Electric Power Steering Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2024

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 Global Electric Power Steering Market is estimated to reach $41.26 billion by 2025, forecast to grow at a CAGR of 5.89% during 2020-2025. Increasing adoption of Electric Power Steering in passenger car, as well as commercial vehicles, is one of the major driving factor that is expected to drive the Automotive Electric Power Steering market during the forecast period. Variable ratio steering changes the co-ordination between the driver’s actions. Global economic condition is growing day by day and disposable income of middle and upper middle class people. From the last half decades owing to the low production costs in some specific countries include China, and India the vehicle production has gone up drastically.  Increase in the vehicle production, the electric power steering market is getting momentum year on year. Steering wheels, and the ratio continuously change with vehicle speed and improving the steering condition in all condition that drives the growth of the steering market across the globe.
 
Key Takeaways

Asia-Pacific region is estimated to drive the electric power steering market growth during the forecast period from 2020 to 2025, owing to the growth of vehicle production, favorable government regulation, vehicle emission, electric vehicle penetration, growing disposable income and among other factors. 
Global Electric power steering market is estimated to driven with the help of growth in sport and budget segment vehicles. In the other hand most of the OEMs are started focusing on implementing cost-effectiveness and EPS system in commercial vehicles, expected to drive the market growth in the long term prospective.
Some of the advantages offered by the electric power steering system offers better fuel efficiency, there is no assistance require to operate the power steering system manually.

Type of Components- Segment Analysis

Sensor segment is estimated to grow at a highest CAGR of 6.12% during the forecast period.Senor plays a critical role in the Electric Power Steering Market. Sensor is responsible for measuring two primary drivers for the electric power steering industry. There are majorly three type of sensors used in such type of sensor includes torque sensor, steering wheel speed sensor and position sensor. Torque sensor is become one of the primary sensor among all the sensor used in electric power steering system.
An Electric Power Steering system is an alternative to the traditional steering system includes electro-hydraulic system. This electric motor is offering power, when it is turned on, wheel is turned one way or the other, thus offering a better fuel economy. The torque sensor is worked based on the non-contact magnetic measurement principle. The torque sensor contains two independent coils of wire. These coils are responsible for the moment of the wheel of the vehicles. So going forward sensor segment is estimated to grow at a higher pace in the coming future during the forecast period.

Application Type- Segment Analysis

By Application type Electric Power Steering segment is classified in to two different segment includes Passenger Car and Commercial Vehicle. Day by day increasing application of passenger car across the globe is estimated to drive the market for a long term basis. In the current situation 30% of the passenger cars are running and integrated with EPS technology across the globe, and this technology is likely to be implemented in the budget passenger car as well during the forecast period. In the coming future by next 1-2 years EPS systems are expected to be replaced by brushless DC motor. Brushless DC motor are highly efficiency, less maintenance and low electric noise generation over brushed DC motors. Passenger car segment is estimated to grow at a CAGR of 6.20% during the forecast period.

Geography- Segment Analysis

APAC region dominated the global Electric Power Steering market with a market share of more than 34%, followed by Europe and North America region. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive industries According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. In addition to this, in January 2019 the Chinese government unveiled number of initiatives to increase the sales of the vehicles. 

Drivers
Servo-electric technology for passenger cars has the capacity to meet highly automated driving and meets the highest safety standards.

Servo-electric power steering system combines the appropriate automated driving system with a maximum safety for the driver. These electric power steering system combined of servo system with electric power to offers maximum efficiency to the vehicle. The servo-electric technology for passenger car is able to deliver the highly automated driving and try to meet the highest safety standards with 20%-25% weight saving. This advanced technology meets all the requirements of all the passenger car and commercial vehicles. Bosch is one of the leading player in this servo-electric technology segment.

Increasing advancement in Vehicle Technology:

The development of various advanced steering technology is also the major factor that is boosting the electric power steering market. Automotive giants are investing huge amounts for the transformation of the automotive industry and leading to introduction of latest technology in the field of electric power steering for passenger and commercial vehicles. At present, countries such as Germany, China and India are looking towards the use the latest technology and are upgrading towards the use of passenger car and commercial vehicles which will further boost the adoption of electric power steering market.

