Electric Power Steering Market to Reach 50.2 Billion USD by 2020 - IndustryARC Analysis
Browse - 93 Market Tables, 32 Figures spread through 171 Pages and an in-depth TOC on “Electric Power Assisted Steering Market".
Power steering systems assist drivers by enhancing the turning power of the steering wheel. Power steering systems provide increased steering capabilities with less effort. Power steering can improve the driving experience as well as the fuel efficiency. The global electric power assisted steering market generated revenue of $29.3 Billion in 2015 and is estimated to grow at 11.4% through 2020 to reach $50.2 Billion. The high market growth is projected due to strong growth in the improved steering and reliability, as well as high fuel efficiency of these systems when compared to other power steering systems. A recent report created by IndustryARC examines this market and as well as the various electric power steering technologies offered.
Electric Power Assisted Steering (EPAS) Systems are estimated to reduce fuel consumption by nearly 4%. The major result of this diminished fuel consumption is the lower energy utilization in electric power steering systems, especially when compared with hydraulic power assisted steering systems. Electric power assisted steering systems reduce energy usage by nearly 90% when equated with hydraulic power assisted steering systems. The reduced fuel consumption presented by EPAS systems has driven the market due to the fluctuating fuel prices resulting in increased customer demand.
Americas held biggest market in 2014 followed by Europe. However APAC region is poised to grow at the highest CAGR and is projected to surpass American market size by 2019. The significant growth in APAC region is due to increasing economies leading to a growing automotive market.
Power steering has been segmented based on type of technology used into the electric powered hydraulic steering (EPHS), hydraulic power assisted steering (HPAS) and electric power assisted steering (EPAS). In 2014, electric power steering segment accounted for the largest. The hydraulic power steering is projected to decline due to the large space required as well as low fuel efficiency. The improving technology and fuel efficiency provided by electric power steering is the major driver for this segment. The EPHS system and HPAS markets are declining due to lower reliability and fuel efficiency when compared with EPAS systems. The growing automotive industry is set to propel the power steering market.
Electric power assisted steering is further divided into column drive, rack drive, direct drive, pinion assist, dual point pinion steering systems. Column drive is the largest market with $16 billion in revenue in 2015 followed by rack drive steering. Dual Point Pinion is forecast to exhibit the fastest growth, according to the report by IndustryARC, due to the increased driver comfort and safety offered by these systems.
The electric power assisted steering market has been segmented based on vehicle type into passenger vehicle, commercial vehicle, light commercial vehicle and sports vehicles. Passenger vehicles are the biggest market for EPAS systems, accounting for 83% of the market. Sports Vehicles account for 3% but are estimated to be the fastest growing market. The sports vehicle market for electric power steering is growing due to improved handling and fuel efficiency when compared to hydraulic power steering,
The Top 5 Companies In Terms of Revenue Operating In The Electric Power Assisted Steering Market Are:
- ZF Friedrichshafen
- Nexteer Automotive
- NSK Ltd.
- TRW Automotive (ZF Group)
- JTEKT Corp.
The Top 5 Companies account for 65% of the Total Market currently. The steering system companies have looked to expansions, product launches and agreements as key strategies for growth. Expansions have been completed in order to enter fast growing markets in APAC. For instance, Hyundai Mobis has expanded in the growing markets of China and India in order to capitalize on the growing automotive market. This expansion reinforces Mobis’ strategy to increase the company’s presence in emerging markets. New product launches and agreements have been undertaken in order to enhance the product portfolio and strengthen core capabilities.
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