The global automotive electric power steering market size is predicted to surpass US$ 30 Bn by 2030, expanding at a Compound annual growth rate (CAGR) of 3.1% from 2021 to 2030.
Rise in demand for advanced safety features in vehicles, including lane assistance and blind spot detection, is projected to fuel the demand for electronic components in vehicles. This, in turn, is likely to propel the automotive electric power steering market across the globe. The growing consumer trend toward advanced drive assist systems in vehicles is prompting vehicle manufacturers to integrate the electric power steering in their vehicles. Rise in sales of vehicles across the globe due to decline in tax rates on vehicles is also a key factor fueling the demand for electric power steering in vehicles. High demand for electric vehicles due to enactment of stringent emission norms is anticipated to further drive the automotive electric power steering market across the globe. Major vehicle manufacturers are reducing their vehicles’ weight to enhance fuel-efficiency, which is likely to propel the demand for electric power steering systems in vehicles.
Rise in adoption of advanced electric components in vehicles to improve safety features is likely to boost the automotive electric power steering market. Vehicle manufacturers are using an increased number of electric components and systems in their vehicles to improve the quality and driving experience of their vehicles. Manufacturers are employing electronic devices and systems to increase the efficiency of their vehicles and monitor the working of all major components in order to identify faults, initially, before they become severe.
Penetration of electric power steering system is anticipated to rise at a notable pace during the forecast period, as the technology offers various advantages over the existing hydraulic power steering technology, including low maintenance cost and assistance in providing higher fuel efficiency.
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
The automotive electric power steering system comprises a large number of electronic components, and the failure of electronic is a major factor restraining the automotive electric power steering market. Furthermore, a few consumers prefer hydraulic power steering system over electric power steering system, which, in turn, is estimated to hamper the electric power steering market.
PID Control Method Holds Potentials in Overcoming Operational Issues of EPS
Electric power steering (EPS) systems are being associated with energy savings, lightweight attributes, and smart driving. However, operational issues in these systems such as model uncertainties and external interference are being addressed by manufacturers. Hence, companies in the automotive electric power steering market are anticipated to team up with scholars and researchers who offer guidance on various control theories, which are improving the ergonomics of EPS.
Companies in the automotive electric power steering market are gaining a strong research base in the flexible PID (Proportional-Integral-Derivative) control method that provides real-time tracking ability. PID control method is considered a gold standard for improving the steering stability and sensitivity. PID parameters can be adjusted in real-time according to the operating environment, which makes the response capability of EPS system more fast and accurate.
OEMs Reduce Development Lead Time by Reviewing Control Program in EPS
Innovations in motor control units are facilitating improved handling and safety of vehicles. Japan-based DENSO Corporation— a global automotive components manufacturer, announced that it has developed a new EPS motor control unit (EPS-MCU), which has featured in TOYOTA NEW HARRIER that was launched in June 2020. The decline in the size of EPS systems is enabling cost and fuel savings.
Companies in the automotive electric power steering market are increasing efforts to reduce development lead-time by reviewing and reforming how the control program is adapted in different vehicles. Software innovations in the EPS-MCU are becoming prominent so that it automatically integrates into the vehicle after the unit is installed at the vehicle factory.
Prominent players operating in the global automotive electric power steering market include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited, TRIDEC, and Hitachi Automotive Systems.
By Motor Assist
This report focuses on automotive electric power steering market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall automotive electric power steering market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global automotive electric power steering market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global automotive electric power steering market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the automotive electric power steering market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of automotive electric power steering are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global automotive electric power steering market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global automotive electric power steering market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global automotive electric power steering market.
The study objectives of this report are:
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