According to the report, the global automotive electric power steering market is projected to reach US$ 30.2 Bn by 2031, expanding at a CAGR of ~3% during the forecast period. Rise in demand for advanced safety features in vehicles, including lane assistance and blind spot detection, is projected to fuel the demand for electronic components in vehicles. This, in turn, is likely to propel the automotive electric power steering market across the globe. The growing consumer trend toward advanced drive assist systems in vehicles is prompting vehicle manufacturers to integrate the electric power steering in their vehicles. Major vehicle manufacturers are reducing their vehicles’ weight to enhance fuel-efficiency, which is likely to propel the demand for electric power steering systems in vehicles.
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Expansion of Automotive Electric Power Steering Market
Rising acquisitions and agreements among leading electric power steering manufacturers across the globe is a key factor boosting the automotive electric power steering market. In October 2020, the BorgWarner Inc. acquired Delphi Technologies for the expansion of electronics and power electronics products. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on motor assist, the global automotive electric power steering market has been classified into column assist, rack assist, and pinion assist. Column assist is likely to be a highly lucrative segment during the forecast period. Rise in consumer trend toward smoother ride is likely to increase the demand for column assist in vehicles. Major passenger vehicles have column assist systems, which is also a key factor that boosts the electric power steering market across the globe.
In terms of technology, the EPS with ADAS segment accounted for a significant share of the global automotive electric power steering market. Rise in demand for luxury vehicles across the globe is likely to increase the penetration of ADAS features, which, in turn, is anticipated to boost the automotive electric power steering market across the globe.
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Regional Analysis of Automotive Electric Power Steering Market
The global automotive electric power steering market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive electric power steering market in 2019. It is anticipated to hold a leading market share during the forecast period, as rapid expansion of electric component manufacturing industries across the region is likely to propel the automotive electric power steering market across the region. Europe is estimated to hold a significant share of the global automotive electric power steering market, owing to an increase in the demand for electric vehicles across the region.
Automotive Electric Power Steering Market: Major Players
Prominent players operating in the global automotive electric power steering market include JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited, TRIDEC, and Hitachi Automotive Systems.
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