influenced by the automobile manufacturing sector and the research &development activities by various automotive firms. Furthermore, safety regulations and increase in the demand of automotive sensors, have led to the emergence of Asia-Pacific as the fastest growing region. Increase in the number of electric vehicles has propelled the demand of the market while after-sales services rendered for electric steering parts hinder the growth of the electric steering market. The Steering Market is directly dependent on vehicle production. The region has the highest vehicle production in the world, majorly due to its increasing population and the increase in disposable income. In the year 2015, the auto sales in China hit a record of USD 24 million. Also, increase in the per capita income and the improved standard of living has contributed to the growth of the automotive industry in Asia-Pacific. Passenger cars equipped with electric steering are preferred by Chinese consumers. Moreover, the changing oil prices are increasing the popularity of mini and compact car models, for which electric steering is suitable. In fact, the increase in adoption of electric power steering in vehicles has also boosted the demand for steering wheel sensors and Asia-Pacific is expected to lead the steering wheel speed sensor market as well.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Steering Market Research Report

On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. 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 for electric steering. 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. Japan is leading the market for electric steering after China and US. The domestic auto production in Japan has increased over the last few years. The region has the largest vehicle production due to changing lifestyle and increasing disposable income and hence expected to drive the market for electric steering. The Indian steering systems market is closely linked to the automotive market. The automotive industry in India contributes largely to the country’s gross domestic product (GDP). In addition to increased vehicle production the steering systems market is also gaining from the Indian consumer’s growing awareness on the benefits of power steering in terms of convenience. Europe is expected to account for the second-largest share in the global electric steering market. 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.

Drivers:

Scope of the Report

This study provides an overview of the global electric steering market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Electric Steerings market by its type and vehicle type, and region

• By Type


• C-EPS


• P-EPS


• R-EPS


• Others (Others consist of dual pinion and rack direct drive)


• By Vehicle Type


• Passenger Cars


• Commercial Vehicles


• By Region


• North America


• Europe


• Asia Pacific


• Rest of the World

Key Players

The key players in Electric Steering market are 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.