ALBANY, New York, September 13, 2017
ALBANY, New York, September 13, 2017 /PRNewswire/ --
Transparency Market Research envisages the global automotive EPS market to rise at a 5.9% CAGR during the forecast timeframe 2017-2022. By the concluding forecast year, the market could bag in a US$33.1 bn, which is a telling progress from a US$24.8 bn achieved in 2017.
The global automotive electronic power steering (EPS) market is prognosticated to gain a strong boost in demand on the back of special features such as precision turning and reduction in the use of power, which could not be offered by traditional steering. Moreover, automotive EPS systems could help improve the driving experience and fuel efficiency. Previously, the automotive EPS technology was only implemented in sport utility vehicles (SUVs) and advanced automobiles. However, with the increased dependency on automotive EPS, this technology now finds application in almost all classifications of automobiles.
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Global Automotive Electronic Power Steering Market: Major Insights
One of the top growth factors of the world automotive EPS market could be several automotive firms concentrating on research and development activities. It could be said that the market is mainly reliant on the automobile manufacturing industry. Rising competition to manufacture auto-pilot enabled or self-driven and electric automobiles is envisioned to promote the snowballing of the demand for automotive EPS. The development of EPS with no direct connection of links could be a growing trend in the market. Furthermore, the emergence of robust and sophisticated steering mechanism is foretold to augur well for market growth.
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After a decisive and an in-depth analysis of the world automotive EPS market, the analysts foresee the presence of four products to make a significant difference, viz. column-assist (C)-EPS, pinion-assist (P)-EPS, rack-assist (R)-EPS, and hydraulic (H)-EPS. However, H-EPS could take the lead in the market while rising at a 4.9% CAGR. In terms of vehicle, heavy commercial vehicles, light commercial vehicles, luxury passenger cars, premium passenger cars, mid-sized passenger cars, and compact passenger cars could be the major markets for automotive EPS.
Geographically, the world automotive EPS market could witness Europe as a superior region riding on a 26.3% share to be attained by the end of 2017. Asia Pacific except Japan (APEJ) is predicted to post an impressive CAGR of 6.4%. Other regions such as North America could also contribute handsomely toward the growth of the market.
Global Automotive Electronic Power Steering Market: Vendor Landscape
The international automotive EPS market is anticipated to feature the presence of a significant count of global and some regional players. Buyers of the publication would be exposed to a key and comprehensive analysis of top companies such as Sona Koyo, Hitachi Automotive, ThyssenKrupp Presta, Showa, and KSR International Company. The market could exhibit a high competitive scenario for the next few years.
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With a view to expand their presence in the market, players are expected to take to swelling investments in research and development activities and enlarging their clientele base. A large count of original equipment manufacturers (OEMs) could be focusing on long-term collaborations with players in order to effectively manage the quality and cost of the materials engaged.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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