Electric Steering Market Expected to Post a Growth Rate of About 5.89% CAGR Between 2024 - 2032

Pune, India, December 7, 2016 /MRFR Press Release/- Market research future published a half-cooked research report on Global Electric Steering Market. The Global Market Electric Steering is expected to grow at a CAGR of about 5.89% during the forecast period, 2024 to 2032.

Market Highlights

Electric steering is increasing replacing hydraulic steering’s in the automotive industry. Usage of electric steering will improve the fuel economy because electric steering uses around 8-10 horsepower under load. Electric powered steering uses electric motor instead and provides increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump. Growth in the improved steering & reliability, and high fuel efficiency of electric steering over hydraulic steering systems is expected to drive the market of electric steering. The global electric steering market is expected to show a growth at CAGR of about 5.89% from 2024 to 2032.

Asia-Pacific has emerged to be 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.  

Key Factors affecting the market during the forecast period:

Scope of the reportThis study provides an overview of the global electric steering industry, tracking market segments across the categorized four geographic regions. The report provides a five-year forecast for the market size in terms of value for North America, Europe, Asia-Pacific, and Rest of the world. The scope of the study segments the global electric steering market based on type and vehicle type.

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

Key PlayersThe key players of global Electric steering market report include 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.