Global Automotive Electric Power Steering Market Share, Top Key Players, Regional Study, Upcoming Trends and Growth Segments
2027
According to UnivDatos Market Insights (UMI)’ research report “Automotive Electric Power Steering Market”, the market is expected to witness a significant growth during the forecast period 2021-2027F. Automotive Electric Power Steering Market is experiencing significant growth due to Rising demand for safety and convenience paired with initiatives by OEMs to reduce complexity and weight of vehicles, Growing adoption of vehicle equipped with advanced automation systems, Increasing production and sale of vehicles owing to rising disposable income, and Growing adoption and government initiatives for Electric vehicles. However, fluctuating prices of raw materials and high cost associated with the technology is expected to limit the market growth. In addition, Growing penetration of Electric Power Steering in Penetration in commercial vehicles paired with Electrification of commercial vehicles would provide ample growth opportunity for the players operating in the market.
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Based on Type, the Automotive Electric Power Steering Market is segmented into Column-EPS, Pinion-EPS, Rack-EPS. Currently, Column-EPS dominates the market and is expected to maintain its dominance throughout the forecast period. Major automotive manufacturers globally are leveraging autonomous driving systems to provide a seamless experience to automobile users.
Based on Component, the Automotive Electric Power Steering Market is segmented into EPS Control Module, Electric Motor, Rack & Pinion, Steering Column. In 2020, EPS Control Module segment dominated the market. Growth of the segment is expected to be driven by increasing demand for vehicles equipped with power steering and rising popularity for Electric vehicles in major developed economies.
Based on Mechanism, the Automotive Electric Power Steering Market is segmented into Collapsible EPS, Rigid EPS. Currently, Collapsible EPS segment dominated the market. EPS variants offered by Bosch, meet the requirements for small, mid-range, sports cars as well as light commercial vehicles. The EPS has an electric motor which controls the vehicle steering to provide an optimal and enjoying steering feel to the driver.
Based on Technology, the Automotive Electric Power Steering Market is segmented into Collapsible EPS, Rigid EPS. Currently, Collapsible EPS segment dominated the market and is expected to maintain
its dominance throughout the forecast period 2021-2027. As per Nexteer estimation EPS systems have helped save almost 3 billion gallons of gas since 1999.
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“Automotive Electric Power Steering Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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Key questions answered in the study:
1. What are the current and future trends of the Automotive Electric Power Steering industry?
2. How the industry has been evolving in terms of end-user demand and product category?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Automotive Electric Power Steering industry?
5. What is the customer orientation, purchase behavior, and expectations from the Automotive Electric Power Steering suppliers across various countries?
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