Electric Steering Market Share Overview:
Electric power steering (EPS) is a viable
alternative to hydraulic steering and eliminates the need of a hose, pump, and
drive belt. The global electric
steering market share report by Market
Research Future (MRFR) paints a clear picture on the use of the component in
upcoming variants of cars as well as numerous opportunities for the period of
2022 to 2030 (forecast period). The COVID-19 outbreak and its implications on
the industry are explored in the report.
Electric Steering Market Share Scope
The Electric Steering Market Share is estimated to
increase by 7.42% over the forecast period.
Electric Steering Market Share Segmentation
By vehicle type, the market is divided into
commercial vehicle and passenger vehicle.
By type, it is segmented into rack assist electric
power steering (R-EPS), pinion assist electric power steering (P-EPS), column
assist electric power steering (C-EPS), and others.
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Electric Steering Market Share Regional
Analysis
North America is expected to have a saturated
market growth due to mature automobile market at CAGR of 6.63% during the
forecast period. Factors driving the market include technological advancement
and fuel efficiency. The U.S. is leading the market for electric steering after
China. There are a number of factors driving the market for such steering are
rising industrialization, increased spending on modernization, up gradation of
infrastructure and public transport. The market is expected to have a saturated
growth during the forecast period. Canada is one of the largest vehicle
producers in the world. The auto sector is Canada's biggest contributor to
manufacturing Gross Domestic Product (GDP). The Canadian automotive industry
produces light and heavy duty vehicles. The high growth in the automobile
industry is expected to drive the global electric steering market.
Europe is expected to account for the
second-largest share in the global electric steering market. The large customer
base and high disposable income of end-users have fuelled the demand for
vehicles in the region. The growing European automotive market represents
several opportunities for manufacturers of electric steering system and other
automotive parts. Germany is expected to account for the second largest share
in the global electric steering market. The large customer base and high
disposable income and steady economic growth have fuelled the demand of the
market.UK is expected to grow at a high rate in the global electric steering
market.
The car production in U.K. has increase over the
last few years, majorly due to economic stability and high skilled workforce.
The factors driving the market include technological advancement, large
customer base, high fuel efficiency and high disposable income. France is
expected to grow at a high rate in the global electric steering market. The
automotive industry in France is the biggest contributor to France’s foreign
trade balance. Also, the federal government of France has implemented new
polices for helping the automobile industry in the country. The factors driving
the market include large consumer base, high growth in the automotive industry,
steady economic growth and high disposable income.
Asia-Pacific has emerged to be the fastest growing
market for electric steering market. This region has largest vehicle production
due to increasing population and increasing disposable income. Increasing
population, improving per capita income, and improving living standards are
driving the market for automotive industries and hence expected to drive the
market for electric steering.
China accounts for the largest market in the
Global Electric steering market. The increasing population, improving per
capita income and changing lifestyles are driving the market. The region has
largest vehicle production. It is one of the major reasons for biggest market
for such steering and gaining highest revenue growth.
Electric Steering Market Share Competitive
Outlook
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