TechSci Research report states that the global electric power steering market will experience a 4.40% CAGR in the forecast period due to the rapid increase in vehicle production. The growth of the market will be further fueled by the rising demand for four-wheelers and advanced electric vehicles over the next five years. Additionally, the growing popularity of electric and hybrid vehicles, which offer advantages like eco-friendliness, high power generation, and technical advancements, will support the market growth. The market growth will also be driven by higher fuel efficiency, better technology integration, higher disposable income, and consumers’ willingness to spend more on automobiles in the next five years. The electric power steering offers maintenance cost savings since it does not rely on hydraulic power, unlike traditional power steering. This shift towards electric power steering is expected to drive market growth through 2027. Other factors contributing to the market growth include increased demand for higher energy efficiency, better mileage, lighter weight vehicles, and higher performance demands.
Browse over 149 market data Figures spread through 189 Pages and an in-depth TOC on ” Global Electric Power Steering Market”
https://www.techsciresearch.com/report/electric-power-steering-market/2143.html
Although the slow adoption of electric vehicles in developing nations may impede the growth of the global electric power steering market, government initiatives and regulations can overcome this restraint.
The market for electric power steering is segmented by type, vehicle type, mechanism, regional distribution, and competition landscape. Passenger cars hold the largest revenue shares and dominate the market segment with 86.14% of shares. The growth of passenger cars is mainly due to the increasing demand for vehicle ownership, higher production, rising disposable income, and surging demand for hybrid passenger cars, which will drive the growth of the global electric power steering market along with the sub-segment in the next five years.
In addition, light commercial vehicles are expected to show significant growth in the next five years due to the increasing production of electric light commercial vehicles. The demand for battery-powered light commercial vehicles for short route transportation and passenger carrying vehicles is aiding the growth of the light commercial vehicle segment and the growth of the global electric power steering market through 2027.
Based on the mechanism, the collapsible electric power steering mechanism is expected to hold the largest revenue shares of the market and dominate the market in the upcoming five years due to its applications in passenger cars and light commercial vehicles. The higher consumption of passenger cars and light commercial vehicles further substantiates the growth of the segment and the growth of the global electric power steering market. The collapsible steering mechanism comprises the upper column and lower shaft, and in case of an accident, the lower shaft enters into the housing. The growth of the collapsible mechanism is also driven by increasing government regulations regarding road safety, which will contribute to the growth of the global electric power steering market over the next five years.
Some of the market players dominating the global electric power steering market are :
- JTEKT Corporation
- NSK Ltd
- Nexteer Automotive Group Limited
- BorgWarner Inc.
- Mando Corporation
- Hitachi Astemo, Ltd.
- Denso Corporation
- Robert Bosch GmbH.
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=2143
Customers can also request for 10% free customization on this report.
“Asia Pacific is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing demands for electronic vehicles. The purchasing capacity of hybrid passenger cars and growing demand for light commercial vehicles working efficiently with electronically powered batteries are further aiding the growth of the market in major economies of the region like India, China, Indonesia, etc. Increasing investment in the automobile industry and its growing advancement are other major factors driving the market growth. New market players may invest in such advancement to enter and establish their brands in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Electric Power Steering Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Type (C-EPS, P-EPS and R-EPS), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off-the-Road Vehicles), By Mechanism (Collapsible, Rigid), By Region”, has evaluated the future growth potential of global electric power steering and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric power steering market.
Download Free Sample – https://www.techsciresearch.com/sample-report.aspx?cid=2143
Related Reports:
Automatic Transmission Motorcycle Market
About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: sales@techsciresearch.com
Web: https://www.techsciresearch.com