Electric Power Steering Market is to Grow at exponential growth rate of 6% by 2023. Market research future published Electric Power Steering System (EPS) Market Research Report – Forecast to 2023 on global Electric Power Steering industry, which provides Global Electric Power Steering Market Size, Share, Growth historical, and forecast data with regional outlook to 2023. Global Automotive Electric Power Steering Market Information by Type (Pinion, Rack, Column), Component (Bearing, Rack & Pinion, Electric Motor, Steering - Wheel, Gear, Column), Mechanism (Collapsible, Rigid), Fuel, Vehicle, and Region.

Electric Power Steering Market Key Players Analyzed In This Report:

JTEKT Corporation, NSK Ltd., Nexteer Automotive, Hyundai Mobis, Robert Bosch GmbH, ThyssenKrupp AG, ZF Friedrichshafen AG, Showa Corporation and Mando Corporation, Federal-Mogul.

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Market Overview:

Electric power steering, better known as EPS is increasingly replacing the use of hydraulic steering in the automotive industry. The global EPS market is expected to display a CAGR of 6.41% during the forecast period of 2017 to 2023. Valued at USD 18, 210.2 Mn, the global market is expected grow to an approximate evaluation of USD 28, 348.6 Mn. These projections indicate steady growth led by driving factors including fuel efficiency and technological advancement among others.

The global electronic power steering system (EPS) market is segmented on the basis of type, component, and region. By type, the market is segmented into a passenger vehicle and commercial vehicle. The passenger vehicle segment dominates, with close to two-thirds of the total market share and is expected to be the fastest growing segment. The market-leading position of the passenger segment is primarily due to passenger vehicles being the most commonly used mode of transport, and are experiencing a robust demand causing exponential growth of the global automotive industry.



By component, the market is segmented into column assist EPS (C-EPS), pinion assist EPS (P-EPS) and rack assist (R-EPS). The C-EPS segment presently accounts for the largest share of the total market and is expected to be the fastest growing segment with the highest CAGR during the assessment period. This type of steering component is highly suitable for compact vehicles which have limited space for the engine. It is popularly used in light, compact and medium cars which largely make up passenger cars. Increased installation of C-EPS and the growing demand for this component is expected to drive the segment's growth over the review period.

The fuel efficiency of electric power steering is a key proponent for product demand and the consequent market growth. EPS has growth to replays hydraulic steering which uses a pump turned by the car’s engine, thus burning fuel. However, EPS functions using energy which cuts down on 90% of the energy used by hydraulic steering, offering fuel-efficiency benefits. Many well-established car manufacturers are shifting their automotive line up to favor EPS as it offers a comfortable steering experience and the feeling of proper control. Moreover, the demand for clean energy, fuel, and cost-efficient technology has led to the development of highly innovative technologies in steering. In developed economies, the high demand for the latest technology and highly fuel-efficient vehicles is prompting the demand for EPS. These innovations and their ready adoption are further encouraging manufacturers to develop advancements in the technology which offer flexibility and provides improved torque feedback while enhancing driver comfort and offering ease in performance.

Target Audience:

Organizations
Manufacturer
Research Institute / Education Institute
Potential Investors
Regional Analysis:

The regional segmentation of the global Advanced Driver Assistance Systemss market segments the market into the regional markets namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and rest of the world (RoW).

Major Table Of Content:

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1 PORTER’S FIVE FORCES ANALYSIS

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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