Electric Steering System Market Outlook – 2027
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:
- Gaining the same flow of goods in the market is certainly a major challenge now due to slow restarting of plant operations. In addition, suppliers may have to wait for a long time to revive the demand.
- Due to nationwide lockdown, companies have faced consequent delays in delivery that might impact the market at multiple levels from postponed new car model launches, shattered supply chains, financially drained SMEs, and dampened vehicle sales.
- The impact of the coronavirus has affected the sales of automobiles in every country, which is expected to impact the electric transporters market as well.
- The coronavirus outbreak has heavily impacted the manufacturing industry's Original Equipment Manufacturer (OEM) while parts suppliers have yet to return to full production capacity.
- The disrupted supply chain is expected to impact the profitability of every industry involved in manufacturing. Some economies may even enter into recession period due to this impact.
Top impacting factors: Market scenario analysis, trends, drivers, and impact 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:
Increase in vehicle production
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.
Regulatory push toward efficient technologies
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.
Key benefits of the report:
- This study presents the analytical depiction of the electric steering system market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the electric steering system market share.
- The current market is quantitatively analyzed to highlight the electric steering system market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the electric steering system market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Steering System Market Report Highlights
By Electric Motor
Key Market Players
Robert Bosch Automotive Steering GmbH, NSK Ltd., Hyundai Mobis Co., Ltd., Nexteer Automotive Group Limited, ZF TRW Automotive Holdings Corp., Showa Corporation, Mando Corporation, China Automotive Systems Inc., Electric Steering JTEKT Corporation, ThyssenKrupp Ag