New York – Nova one advisor recently added a research report, Automotive Electric Power Steering market – global industry size, share analysis, market dynamics, market risk factors, market opportunities and challenges. segment forecast and the geographical distribution of the global market, profitability graph and the regional outlook of this business vertical.
The global Automotive Electric Power Steering market gathered revenue around USD 29.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 3.2% during the prediction period 2021 to 2027.
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.
NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.
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The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Automotive Electric Power Steering Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Automotive Electric Power Steering market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The report includes thorough compilation of the quantitative analysis of the industry for the period of 7 years in order to assist players to grow in the market. Insights on specific revenue figures generated are also given in the report, along with projected revenue at the end of the forecast period. This study includes a widespread analysis of the key segments of the industry. This analysis sheds light in the current trends and opportunities in the global Automotive Electric Power Steering market.
Highlights of the Report:
In-depth analysis of various insights, namely, Automotive Electric Power Steering Market trends, growth drivers, opportunities, and other related challenges.
Comprehensive details of key market players, their core competencies, and Automotive Electric Power Steering Market share.
The potency of suppliers and buyers to make better business decisions.
Lists out the market size in terms of volume.
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The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Automotive Electric Power Steering market are included as given below:
List of key Players in Automotive Electric Power Steering Market Report are
Some of the prominent players in the 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.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Automotive Electric Power Steering Market: Segmentation
- Automotive Electric Power Steering Market, by Motor Assist
- Column Assist
- Pinion Assist
- Rack Assist
- Automotive Electric Power Steering Market, by Component
- EPS Control Module
- Electric Motor
- Rack & Pinion
- Steering Column
- Automotive Electric Power Steering Market, by Vehicle
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Automotive Electric Power Steering Market, by Technology
- Conventional EPS
- EPS with ADAS
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
COVID-19 Impact on Automotive Electric Power Steering Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Automotive Electric Power Steering market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Automotive Electric Power Steering market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments :
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Automotive Electric Power Steering market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Automotive Electric Power Steering market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Automotive Electric Power Steering market.
Key Points of the Global Automotive Electric Power Steering Market Report:
The report provides a basic overview of the Automotive Electric Power Steering industry including its definition, applications, and manufacturing technology.
The report also explores the major international players in detail. In this part, the report presents the company profile, product specifications, capacity, and production value up to 2027 year along with the market shares for each company.
Through the statistical analysis, the study depicts the global market for Automotive Electric Power Steering including capacity, production, production value, cost/profit, and supply/demand from an international perspective.
Considering segmentation, the market is divided in terms of product, end-use, company, region, and other important aspects. Each of these categories forms an important base point for the competitive landscape analysis.
The report then estimates the market development and trends of the Automotive Electric Power Steering industry up to 2027.
The report hints at crucial information associated with new market developments being undertaken in the Automotive Electric Power Steering industry before evaluating its feasibility.
Reasons to Purchase this Report:
- Estimates Automotive Electric Power Steering development trends with SWOT analysis
- Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
- Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
- Market dynamics scenario, along with growth opportunities for players in the years to come
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Final Report will add the analysis of the impact of COVID-19 on this industry.
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