The global automotive industry is experiencing a significant change in terms of electric power steering systems that are increasingly replacing hydraulic power steering in vehicles. Electric power steering system is an improvement over hydraulic system in many ways. They eliminate the use of power steering pumps, improving fuel efficiency in vehicles. It provides more precision and a refined feel, which hydraulic system cannot match. When the thrust of the innovations in the automotive industry is in speed, safety, and fuel efficiency, it is evident that technologies such as electronic power steering systems will eventually capture the market rendering the old technologies obsolete.
Technavio’s analysts forecast the global electric power steering market to grow at a CAGR of 6.68% during the period 2017-2021.
Covered in this report The report covers the present scenario and the growth prospects of the global electric power steering market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of passenger cars and light commercial vehicles (LCVs).
The market is divided into the following segments based on geography: • Americas • APAC • EMEA
Technavio's report, Global Electric Power Steering Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Other prominent vendors • ATS Automation Tooling Systems • Delphi Automotive • GKN • Hyundai Mobis • JTEKT • Mando • Robert Bosch • thyssenkrupp Presta AG
Market driver • Low penetration of cars in emerging economies. • For a full, detailed list, view our report
Market challenge • Growing car-sharing services in China, India, and Brazil. • For a full, detailed list, view our report
Market trend • Increase in electrification of mechanical components. • For a full, detailed list, view our report
Key questions answered in this report • What will the market size be in 2021 and what will the growth rate be? • What are the key market trends? • What is driving this market? • What are the challenges to market growth? • Who are the key vendors in this market space? • What are the market opportunities and threats faced by the key vendors? • What are the strengths and weaknesses of the key vendors?
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Methodology Research methodology is based on extensive primary and secondary research. Primary research includes in-depth interviews with industry experts, vendors, resellers and customers. Secondary research includes Technavio Platform, industry publications, company reports, news articles, analyst reports, trade associations and the data published by Government agencies.
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