Electric
power steering works by an electric motor to steer the wheel while hydraulic
power steering utilizes a pump which is integrated with an oil tank. The utilization
of the pump in hydraulic power steering continuously places a load on the
vehicle’s engine, which in turn impacts the fuel consumption and vehicle
performance. Power steering systems offers the torque which is implemented to
the steering wheel to drive the vehicle. The electric power steering market is expanding
rapidly owing to an increase in demand for advanced safety features in
vehicles, which is projected to boost the penetration of electric power
steering in vehicles. Rising deployment of advanced drive assist systems is anticipated
to accelerate the electric power steering market across the world. Furthermore,
the surge in sales of vehicles across the world owing to the decline in tax
rates on vehicles is also a major factor surging the demand for electric power
steering in vehicles. Significant demand for electric vehicles owing
to implementation of stringent emission norms is estimated to further propel
the electric power steering market across the world. Increase in deployment of
advanced electric components in vehicles to enhance safety features is projected
to contribute the electric power steering market growth. Automotive
manufacturers are utilizing an increased number of electric components and
systems in their vehicles to enhance the quality and driving experience of
their vehicles. Manufacturers are deploying electronic devices and systems to
increase the efficacy of their vehicles and monitor the working of all key
components as to detect faults, initially, before they become serious. On the
other hand, the huge cost of EPS as compared to conventional steering systems and
dearth of steering feel are few factors likely to limit the market growth.
Penetration
of electric power steering system is estimated to increase at a remarkable pace
during the forecast period, as the technology provides several benefits over
the present hydraulic power steering technology, including low maintenance cost
and assistance in offering higher fuel efficiency.
The
global Electric Power Steering Market is segregated on the basis of Components as
Steering Wheel, Steering Column, Sensors, Steering Gear, Mechanical Rack and
Pinion, Electronic Control Unit, Electric Motor and Bearing. Based on Electric
Motor the global Electric Power Steering Market is segmented in Brush Motor and
Brushless Motor. Based on Application the global Electric Power Steering Market
is segmented in Passenger Cars (PC) and Commercial Vehicles (CV). Based on Electric
Vehicle the global Electric Power Steering Market is segmented in BEV, PHEV and
HEV.
The
global Electric Power Steering Market report provides geographic analysis
covering regions, such as Europe, North America, Asia Pacific, and Rest of The
World. The Electric Power Steering Market for each region is further segmented
for major countries including the U.S., Canada, Germany, the U.K., France,
Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
JTEKT
Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF
Friedrichshafen AG, GKN plc, Robert Bosch GmbH and others are among the major players
in the global Electric Power Steering Market. The companies studied in terms of
product strategy and various n several growth and expansion strategies to gain
a competitive edge in the market. The major players not only follow value chain
integration with business operations in multiple stages of the value chain.
- In
October 2020, the BorgWarner acquired Delphi Technologies in a USD 3.3 billion
stock deal. The deal is predicted to intensify BorgWarner’s electronics and
power electronics product portfolio, capabilities and scale, making a leader in
electrified propulsion.
- In May
2020, ZF Friedrichshafen AG acquired WABCO in a USD 7 billion deal. WABCO is
now incorporated into ZF as its Commercial Vehicle Control Systems Division,
and ZF and WABCO will create global integrated systems for commercial vehicle
technology. WABCO and ZF had earlier made partnership for developing systems
such as Evasive Maneuver Assist for collision mitigation in commercial
vehicles. WABCO had also been a vital supplier of braking systems to ZF.
- In
January 2020, JTEKT acquired shares of Yutaka Seimitsu Kogyo Ltd. from Toyota
Motor Corporation (Toyota). Yutaka manufactures automotive parts and sells
gears for general machines. The objective of the deal is to intensify the
competitiveness of Toyota and JTEKT’s key driveline operations. Going forward,
all Yutaka operations associated to drive components will be transferred from
Toyota to JTEKT.
The global Electric Power Steering Market has been
segmented as below:
Electric
Power Steering Market, By Components
- Steering Wheel
- Steering Column
- Sensors
- Steering
Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Bearing
Electric
Power Steering Market, By Electric Motor
- Brush Motor
- Brushless Motor
Electric
Power Steering Market, By Application
- Passenger Cars (PC)
- Commercial Vehicles (CV)
Electric
Power Steering Market, By Electric Vehicle
Electric
Power Steering Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Electric
Power Steering Market, By Company
- 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
- Nexteer Automotive Group Limited
- BorgWarner Inc.
- Hitachi Astemo, Ltd.
- Rollax GmbH & Co. Kg
- Tenneco
The
report covers the below scope:
- Global Electric Power Steering
Market sizes from 2020 to 2025, along with CAGR for 2020-2025
- Market size comparison for 2019 vs
2025, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2025
- Global Electric Power Steering
Market trends, covering comprehensive range of consumer trends &
manufacturer trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global Electric
Power Steering Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global Electric Power Steering Market report
scope includes detailed study covering underlying factors influencing the
industry trends. The report covers analysis on regional and country level
market dynamics. The scope also covers competitive overview providing company
market shares along with company profiles for major revenue contributing
companies. The report scope includes detailed competitive outlook covering
market shares and profiles key participants in the global Electric Power
Steering Market share. Major industry players with significant revenue share
include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF
Friedrichshafen AG, GKN plc, Robert Bosch GmbH, NSK Ltd. and others.
Why to
Buy this Report:
- Gain detailed insights on the Electric Power Steering industry trends
- Find complete analysis on the
market status
- Identify the Electric Power
Steering Market opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement