According to a new market research report “Electric Power Assisted Steering Market (2014-2020) : By Type (EPHS, HPS, C-EPAS, P-EPAS, R-EPAS etc.), By Vehicle Type (Passenger, Sports, Commercial and Light Commercial) and By Geography - Global Forecast to 2020”. Electric Power Assisted Steering Market is estimated to grow at a high rate from 2020 to reach $50 billion.
Browse Market Data Tables and Figures spread through 171 pages and in-depth TOC on “Electric Power Assisted Steering Market - Global Forecast to 2020".
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Power steering helps the driver to control the vehicle by supplementing the steering effort of the driver. Steering systems are used to improve handling of the vehicle as well as driver comfort. The Electric Power Assisted Steering (EPAS) Market can be segmented based on the type of technology used in the steering system as well as the vehicle type in which the steering system is used. Power steering is segmented based on type of technology used into the Electric Powered Hydraulic Steering (EPHS), Hydraulic Power Assisted Steering (HPAS) and Electric Power Assisted Steering (EPAS). Electric power assisted steering is further divided into column drive, rack drive, direct drive, pinion assist, and dual point pinion steering systems. The automotive industry is the only end use industry for power steering. The EPAS market has been segmented based on the type of vehicle in the automotive sector. These segments include: passenger, commercial, light commercial, and sports vehicles. The EPAS system market can also been segmented based on geography in order to improve the understanding regarding various trends in the market.
The electric power assisted market generated revenue of $26 billion in 2014. This market is estimated to grow at a high rate from 2020 to reach $50 billion. The electric power steering market is led by automotive parts manufacturers ZF Friedrichshafen (Germany), Nexteer Automotive (U.S), NSK Ltd. (Japan), TRW Automotive (U.S), and JTEKT Corp (Japan). The electric power assisted market growth is projected due to strong reliability, steering as well as low fuel consumption of these systems when compared to other power steering systems.
Electric Power Steering market can be segmented based on the technology into hydraulic steering, electric powered hydraulic steering and electric power steering. In 2014, electric power steering segment accounts for the largest. The hydraulic power steering is projected to decline due to the large space required as well as low fuel efficiency. The improving technology and fuel efficiency provided by electric power steering is the major driver for this segment.
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The electric power steering market can be further segmented into: column drive, pinion drive, dual point pinion, rack drive, and direct drive based on type of steering system. Column drive is the largest market with $14 billion in 2014 followed by rack drive steering. Dual Point Pinion is forecast to exhibit the fastest growth, according to the report by IndustryARC, due to the increased driver comfort and safety offered by these systems.
The power steering market has been segmented based on vehicle type into passenger vehicle, commercial vehicle, light commercial vehicle, and sports vehicles. The passenger vehicle market holds the highest market share with 83% in 2014 due to customer demand for low fuel and power consumption as well as compact nature of these systems. The sports vehicle division is the fastest growing segment. The growth is driven by increasing economy leading to a rising sports vehicle market, particularly in APAC region.
The American market is currently the biggest market in 2014 followed by Europe. However, APAC region is poised to grow at a highest CAGR and is projected to surpass the American market size by 2019. The significant growth in APAC region is due to growing economy leading to high growth in the automotive market. The RoW region is also poised to exhibit high growth due to growing automotive market particularly in the Middle East.
The growing automotive market is a major cause of the growth in this market. The demand for high mileage and reliable vehicles has led to an improved growth in the electric power steering market. Technological advancements such as development of high power generation in electric power steering is set to lead to a larger potential market for these systems. The automobile market has shown signs of recovery in 2013 and the market is projected to grow for the next few years. As a result, power steering systems will have a bigger potential market.
There is a significant global customer demand for power steering systems with electric power steering leading the charge. The economic growth, particularly in APAC, has led to growing automotive market; thereby leading growth in power steering market. Many vehicles are equipped with electric power steering systems to appease the demand and vehicles with power steering systems are set to grow.
The top 5 companies in terms of revenue in the power steering market are ZF Friedrichshafen (Germany), Nexteer Automotive (U.S), NSK Ltd. (Japan), TRW Automotive (U.S) and JTEKT Corp (Japan) accounting for around 65% of the total market. The steering system companies have looked for expansions, and product launches as the key strategies for growth. Expansions have been completed in order to enter fast growing markets in APAC. For instance, ZF Friedrichshafen expanded in India with the establishment of a new production plant. ZF invested around $28 million in this plant. This investment is set to increase production in India for the forecast of potential growth in the Indian automotive market. New product launches and agreements have been undertaken in order to enhance the product portfolio and strengthen core capabilities.
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