Automotive Electric Power Steering Market Business Growth Factors, Top Manufacturers, Revenue, Demand & Forecast to 2030
Research Reports
Mar 09, 2022
Automotive Electric Power Steering Market-Overview
The call for a dramatically lesser carbon footprint is estimated to influence the automotive electric power steering market in 2022. The automotive components reports are formed by Market Research Future, which presents market options for progress. A 6?GR is estimated to direct the market expansion in the upcoming period.
The rise in fuel crisis caused by a decrease in fossil fuel reserves and their impact on environmental wellbeing is estimated to spur the automotive electric power steering market share in the upcoming period. The combination of high-end features and economic costs is estimated to drive the expansion of the market share of automotive electric power steering in the near future.
Market Drives & Trend –
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.
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The automotive industry has traditionally relied on conventional hydraulic pressure, which is generated by a pump that is driven by the engine. This pump would constantly run, consuming engine power and putting a strain on the engine. This pump would continue to work even though the steering wheel was not turned, reducing vehicle fuel consumption. The engine load is used to guide the driver only when the steering wheel is turned in either direction with an electric power steering system, reducing fuel consumption. The drag or thrust is still exerted on the engine, but it only occurs when the steering movement is performed, significantly improving engine performance.
Competitive Analysis –
The backing from administrative bodies around the world is escalating because the market requires an additional impetus to attain regularity in such a situation. The stress on modernization is appraised to see an upswing in the coming years, as the user requirements have to be tackled in an improved manner to safeguard the revival of the worldwide market. Also, the prerequisite to espouse a speedy and lucrative method of management is expected to influence the market in the approaching period. The conflict in the forces of demand and supply is appraised to produce a measured development context in the market.
The prerequisite to alleviate losses borne by the current public health crisis is appraised to be the sole focus of the market candidates in the forthcoming years. Besides, the necessity to boost businesses is estimated to take into account the influence of their decisions is appraised to shape the expansion of the market in the imminent phase. The proficiency of contestants to reassure change in the market is growing at a fixed rate in the approaching period.
The strategic companies in automotive electric power steering market are Mando Corporation (South Korea), Robert Bosch GmbH (Germany), KSR International Company (Canada), Mitsubishi Electric Corporation (Japan), Delphi Automotive (U.K), Showa Corporation (Japan), TRW Automotive (U.S.), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), Nexteer Automotive (U.S.), Federal-Mogul (U.S.), Hyundai Mobis (South Korea), NSK Ltd. (Japan), Sona Koyo Steering Systems Ltd. (India), and Thyssenkrupp AG (Germany), among others.
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.
Segmental Analysis –
The segmental evaluation of the automotive electric power steering market is carried out on the basis of component, vehicle, mechanism, type and type of fuel used. Based on the type, the automotive electric power steering market has been segmented into rack assist type, pinion assist type and column assist type. The component-basis of segmenting the automotive electric power steering market consists of the steering column, mechanical rack and pinion, bearing, steering gear, steering wheel and electric motor.
Based on the mechanism, the automotive electric power steering market comprises of rigid and collapsible. Based on the type of fuel used, the automotive electric power steering market comprises of PHEV, diesel, BEV, petrol and HEV. Based on the vehicle types, the automotive electric power steering market comprises of light commercial vehicle (LCV), passenger vehicle, and heavy commercial vehicle (HCV)
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Detailed Regional Analysis –
The regional scrutiny of the automotive electric power steering market is segmented into Asia Pacific, Europe, North America, and other global markets. The North America regional market has exhibited a healthy upward tendency in the research & development and espousal of the concept of self-driving cars. The market of the Asia Pacific market is anticipated to be the ensuing global automotive heart owing to the intensifying income and acquiring power of the middle class. The Europe region’s share in the automotive electric power steering market has an intense diversity of technically advanced cars where in, the vehicle functions are further improved using this system.
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