United
Kingdom Electric Steering Market Overview:
United Kingdom Electric Steering Market industry is projected to grow from USD 28.71
Billion in 2023 to USD 48.46 Billion by 2032, exhibiting a (CAGR) of 6.76%. We
will provide covid-19 impact analysis with the report. The COVID-19 outbreak
and its effects on the United Kingdom Electric Steering Market are outlined in
the report, which provides an in-depth analysis post the coronavirus disease
outbreak.
The United Kingdom
Electric Steering Market has witnessed significant growth in recent years,
driven by a surge in demand for advanced automotive technologies and the
pursuit of improved fuel efficiency. Electric power steering (EPS) systems have
gradually replaced traditional hydraulic steering systems, offering smoother
and more responsive control. The adoption of electric steering is fueled by its
ability to enhance overall driving experience, reduce energy consumption, and
provide automakers with flexibility in design. The market is propelled by the
rising trend of electric and hybrid vehicles, as electric steering aligns
seamlessly with the industry's shift towards cleaner and more sustainable
mobility solutions. Additionally, the integration of advanced driver assistance
systems (ADAS) has further propelled the demand for electric steering, as it
complements these technologies by enabling features such as lane-keeping
assistance and automated parking.
One of the key factors influencing the United Kingdom Electric Steering
Market is the ongoing technological advancements aimed at enhancing system
efficiency and reliability. Manufacturers are focused on developing innovative
solutions to address challenges such as power consumption, steering feel, and
responsiveness. The incorporation of sensor technologies and advanced control
algorithms has played a pivotal role in achieving these improvements. As the
automotive industry continues to evolve towards autonomous driving, electric
steering systems are expected to play a crucial role in supporting the
integration of self-driving technologies. The United Kingdom Electric Steering
Market is poised for continuous expansion as automakers prioritize
electrification and connectivity in their vehicles, providing consumers with
safer, more efficient, and enjoyable driving experiences.
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Kingdom Electric Steering Market
Leading Companies
Leading companies in the Electric Steering industry include Hyundai
Mobis Co., Ltd., China Automotive Systems Inc., ZF TRW Automotive Holdings
Corp., Nexteer Automotive Group Limited, JTEKT Corporation, NSK Ltd., Robert
Bosch Automotive Steering GmbH, ThyssenKrupp Ag, Mando Corporation, Showa
Corporation, to mention a few.
Primary Drivers and Main Barriers
Some years back, electric steering was a common feature only in high-end
vehicles or sports utility vehicles. However, over the years, the electric
steering’s reliability has risen considerably, leading to its integration in almost
all the segments of vehicle. Since the modern electric steering is more compact
and has higher number of airbags and controlling features, its demand has
mounted exponentially in recent years.
The growth of the United Kingdom Electric Steering Market is
dependent on the automobile manufacturing industry. The rigorous research and
development for product innovation by several automotive companies also
positively influences the worldwide market. The emergence of robust and more
advanced steering mechanism has led to higher sales in the market. The intense competition
among vendors and the resulting increasing focus on the development of
self-driven, auto-pilot or electric vehicles benefits the United Kingdom
Electric Steering Market. Sensor has emerged as one of the most significant
trends in the United Kingdom Electric Steering Market, as it helps detect the
torque and motion of the steering column.
United Kingdom Electric Steering Market
Segmentation
·
The electric
steering industry can be considered for type and vehicle type.
·
The types of
electric steering are Column Assist Electric Power Steering or C-EPS, Pinion
Assist Electric Power Steering or P-EPS and Rack Assist Electric Power Steering or R-EPS.
·
The vehicle
types included in the study are commercial and passenger vehicles.
Regional Insight
North America, Asia Pacific/APAC, Europe, and Rest of the World /ROW
are the primary markets for electric steering.
The North American market could observe saturated growth in the
coming years owing to the mature automobile industry and its expanding rate of 6.63%
over the review period. Technological innovations along with the need for
better fuel efficiency have significantly boosted the business in the region.
The biggest market not only in the region but also globally is the U.S., after
China. The market for electric steering in the region is quite robust as a
result of the increasing industrialization, rising expenditure on up gradation and
development of public transport as well as infrastructure. Canada ranks among
some of the leading vehicle producers across the globe, while the country’s auto
industry is the largest contributor to manufacturing GDP.
Europe has gained considerably over the years, emerging as the second-biggest
market across the globe. The regional market is dependent on the massive customer
base and the sound financial status of the end-users for vehicles. The expanding
automotive industry in the region offers various opportunities for the electric
steering system manufacturers. Germany is the second-highest lucrative market
for electric steering in the world, while the UK is presumed to procure a
robust growth rate in the years to come. The large-scale car production in these
countries is the result of the financial stability and the presence of
extremely skilled workforce. In the next few years, the market in France can be
a significant performer, given the thriving automotive industry and the federal
government imposing new policies and regulations backing the automobile
industry.
APAC is the fastest gaining market, backed by the region’s highest
vehicle production level in the world. The fast growing automotive industry in
the region is the result of the expanding population and the surge in the disposable
income of the consumers. People in APAC are increasingly adopting better living
standards and prefer owing personal cars and other vehicles, which has been a
major booster in the United Kingdom Electric Steering Market. China leads the
regional market as the country is known for its highest vehicle production.
United
Kingdom Electric Steering Market COVID-19 Analysis
Since the onset of the novel coronavirus, there has been a notable
drop in vehicle sales in the space of just a few months, owing to the shutdowns
across regions as well as the oil price fluctuations. Renowned automotive OEMs
are adopting multiple tactics to mitigate the negative impact of the pandemic
on their businesses by analyzing their dealerships to resume services. The
short-term impact of COVID-19 in the automotive sector has led to shutting down
of assembly plants in the United States (US), manufacturing interruptions
across Europe and ceased export of Chinese components, in the face of the
lockdown situation. After the SARS-CoV-2 outbreak, the demand for commercial
vehicles has significantly plummeted following the shutdown of almost every
non-essential service across the globe.
However, till the time a COVID-19 breakthrough is not achieved,
the electric steering industry can remain resilient, as a result of the ongoing
efforts by leading companies to curb revenue losses by adopting recovery
tactics such as mergers and acquisitions and more. Despite the significant
impact of the COVID-19 impact on the automotive industry, online sale of
vehicles can emerge as one of the growth boosters in the United Kingdom
Electric Steering Market.
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