Electric Steering
Market Overview:
The
Electric Steering Market has witnessed significant growth in recent years,
driven by advancements in automotive technology and the increasing demand for
fuel efficiency. Electric power steering (EPS) systems have gradually replaced
traditional hydraulic steering systems in modern vehicles, offering improved
fuel efficiency, better response, and enhanced overall performance. The
integration of electric steering not only reduces the vehicle's weight but also
provides automakers with the flexibility to incorporate advanced driver
assistance systems (ADAS) and other intelligent features. As the automotive
industry continues to embrace electrification and autonomous driving, the
Electric Steering Market is poised for further expansion, with a focus on
developing more efficient and sophisticated EPS solutions.
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 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.
One of
the key drivers behind the Electric Steering Market's growth is the rising
consumer preference for a seamless driving experience coupled with the global
push toward greener technologies. Electric steering systems contribute to
reducing emissions and improving overall energy efficiency, aligning with the
industry's broader sustainability goals. Additionally, the increasing adoption
of electric vehicles (EVs) has propelled the demand for electric steering
systems, as automakers strive to enhance the driving dynamics of their electric
offerings. With ongoing research and development efforts aimed at refining the
technology and addressing challenges such as cost and reliability, the Electric
Steering Market is expected to play a pivotal role in shaping the future of
automotive steering systems.
Get Free Sample Report of Middle East and
Africa Electric Steering Market
Middle
East and Africa Electric Steering Market Scope
The Middle
East and Africa Electric Steering Market is estimated to increase by 7.42% over
the forecast period.
Middle
East and Africa Electric Steering Market 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.
Middle
East and Africa Electric Steering Market Competitive Outlook
- JTEKT Corporation
- Robert Bosch GmbH
- ZF TRW Automotive Holdings Corp.
- NSK Ltd.
- Nexteer Automotive Group Limited
- Mando Corporation
- ThyssenKrupp Ag
- Hyundai Mobis Co. Ltd.
- Showa Corporation
- China Automotive System
Middle
East and Africa Electric Steering Market 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.
Read
more:
Advanced
Driver Assistance Systems Market
No comments:
Post a Comment