New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Electric Steering Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Steering Market Information Report, by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS)), and by Regions - Global Forecast To 2030”, the market is projected to be worth USD 46.37 billion by 2030, registering a CAGR of 6.76% during the forecast period (2022 to 2030)., the market was valued at USD 26.11 billion in 2021.
List of the companies profiled in the global electric steering market report include –
Electric Steering JTEKT Corporation
Robert Bosch Automotive Steering GmbH
ZF TRW Automotive Holdings Corp.
Nexteer Automotive Group Limited
Hyundai Mobis Co.Ltd.
China Automotive Systems Inc.
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Nexteer Automotive has expanded its (EPS) electric power steering portfolio with its latest modular column-assist EPS system (mCEPS).
Market Research Future’s Review on Electric Steering Market
During the COVID-19 outbreak, the electric steering market had been adversely hit owing to the supply chain disruptions due to major economies of the world being forced into lockdowns and halt in economic activities. Every OEM plant and manufacturing unit stopped their production for adhering to the social distancing norms as well as limiting the spreading of the deadly virus. The need for passenger vehicles too fell drastically at this period. But with the gradual opening up of economies the need returned to the market and there has also been an increase in the need for passenger cars in India and China with the change in consumer preference to personal vehicles from public transport. This trend is likely to continue during the forecast period.
Increasing Adoption of Advanced Electric Components to Boost Electric Steering Market Growth
Browse In-depth Market Research Report (188 pages) on Electric Steering Market
2030: USD 46.37 billion
6.76% CAGR (2022-2030)
2019 & 2020
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Vehicle Type and Type
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Electric Steering JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive System
Key Market Opportunities
Increasingly replacing hydraulic steering
Key Market Drivers
Increased steering capabilities with less effort
Increasing Adoption of Advanced Electric Components to Boost Market Growth
The increasing adoption of advanced electric components in cars to improve safety features will boost market growth over the forecast period. Car manufacturers are using increased number of electric systems and components in the cars for augmenting the driving experience and quality of their cars. Car manufacturers are using electronic systems and devices to boost the efficiency of cars and also monitor the working of every component to identify faults initially prior to the same getting severe.
Plentiful Benefits offered by Electric Steering to offer Robust Opportunities
The plentiful benefits offered by electric steering over hydraulic steering technology like assistance to offer higher fuel efficiency and low maintenance cost may offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Lack of Steering Feel to act as Market Restraint
The lack of steering feel and high cost of electric steering may act as market restraint over the forecast period.
The global electric steering market is bifurcated based on vehicle type and type.
By vehicle type, passenger vehicles will lead the market over the forecast period for the increase in such vehicles in operation and the launch of new passenger cars with advanced electric power steering.
By type, the column assist electric power steering (C-EPS) will dominate the market over the forecast period.
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North America to Steer Electric Steering Market
North America will steer the electric steering market over the forecast period. The presence of mature automobile market, technological advances, fuel efficiency, rising industrialization, increased expenditure on modernization, up gradation of public transport and infrastructure, Canada being the largest vehicle producers in the world, the auto sector being Canada’s biggest contributor to manufacturing gross domestic product, and the Canadian automotive industry producing heavy and light duty vehicles are adding to the global electric steering market growth in the region. The US followed by Canada hold the utmost market share.
APAC to Have Admirable Growth in Electric Steering Market
The APAC region will have admirable growth in the electric steering market over the forecast period. Growth of vehicle production, vehicle emission, favorable government regulation, growing disposable income, electric vehicle penetration, increasing need for high-end or luxury cars, burgeoning need and sales of electric cars, growing stringency of emission & fuel economy norms, rapid expansion of manufacturing industries, the presence of developing economies like China and India where the demand for such steering is increasing, rising incidences of road accidents, and surging vehicle sales are adding to the global electric steering market growth in the region.
Segmentation of Market covered in the research:
Electric Steering Market Information Report, by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS)), and by Regions - Global Forecast to 2030
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