Challenges – 
Critical to maintain Electric Power Steering system

Now a day’s drivers are pretty much aware about electric power steering. Nowadays it is very easy to drive a muscular vehicle that was required to simply turn a car’s wheel only a few decades ago, and it will difficult to operate a luxury power steering in a vehicle. Power steering is combination of various components that makes the vehicle steer and turn smoothly without any difficulties. When the power steering system faces an issue, it can be highly problematic and even dangerous for the driver and passengers. Maintaining the power steering system is critical in order to prevent safety issues from occurring and to keep the vehicle in good working condition

MarketLandscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electric Power Steering market. In 2018, the market of Electric Power Steering has been fragmented by the top five players accounting for 23% of the share. Major players in the Electric Power Steering market are, Robert Bosch, Hyundai Mobis, Delphi Technology, Thyssenkrupp, GKN, Mitsubishi, Federal-Mogul, NSK, Electric and among others. 

Acquisitions/Technology Launches

  • In March 26, 2019, NSK Steering Systems Pvt. Ltd has established a new plant in India to manufacture electric power steering system. The major purpose of opening this new plant was to introduce new technology and expand the power steering products lineup. NSK Steering Systems Pvt. Ltd, made an investment of Inr 5.11 billion rupees (About 800 Million Yen) to manufacture Electric Power Steering products. The company aims to manufacture 2, 50,000units of power steering products per year.

1. Electric Power Steering Market - Overview
        1.1 Definitions and Scope
2. Electric Power Steering Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Electric Power Steering Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Electric Power Steering Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Electric Power Steering Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Electric Power Steering Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Electric Power Steering Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Electric Power Steering Market - By Component(Market Size -$Million / $Billion)
8.1 Steering Wheel
8.2 Steering Column
8.3 Sensors
8.4 Steering Gear
8.5 Mechanical Rack & Pinion
8.6 Electronic Control Unit
8.7 Electric Motor
8.8 Bearings
9. Electric Power Steering Market - By Electric Motor Type(Market Size -$Million / $Billion)
9.1 Brushed Dc Motors
9.2 Brushless Dc Motors
10. Electric Power Steering - By Application (Market Size -$Million / $Billion)
        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
            10.3.1 Passenger Cars
            10.3.2 Commercial Vehicles
11. Electric Power Steering- By Geography (Market Size -$Million / $Billion)
        11.1 Electric Power Steering Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 Electric Power Steering- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 Electric Power Steering- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 Electric Power Steering - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 Electric Power Steering - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. Electric Power Steering Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Electric Power Steering Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Electric Power Steering Market - Key Company List by Country Premium
15. Electric Power Steering Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.1 Delphi 
15.2 Federal Mogul
15.3 GKN 
15.4 Hyundai Mobis 
15.5 JteKT 
15.6 Mitsubishi Electric 
15.7 Nexteer 
15.8 NSK 
15.9 Robert Bosch 
15.10 Showa Corporation 
15.11 Thyssenkrupp 
15.12 ZF 
15.13 Company 12
15.14 Company 13 & More
*Financials would be provided on a best efforts basis for private companies
16. Electric Power Steering Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Electric Power Steering Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

List of Tables

1 US Electric Power Steering Market Size 2018
2 Canada Electric Power Steering Market Share 2018
3 Brazil Electric Power Steering Market Outlook 2019 - 2023
4 Mexico Electric Power Steering Market Research 2018
5 Germany Electric Power Steering Market Trends 2019 - 2023 
6 France Electric Power Steering Market Growth 2019 - 2023 
7 UK Electric Power Steering Market Demand 2019 - 2023 
8 Italy Electric Power Steering Market Segmentation 2018
9 Russia Electric Power Steering Market Analysis 2019 - 2023
10 China Electric Power Steering Market Revenue 2019 - 2023
11 Japan Electric Power Steering Market Volume 2019 - 2023
12 South Korea Electric Power Steering Market Potential 2019 - 2023
13 India Electric Power Steering Market Leaders 2018
14 Saudi Arabia Electric Power Steering Market Forecast 2019 - 2023 
15 Kuwait Electric Power Steering Market Value 2018

List of Figures

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