The global Electric Steering Market is expected to exhibit a strong 6.76% CAGR over the forecast period from 2020 to 2023, according to the latest research report from Market Research Future (MRFR). The MRFR report scans the global Electric Steering Market and examines its current and previous happenings and the impact they have had on the market’s prospects in the coming years. The market’s leading figures are profiled in the report to provide to the readers a complete picture of the global Electric Steering Market’s competitive landscape. The market’s major drivers and restraints are also profiled with a view to understanding the extent of their impact on the market over the forecast period.
The global electric steering systems market has mainly been driven by the growing demand for fulfilling consumer demands in terms of convenience and driving comfort. The high disposable income of consumers in developed parts of the world has helped the global Electric Steering Market establish a solid base, with the growing automotive industry in developing regions such as Asia Pacific and the Middle East likely to add further gloss to the market’s prospects over the coming years.
Electric steering systems provide increased comfort to the driver by replacing the traditional hydraulic systems underpinning the steering rack with an electric motor driven by sensors and a computer-run algorithm. This system acts as an amplifier for the driver’s movement, allowing them to run the vehicle on the slightest movement. This puts an end to the physical discomfort experienced by drivers running older steering systems, as the physical effort required to run the vehicle is reduced drastically by the introduction of electric steering. This is likely to drive the demand from the global Electric Steering Market over the forecast period.
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Leading players in the global Electric Steering Market include China Automotive Systems Inc., Showa Corporation, Hyundai Mobis Co. Ltd., ThyssenKrupp AG, Mando Corporation, Nexteer Automotive Group Limited, NSK Ltd., ZF TRW Automotive Holdings Corp., Robert Bosch Automotive Steering GmbH, and JTEKT Corporation.
In January 2019, Nexteer announced an increase in its production as well as support systems in India, with the addition of a production facility in Chennai and a software center in Bengaluru. These facilities are likely to play a key role in expanding Nexteer’s share in the burgeoning India market.
The global Electric Steering Market is segmented on the basis of type, vehicle type, and region.
By type, the global Electric Steering Market is segmented into C-EPS, P-EPS, R-EPS, and others.
By vehicle type, the market is segmented into passenger and commercial vehicles.
The global Electric Steering Market is led by North America, as the high disposable income of consumers in the U.S. and Canada has allowed governments to regulate in support of widespread distribution of electric steering systems. The growing demand for electric vehicles in the region is also likely to support the growth prospects of the Electric Steering Market in the region. The growing automotive industry in the region is also likely to be major driver for the global Electric Steering Market, as several leading producers of commercial as well as passenger vehicles are situated in North America. Growing domestic production of automotive instruments is expected to be a major driver for the Electric Steering Market in the region.
Asia Pacific is likely to exhibit the fastest growth in the global Electric Steering Market on the back of the untapped potential in markets such as China, India, Indonesia, Thailand, Taiwan, Japan, South Korea, Malaysia, and the Philippines. The growth of the automotive industry in the region has been rapid; over the last couple of decades, Asia Pacific has gone on to become the leading producer of vehicles in the world, largely driven by the rapid growth of the automotive industry in China. The growing production of commercial as well as passenger vehicles in these countries is likely to be a major driver for the global Electric Steering Market.
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