Report Code: A08442 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electric Steering System Market
Request Now !Electric Power Steering (EPS) uses an electric motor to assist the driver of the vehicle. Electric steering is increasingly replacing hydraulic steering in the automotive industry. Electric steering mechanism is a combination of various linkages that are intended to turn the vehicle in a minimum radius without overturning it. It uses an electric motor and provides increased steering capabilities with less effort required by the driver. It doesn’t have hose, fluid, drive belt, pulley, and pump, thereby making the driving experience smooth and relaxing. EPS improves fuel efficiency & driving experience, assists to reduce power, and provides precision turning. Furthermore, increase in demand for safety and luxury is expected to drive the electric steering market growth over the forecast period.
COVID-19 scenario analysis:
Increase in vehicle production and regulatory push toward efficient technologies are expected to spur the demand for electric steering system over the forecast period. Moreover, higher cost of EPS compared to traditional steering systems and lack of traditional steering feel is anticipated to hamper the growth of the market. Furthermore, penetration in commercial vehicles and enabling ADAS features in vehicles are expected to offer lucrative opportunities for the market over the forecast period.
The electric steering system market trends are as follows:
Rise in population and increase in urbanization have created a huge demand for automobiles across the globe, resulting in huge vehicle production. Increase in production of passenger cars and commercial vehicles in developing and developed countries, owing to the growth of the transportation sector, is expected to augment the growth of the market. In addition, adopting efficient ways to attract more customers is projected to boost the electric steering system market over the forecast period.
The competitive level of manufacturing companies has increased rapidly in the past decade, which has enforced automakers to adopt new technology advancements and innovations. Huge investments are made by manufacturers to innovate advanced technologies to become more competitive in the market or sustain their position in the market. Therefore, increase in advancement in the automobile industry fuels the growth of the electric steering system market and is expected drive further over the forecast period. Â
Key benefits of the report:Â Â Â
Questions answered in the electric steering system market research report:
Electric Steering System Market Report Highlights
Aspects | Details |
---|---|
By Components |
|
By Electric Motor |
|
By Application |
|
By Type |
|
By Mechanism |
|
By Region |
|
Key Market Players | Robert Bosch Automotive Steering GmbH, Nexteer Automotive Group Limited, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, NSK Ltd., Mando Corporation, Showa Corporation, ZF TRW Automotive Holdings Corp., China Automotive Systems Inc. |
Start reading.
This Report and over 67,404+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers