The electronic power steering (EPS) market is expected to grow from US$ 52,692.31 in 2019 to US$ 54,933.16 million by 2027; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027. Growing demand for electronically assisted steering systems in vehicles, owing to the strict guideline announced by the governments for fuel-efficiency is one of the major factors driving the market growth.Furthermore, growing production of vehicles as well as escalating preference for smooth driving experience and high comfort is boosting the demand for electronic steering systems worldwide.
Presently, the majority of light-duty vehicles are well equipped with gasoline-powered spark-ignition-engine powertrains that tend to have higher fuel consumption.The diesel engines consume 10–20% less fuel as they have more efficient engine operations, whereas hybrid vehicles co-powered with gasoline and exhibit lower fuel consumption.
The hybrid vehicle engines operate to their peak efficiencies and accommodate an amount of energy from regenerative braking.The electric vehicles (EVs) have the lowest energy consumption as they operate on batteries that use electric motors with intrinsically higher efficiency than internal combustion engines.
Several manufacturers worldwide are focusing on ensuring the newly registered EU fleet to limit with the average CO2 emissions per km by 2030, as noncompliance would attract penalties in the coming years. EVs offer the original equipment manufacturers (OEMs) the opportunity to meet their targets with extra credits and make compliance easier by reducing the limit’s stringency by up to 5% are driving the growth of the Electronic Power Steering (EPS) market worldwide. Based on type, the C-EPS segment led the electronic power steering market in 2019.The column assisted electronic power steering (C-EPS) systems are generally used in small vehicles that can take a load of about 6 kN.
The C-EPS systems consist of a steering torque sensor, an engine control unit (ECU), a vehicle speed sensor, a motor, and assistance components such as gear box and gear rack. When the system is functional, driver torque signal and vehicle speed signal are transmitted to engine control unit. In terms of regions, APAC dominated the global electronic power steering market in 2019, which accounted for almost 50% of the total market. Factors such as the more extensive adoption of premium cars, sedans, and SUVs in APAC countries contribute significantly to the region’s high market share. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.The global market witnessed a considerable decline owing to the outbreak of COVID-19 in Japan and subsequently turned into a global pandemic in 2020.
The strong presence of manufacturing and production facilities of various market players in Japan and China, which has multiple production facilities around the city, witnessed a decline in its production of electronic power steering products.In addition, the subsequent nation-wide lockdowns, following the rapid spread of COVID-19, have disrupted the automotive production capabilities as well as supply chain activities globally.
Thus, the global electronic power steering market is expected to witness a significant decline in revenue generation owing to discontinued production across numerous production facilities globally in 2020. The overall electronic power steering market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the electronic power steering market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the electronic power steering market. Hyundai Mobis, JTEKT Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, Showa Corporation, The Mando Corporation, ThyssenKrupp AG, and ZF Friedrichshafen AG are among the players operating in the market.
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