Global Electric Powered Steering Market is estimated to grow at a CAGR of 11.34% to reach revenue of $69341.84 million by 2023
Asia-Pacific dominates with major share and growth in the Electric Powered Steering Market
The Americas market is the leading region to account to $13325 million in revenue in 2017 and is poised to exhibit CAGR of 9.4% through 2023. The America market will register revenue of $21078 million by 2023. Americas is the largest market for automobiles, led by the U.S., and thus the EPAS systems find high penetration in this region. The APAC segment is foreseen to have the highest growth of 16.1% CAGR and this market is estimated to reach $26747.37 billion by 2023. Looking at the above statistic, the APAC market is forecast to become the leading market by 2019, and America will shift down to second position. This will happen due to improving economy and high growth of automotive market, especially in China.
Selected Steering Type Analysis done in the full Report:
The Column Drive EPAS system is the leading segment and accounted for revenue of $23.7 billion in 2017. The EPAS market is expected to grow at a CAGR of 14.50% to reach a revenue of $47.35 billion by 2023. The inferior cost and increase in fuel consumption offered by these devices over other electric power steering types is set to drive the adoption. The Dual Point Pinion EPAS is the highest growing segment and is forecast to grow at 21.1% CAGR through 2023 to reach $3.7 billion. The improved drivability and steering capabilities offered by this structure is the major driver for dual point pinion EPAS segment. The Direct Drive EPAS system segment is also anticipated to exhibit high growth of 19.4% through 2023 to reach $4.54 billion by 2023.
Excerpts on Market Growth Factors
- Development of sophisticated and robotic steering mechanism in the sector is one of the major driving factors of the global electronic steering market.
- Electronic steering was used only in high end vehicle or sports utility vehicles. In recent years, electric steering has increased, which in result has improved its involvement in almost every category of vehicle.
- Electric power assisted steering systems reduce energy usage by nearly 90%. This leads to a reduction in fuel consumption presented by EPAS systems that has helped the market to grow, due to fluctuating fuel prices.
Key players of the Electric Powered Steering Market:
The foremost players in this market are automotive parts manufacturers including ZF Friedrichshafen, Nexteer Automotive, NSK Ltd., TRW Automotive and JTEKT Corp. Other few companies such as Mitsubishi Electric Corp., Golden Company and Robert Bosch GmbH provide stiff competition to the top players with their innovative structure and product designs. ZF Friedrichshafen is known for its products such as Varioserv, Active Steering, Servotronic, Servoelectric and steering column. Nexteer Automotive products are associated with electric power steering and Hydraulic Power Steering. The products are as followed byColumn Type EPS, Pinion Type EPS, Premium Pinion & Rack Gears, EPS Intermediate Shaft, Rack Assist EPS and others. NSK Ltd., is a manufacturer for varieties of ball bearings and automotive products which includes Column Type EPS, Pinion Type EPS, Dual Pinion Type EPS, and Offset ball screw type EPS.
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