Rising Demand for Fuel-efficient Vehicles Boosts the Automotive Electric Power Steering Market
The typical hydraulic pressure used by the automotive industry is produced by a pump that is powered by the engine. This pump would run continuously, using up engine power and taxing the engine. Even if the steering wheel wasn’t twisted, this pump would keep running, saving gasoline for the car. An electric power steering system saves fuel because it only uses the engine load when the steering wheel is cranked in either direction. Even if the steering action is only made when necessary, the engine nevertheless experiences drag or thrust, which greatly enhances engine performance.
Market Research Future (MRFR) predicts the global automotive electric power steering market to grow with a CAGR of approx. 6% from 2022 to 2030 (forecast period).
There are numerous factors driving the growth of the automotive electric power steering market. For starters, consumers all over the world want technically superior automobiles with high-end features, low prices, and improved safety features. Second, automakers are constantly striving to produce cleaner, greener automobiles with a lower carbon footprint, which can be accomplished by integrating this system. Third, consumers want a more peaceful and comfortable driving experience with less driving effort, which can also be done with an electric power steering system.
COVID-19 Impact on the Global Automotive Electric Power Steering Market
The global outbreak of a novel coronavirus pandemic is likely to trigger a temporary slowdown in the industry. Manufacturing activities have been halted due to labor shortages. As a consequence, demand from end-use industries has dropped significantly.
Automotive Electric Power Steering Market Segmentation
The global automotive electric power steering market has been segmented into type, component, mechanism, fuel, and vehicle.
By type, the global automotive electric power steering market has been segmented into pinion, rack, and column.
By components, the global automotive electric power steering market has been segmented into bearing, rack & pinion, electric motor, steering wheel, gear, and column.
Based on mechanism, the global automotive electric power steering market has been segmented into collapsible and rigid.
Based on fuel, the global automotive electric power steering market has been segmented into petrol, diesel, BEV, PHEV, and HEV.
Based on vehicles, the global automotive electric power steering market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
Automotive Electric Power Steering Market Regional Analysis
Based on region, the global automotive electric power steering market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World.
The North American market (particularly the United States and Canada) has shown a strong upward trend in self-driving car research and development and adoption. The electric power steering mechanism helps the smooth movement of these self-driving automobiles, giving this industry a bright future. Because of growing middle-class income and buying power, the Asia Pacific market is projected to be the next global automotive center. The electric power steering system can be used in all automobile segments (high, medium, and low), lowering manufacturing costs due to mass production.
Automotive Electric Power Steering Market Key Players
- Delphi Automotive (U.K)
- Mando Corporation (South Korea)
- Robert Bosch GmbH (Germany)
- KSR International Company (Canada)
- Mitsubishi Electric Corporation
- Showa Corporation (Japan)
- JTEKT Corporation (Japan)
- Hitachi Automotive Systems Ltd.
- Sona Koyo Steering Systems Ltd.
- Nexteer Automotive (U.S.)
- Federal-Mogul (U.S.)
- Hyundai Mobis (South Korea)
- NSK Ltd. (Japan)
- TRW Automotive (U.S.)
- Thyssenkrupp AG (Germany)
Summary
The global automotive electric power steering market is anticipated to grow with a CAGR of approx. 6% from 2017 to 2023 (forecast period). The growth of the automotive electric power steering market can be attributed to a variety of factors. First, consumers all over the world are looking for technically superior automobiles with high-end features, low prices, and improved safety features. Second, automakers are constantly striving to create cleaner, greener vehicles with a lower carbon footprint, which can be accomplished by implementing this system. Third, consumers want a more peaceful and pleasant driving experience with less driving effort, which can also be done with an electric power steering system.
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