Transparency Market Research has published a new report on the global automotive electric power steering market for the forecast period of 2019–2027. According to the report, the global automotive electric power steering market is projected to reach ~US$ 33.8 Bn by 2027, expanding at a CAGR of ~5% during the forecast period.
Global Automotive Electric Power Steering Market: Key Findings
- According to the report, the global automotive electric power steering market is likely to be driven by the demand for efficient power steering systems.
- EPS with ADAS is a prominent segment of the automotive electric power steering market.
- Rise in the adoption of electric vehicles is expected to be a major driver of the automotive electric power steering market.
- Key manufacturers such as JTEKT Corporation and DENSO CORPORATION are likely to play a major role in propelling the global automotive electric power steering market with continuous development of technology.
Expansion of Global Automotive Electric Power Steering Market
- Global shift toward efficient and low-emission vehicles is expected to drive the adoption of EPS.
- Rising consumer demand for higher fuel economy and better ride quality of vehicles is expected to drive the automotive electric power steering market.
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Improved sales of premium and luxury cars in North America and Europe and increasing sales of premium cars in Asia Pacific are projected to drive the global automotive electric power steering market.
In terms of motor assist, the column assist segment is expected to expand significantly in the automotive electric power steering market during the forecast period. A column assist electric power steering integrates the motor, sensor, and controller, and assists the mechanism within the steering column. Column assist electric power steering systems are highly preferred for passenger vehicles, and this factor is attributed to the leading share held by the segment in the global electric power steering market.
Based on technology, the EPS with ADAS segment is anticipated to expand considerably in the automotive electric power steering market during the forecast period, as more number of vehicles are adopting adaptive cruise control and lane keep assist systems. Rise in consumer affordability and awareness about vehicle safety have fueled the demand for ADAS, which, in turn, is driving the automotive electric power steering market. The sales of luxury and premium vehicles are rising in countries in Asia Pacific such as China and India. The resurgence of the demand for premium vehicles in Europe and North America and increasing sales in Asia Pacific are anticipated to drive the global automotive electric power steering market.
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Regional Analysis of Global Automotive Electric Power Steering Market
- In terms of region, the global automotive electric power steering market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to lead the global automotive electric power steering market, owing to the high volume production of vehicles in India and China. Asia Pacific is followed by Europe and North America, owing to the high demand for vehicles in these regions.
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