Pune, India, March 23, 2018 /MRFR Press Release/- Market research future published a half cooked research report on Global Automotive Electric Power Steering Market. The automotive electric power steering market is expected to grow over the CAGR of around 6% during the period 2022 to 2030.
Global car manufacturers have always tried to provide a strong value proposition along with basic vehicle functionality. Earlier, automakers were more concerned about the car performance, inlcuding vehicle speed, mileage, rpm, and thrust created by the engine, among others. The attention towards driver comfort, although present, definitely took a back seat in those times. With the passing of decades, the competition within the different companies in the automotive field became more intense. In order to carve out their niche loyal customer set and enhance their reputation and market standing, the automakers came up with different value and feature offerings. Thus, the focus of the automotive manufacturers shifted from mere technical aspects and performance to creating a balance between specifications and aesthetic appeals to deliver a better experience to customers. In this context, the seating arrangement and upholstery, in general, were the first things that were revamped. The primary assumption was that - the more convenient the seating area and overall interiors, the better the feel and comfort for the customer. However, the actual riding comfort of the driver wasn’t drastically improved.
This was when the automakers shifted their focus to the technicalities of riding and functioning components. Aspects such as ergonomics and riding posture started gaining precedence in vehicle design. In order to correct the riding posture, the design of the seating arrangement was made flexible and customizable. The steering wheel had to be designed for easy and effortless operation to minimize driver fatigue. This is where the electric power steering system came into the picture. The system basically reduces the engine load utilized by the steering wheel. The traditional hydraulic pump system would continuously draw power from the engine even when the steering wheel wasn’t operated, ultimately increasing the engine load. This would, in turn, hamper the engine efficiency and decrease the mileage of the automobile. Therefore, the automotive electric power steering mechanism helps in reducing the driver effort while providing a smooth riding experience.
On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. The customers in the U.S. and Canada prefer to undertake long road journeys for leisure and work-related activities. For the same, it’s important for automakers to manufacture cars that require lesser riding effort, thus, providing greater comfort and riding experience. Hence, this system has a strong growth proposition in the North America market. Countries such as India and China are on their way to becoming automotive hubs of the world, providing the Asia Pacific region with a strong proposition for future growth of the car market, globally, since this region requires small and high powered cars that can be maneuvered easily even in traffic. The customers in Europe always prefer luxury cars. Thus, the comfortable experience of the driver can be enhanced using this system.
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Global Automotive Electric Power Steering Market Size, 2022-2030(CAGR):
Scope of the Report
This study provides an overview of the Global Automotive Electric Power Steering Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive electric power steering market by its Type, Component, Mechanism, Type of Fuel Used, Vehicle, and Region.
The key players in automotive electric power steering market are Delphi Automotive (U.K.), Mando Corporation (South Korea), Robert Bosch GmbH (Germany), KSR International Company (Canada), Mitsubishi Electric Corporation (Japan), Showa Corporation (Japan), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), Sona Koyo Steering Systems Ltd. (India), Nexteer Automotive (US), Federal-Mogul (U.S.), Hyundai Mobis (South Korea), NSK Ltd. (Japan), TRW Automotive (U.S.), and Thyssenkrupp AG (Germany), among others.