Global Automotive Electric Power Steering Systems Market - Growth, Trends and Forecasts (2015-2020)

18 Feb, 2016, 14:22 ET from ReportBuyer

LONDON, Feb. 18, 2016 /PRNewswire/ -- Demand for reducing fuel consumption and logistical benefits drove the automobile manufacturers to shift from the age old hydraulic power steering systems, which has become obsolete due to high fuel consumption, to the Gen Z electric power steering systems. The sourcing of power from an alternator and independence from the combustion engine is what that made this technology to successfully surpass the former steering system. GKN PLC has come up with SPIDAN power steering system that features an intelligent energy management, which helps in reducing the fuel consumption, CO2 emission, and even preserves natural resources due to the use of remanufactured replacement components. Nissan and Hitachi Automotive Systems Co. Ltd have jointly developed a new electro-hydraulic power steering system, in which, by providing power assist via hydraulic pressure, the system delivers a smooth steering feel, flexibility of control allowed by electric power and offers precise steering power characteristics. The New Corvette Stingray and Bugatti Veyron are now using the advance Electric Power Assisted Steering system (EPAS), which employs simple motor to push the steering rack as the steering wheel turns, instead of hydraulic pistons and pumps. German auto parts market ZF Lenksysteme stated that its electric power steering system uses 90 per cent less energy than hydraulic power steering.

The Global Automotive Power Steering Systems market registered revenue $17.16 billion in 2015 and is expected to touch $41.24 billion by 2020 with an estimated CAGR of 15.73% over the forecasted period. The market for electric power steering constituted over 50% of the overall power steering market share and this is expected to reach over 70% by 2025 due to shift from the former technology to the EPS systems owing to global fuel crisis and an immediate need for fuel efficient solutions.

Automotive vehicle production has been growing rapidly with a substantial increase in global population and vehicle owning households. The market for electric power steering (EPS) systems has gradually surpassed the conventional hydraulic steering in less than 20 years. The simple architecture compared to hydraulic systems with advantages like lesser weight, less maintenance, better response at different speeds, highly durability and lesser fuel consumption has fueled the adoption of EPS over hydraulic systems, which has encouraged the automotive manufacturers to replace the hydraulic systems, in turn, driving the market for automotive electric power steering systems. Erratic fuel prices, safety features such as electronic stability control and ABS integrated with electronic steering systems are some other factors fuelling the demand for this market.

The Global Automotive Power Steering Systems market is segmented by component type, by vehicle type, by mechanism type and by geographical regions. As of now, it is the passenger vehicles and commercial vehicles that together account for over 70% of the application of the EPS systems.

Europe holds the largest market share for the market, followed by North America. However, growing automobile sector in the Asia-Pacific and India, China, Japan emerging as automotive manufacture hubs, is expected to drive the market for electric power steering systems in the Asia-Pacific region. Delphi Automotive systems, Hitachi Automotive systems, Hyundai Mobis Co., Ltd., JTEKT Corporation, Infineon Technologies, TRW Automotive, Robert Bosch GmbH etc., are some of the major players in the sector. In a nutshell, automobile makers are now focusing on sourcing for more reliable steering systems like that of EPAS, EPHS and EHPS, which are not only highly durable, but also reduce the overall fuel consumption of the vehicle.

Why buy this report?

This report on Global Automotive Electric Power Steering Systems market, analyzes the current market trends on a global and region scale in detail.
This report offers the technical aspects and economic data of the market and its forecast to the next 5 years (2015-2020).
It also discusses the latest technologies in the electric power steering systems and the related components that are under development and in research pipeline.
This report provides the list of major players in the market and gives an in depth analyst perspective of what makes the products and strategies of these players stand out from the pack.
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