As per a new report which is added to the online inventory of Wise Guys Reports (WGR), the global electric power steering market (EPS) is set to grow at a compound annual growth rate (CAGR) of 12% between 2019 and 2024. In 2018, the market was valued at USD 24.71 billion.
Some of the factors that are fuelling the electric power steering market (EPS) is growing demand for high-end or luxury vehicles and growing demand for and sales of electric vehicles across the globe as well as world.
The cost benefits offered by electric power steering system (EPS) are also viewed as a prominent market driver. EPS basically uses an electric motor, instead of a pump, to steer the wheel which in turn results in better performance of the vehicle. However, some of the factors such as rise in vehicle recall, owing to malfunctioning of sensors or other components etc might affect the growth of the market in the coming years.
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Global Electric Power Steering (EPS) market: Market Analysis by Players
This report includes following top vendors in terms of company basic information, product category, sales (volume), revenue (Million USD), price and gross margin (%).JTEKTBoschNSKNexteerZFMobisShowaThyssenkruppMando
Global Electric Power Steering (EPS) market: Drivers and Constraints
The fundamental dynamics that are explored in the report hold substantial influence over the XXX market. The report further studies on the value, volume trends, and the pricing history of the market. In addition to it, various growth factors, restraints, and opportunities are also analyzed for the market to study the in-depth understanding of the market.
Global Electric Power Steering (EPS) Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, Middle East & Africa and Rest of the World (RoW). In North America, countries such as the U.S. and Canada are covered. In Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. In Latin America, countries such as Brazil, Argentina and Mexico are covered. In Middle East & African regions countries like South Africa, Egypt, United Arab Emirates, Rest of Middle East & Africa are included.
Among regions, Asia-Pacific holds the largest share in the automotive EPS market and it is mainly due to increasing vehicle production and sales, rapid electrification of vehicles and increasing demand for and sale of electric vehicles etc in the region. Also, rise in disposable income of the consumers result in increasing demand for luxury vehicles which in turn is fuelling the electric power steering market size. In terms of revenue, North American market is also expected to witness a hike in the demand of electric power steering system (EPS) as all the automakers are using adopting electric power steering systems in the vehicles for enhanced performance and better results. The European market is also expected to witness a sound growth during the projection period. The companies use advance electric power steering to steer by wire technology which is expected to fuel electric power steering (EPS) market size over the next coming years.
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