Global Electric Steering Market is growing at high growth rate during forecast period of four years from 2018 To 2023. Electric Steering industry is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS)), and by Regions.
Electric Steering Global Market Key Players Analyzed in Report Are:
JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., Robert Bosch Automotive Steering GmbH, Nexteer Automotive Group Limited, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Mando Corporation, Showa Corporation, and China Automotive Systems.
Get Sample Copy Of “Electric Steering Market Research Report – Forecast to 2023” at: https://www.marketresearchfuture.com/sample_request/1859
Market Highlights:
In July 2018, South Korean auto parts supplier Hyundai Mobis launched an electric power steering system optimized for autonomous vehicles. The developments in the automotive sector have boosted the adoption of Electric Power Steering (EPS) by replacing hydraulics owing to its enhanced steering capabilities. Market Research Future (MRFR) has revealed in its latest report that the global electric steering industry is set to expand at a healthy CAGR during the forecast period.
The technological advancements in the automotive sector which include increasing demand for automotive sensors, escalated adoption of electric cars, etc. is likely to propel demand for electric steering. Furthermore, the growth of the automotive manufacturing sector coupled with increased research & development activities is poised to have a positive influence on the proliferation of electric steering global industry over the next few years.
The safety regulations levied by governments for automobiles are expected to fuel the expansion of electric steering market. The booming automotive sensor market is further projected to boost the sales of electric steering.
The large-scale use of hydraulic steering coupled with the higher cost associated with electric steering is expected to hold the market growth across the assessment period. The restraints are highly attributable to the lack of economies of scale and non-completion of the supply chain. Furthermore, poor after sales services available for electric steering is another factor responsible for hampering the market growth over the forecast period.
Electric steering Market Segmentation:
By vehicle type, the market has been segmented into passenger vehicle and commercial vehicle.
By type, the global market is segmented into Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric Power Steering (R-EPS).
Regional Analysis:
By region, the global market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America market has entered a maturity phase and is estimated to grow at a CAGR of 6.63% across the projection period. The factors encouraging the growth of the market include rapid industrialization, investments in public transportation, technological advancements, etc. The U.S. is expected to be one of the primary players in the market. The thriving automotive sector of Canada is likely to augment the electric steering market in North America.
Europe holds the second largest market share in the global market. The factors responsible for catalyzing market expansion in the region are technological advancements, increasing disposable income, rising customer base, etc. Germany is estimated to account for a significant share in the market which is primarily attributable to its developed automotive sector. The production of cars has increased exponentially in the recent times due to economic stability and presence of skilled workforce. The growing automotive sector of the U.K. is projected to accelerate revenue creation for market participants in Europe. France, on the other hand, is also likely to fuel electric steering industry growth. The initiatives undertaken by the Government in France for promoting the automotive sector is projected to encourage electric steering market proliferation.
Asia Pacific market is estimated to show a steep rise in the growth of electric steering global market. The market expansion in the region can be ascribed to increasing population, rising per capita income, improving the standard of living, etc. which has boosted the growth of the automotive sector. China holds the most substantial share in the Asia Pacific market.
Competitive Landscape
The Global Market for Electric Steering is highly competitive. The market players are leveraging various strategies such as acquisitions, partnerships, and investments to stay ahead of the competition in the global Electric Steering Market. The market participants are trying to come up with advancements in the Electric Steering.
Continued…
Browse more details on report at: https://www.marketresearchfuture.com/reports/electric-steering-market-1859
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.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/electric-steering-market-1859