Electric Steering Market Overview:
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.
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Electric Steering Market Scope
The electric steering market is estimated to increase by 7.42% over the forecast period.
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.
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.
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Electric Steering Market Competitive Outlook
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