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Automotive Electric Power Steering Market Overview
The Automotive Electric Power Steering Market industry is projected to grow from USD 28754.1 Million in 2021 to USD 42674.41 Million by 2032, exhibiting a compound annual growth rate (CAGR) 5.3% during the forecast period (2023 - 2032). Automotive Electric Power Steering market is a new technology that supports driving without the need for human intervention. In recent times, the market has been performing extremely well owing to the rising demand for technically efficient and superior automobiles and the high popularity of sustainable and environmentally friendly automobiles. According to the Edison Electric Institute Association, as of March 31, 2019, over 1.18 million electric vehicles (EVs) are on the roads in the United States of America. The high demand for automated and electric vehicles has influenced the global market size of automotive electric power steering.
The introduction of stringent environmental regulations across different nations could push manufacturers to integrated new and improved automotive electric power steering technologies in their vehicles.
A detailed analysis of the Automotive Electric Power Steering market has been performed to ascertain its growth potential in the future. Various factors in the market, such as drivers, opportunities, restraints, and challenges, have been identified and critically analyzed. A thorough competitive analysis has been carried out as it could impact the share of automotive electric power steering each player and influence the overall market performance.
Automotive Electric Power Steering Market Covid 19 analysis
The Covid 19 pandemic has adversely affected the global market of automotive electric power steering by diminishing the demand. Due to strict lockdown regulations, the mobility of people got seriously hampered the market growth. The social distancing norms also affected the manufacturing processes. However, during the forecasted period, the market is expected to recover owing to eased restrictions.
Competitive intensity in the industry
The level of competition in the global automotive electric power steering market is very high. Due to the rising demand for sustainable automobiles, many players have entered the business landscape and have expanded the global Automotive Electric Power Steering market size. Some of the key business entities that have been dominating the market at present have been listed below:
- Delphi Automobile
- Mitsubishi Electric Corporation
- Hitachi Automotive Systems Ltd.
- Tesla
- Showa Corporation
- JTEKT Corporation
- Nexteer Automotive
- Mando Corporation
- Robert Bosch GmbH
- KSR International Company
- Sona Koya Steering Systems Ltd.
Chief variables existing in the Automotive Electric Power Steering market
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Key market drivers
A diverse range of drivers exists in the global market, such as the rising demand for greener and sustainable vehicles, the introduction of strict environmental legislation, and the high consciousness of customers regarding climatic change. These factors could act as main market drivers during the forecasted period and influence the global market.
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Automotive Electric Power Steering Market Market challenges
Several challenges exist in the global market of automotive electric power steerings, such as intense competition and rapid technological change. These elements increase uncertainty in the business landscape and make it difficult for business players to capture the market share of automotive electric power steering. In recent times, the Covid 19 pandemic has also acted as a major challenge for businesses that operate in the market.
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Opportunities in the global Automotive Electric Power Steering Market
Several opportunities exist in the global market of automotive electric power steering, such as the inclination of customers towards technically superior vehicles. Additionally, there is also an opportunity for businesses to integrate new technologies to boost the efficiency and sustainability of the existing electric power steering solutions.
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Restraints
The chief restraints that exist for the market players are the high cost of electric power steering technology compared to the traditional solutions. The unavailability of necessary finance also acts as a major hurdle that limits the potential of businesses to exploit attractive market opportunities.
Cumulative evaluation of the market
The global automotive electric power steering market is extremely attractive. Various elements increase the attractiveness, such as the demand for sustainable cars and high emphasis on the environmental footprint of automobiles. Several market trends have been identified that could influence the market's growth during the forecasted period.
Overview of the main Automotive Electric Power Steering market segments
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Automotive Electric Power Steering Market By Type
The global Automotive Electric Power Steering market can be segmented into pinion assist, rack assist, and column assist types. Currently, the column assist type captures the major portion of the global market shares; it combines assisting mechanism and system electronics along with the steering column. It is expected to dominate the market in the future as well.
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Market By Component
Based on components, the global automotive electric power steering industry can be divided into bearing, mechanical rack and pinion, steering wheel, steering gear, steering column, and electric motor. The electric motor segment has been dominating the market. Some of the distinctive features that could accelerate the demand for electric motors during the forecasted period include high efficiency and the robust conversion of the steering rotation process into wheel movement activity.
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Market By Mechanism
The global market can be segmented into collapsible and rigid mechanisms. The demand for a collapsible mechanism is high as it minimizes the chances of severe injuries to passengers. The segment is expected to demonstrate exemplary performance during the forecasted period and contribute to the global market growth of automotive electric power steering.
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Market By Type Of Fuel Used
Based on the 'Type of Fuel Used,' the market can be categorized into petrol, diesel, battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). Each of these sub-segments has distinctive attributes that work in their favor and influence their demand. For instance, diesel and petrol-fueled vehicles utilize the technology of electric power steering to perform efficiently. The electric-powered vehicles and the hybrid models are designed to adapt better to the new and improved electric power steering technology.
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Market By Vehicle Type
Based on the vehicle type, the global market can be classified into passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The passenger vehicle segment is expected to dominate the market during the forecasted period and contribute to the global market growth of automotive electric power steering. The high demand for sustainable automobiles would serve as a catalyst and influence the performance of the market segment.
Automotive Electric Power Steering Market Regional analysis
The global automotive electric power steering market can be segmented into diverse geographical regions, including North America, Europe, the Asia Pacific, and the rest of the world. One of the top market trends that have been identified in these regions is the high demand for sustainable and green vehicles. The Asia Pacific market contributes significantly to the market size at the global level. It is expected to register the highest growth during the forecasted period as well. Some of the factors that are likely to influence its performance are rising income and purchasing power. The European market is also expected to showcase commendable performance in the future owing to the introduction of a wide variety of technologically superior and efficient vehicles.
Recent market developments
- Tesla, a key player in the global automotive electric power steering Industry setting, is spending on research and development activities to integrated new technologies into its vehicles and upgrade their efficiency.
- Mitsubishi Electric Corporation has been strengthening its digital solution collaboration with its long-term e-Factory solution partner 'Eplan' to facilitate the structured implementation of the digital manufacturing process.
Report Overview
The exhaustive analysis of the global market of automotive electric power steering has helped to capture its growth potential during the forecasted period. Several strategic models have investigated the major market trends that impact its growth and performance. The analysis has been carried out both at the micro and the macro level. The micro-level analysis has helped identify and evaluate the strategies adopted by the key market players. The macro analysis of the automotive electric power steering industry has helped to identify the major market opportunities and challenges. The competitive landscape has been explored in detail as it could influence market performance in the future.
Automotive Electric Power Steering Market Key Industrial segments
Automotive Electric Power Steering Market By Type
- Pinion Assist Type
- Rack Assist Type
- Column Assist Type
Automotive Electric Power Steering Market By Component
- Bearing
- Mechanical Rack and Pinion
- Steering Wheel
- Steering Gear
- Steering Column
- Electric Motor
Automotive Electric Power Steering Market By Mechanism
- Collapsible
- Rigid
Automotive Electric Power Steering Market By Type Of Fuel Used
- Petrol
- Diesel
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Automotive Electric Power Steering Market By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
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