Electric Power Steering Market Size Overview
Global car manufacturers have always tried to provide a strong value proposition along with basic vehicle functionality. Earlier, automakers were more concerned about the car performance, inlcuding vehicle speed, mileage, rpm, and thrust created by the engine, among others. The attention towards driver comfort, although present, definitely took a back seat in those times. With the passing of decades, the competition within the different companies in the automotive field became more intense. In order to carve out their niche loyal customer set and enhance their reputation and market standing, the automakers came up with different value and feature offerings.
Such advantageous features are helping the global automotive power steering market gain 6% CAGR during the forecast period (2018-2023).
Competitive Insight:
Several players impacting the Electric Power Steering Market Size are KSR International Company (Canada), Mando Corporation (South Korea), Hyundai Mobis (South Korea), Mitsubishi Electric Corporation Sona Koyo Steering Systems Ltd. (India), (Japan), Delphi Automotive (U.K), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), (Japan), Nexteer Automotive (U.S.), Showa Corporation NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Federal-Mogul (U.S.), TRW Automotive (U.S.), and ThyssenKrupp AG (Germany), and others.
Segmental Analysis
Type, component, mechanism, vehicle type, and fuel are the segments that MRFR uses for a better analysis of the Electric Power Steering Market Size. This reveals information based on volume and value for a holistic understanding of the global market
Based on the type, the Electric Power Steering Market Size comprises rack assist type, pinion-assist type, and column assist type. The column assist type is the most-used segment as it can save crucial space in compact cars.
Based on the component, the Electric Power Steering Market Size includes steering gear, mechanical rack & pinion, steering wheel, bearing, and steering column.
By mechanism, the Electric Power Steering Market Size includes collapsible and rigid. The collapsible variety has a wider market reach than others.
By fuel-used, the Electric Power Steering Market Size includes battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), petrol, diesel, and hybrid electric vehicle (HEV). Petrol and diesel-powered cars are now mostly adopting electric power steering technology. The electric car works well with such steering.
Based on the vehicle type, the Electric Power Steering Market Size consists of Light Commercial Vehicle (LCV), passenger vehicle, and Heavy Commercial Vehicle (HCV).
Regional Analysis:
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions in consideration for a better understanding of the global Electric Power Steering Market Size.
North America is doing good in the market owing to its huge market taking on innovations and implementing them with substantial ease. The market’s growth is depending mostly on the revamping of the automotive sector. At the same time, higher integration of electric cars is spurring the regional market growth.
The APAC market is expecting substantial tailwind due to the advantages it is receiving in the garb of market behemoths opening plants in the region. In accordance, several manufacturing sites are operating in the region which is helping the market grow.
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