PUNE, India, July 20, 2016 /PRNewswire/ --
According to the new Market Research Report "Electronic Power Steering System Market By Type (C-EPS, P-EPS, R-EPS), Component (Electric Motor, Speed Sensor, Torque Sensor, Rotational Angle Sensor, EPS Control Unit & Others), Vehicle Type and Region - Global Trends and Forecast To 2021", is projected to grow at a CAGR of 7.29% from 2016 to 2021, The Asia-Pacific region is estimated to lead in the market in terms of growth from 2016 till 2021. Increasing demand for comfort and fuel efficiency are key drivers for growth of electronic power steering (EPS) system market.
Browse 60 market tables and 26 figures spread across 91 pages of the report Electronic Power Steering Market for an in-depth analysis of the industry trends and segments.
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The pinion drive (P-EPS) is used for mid-sized cars, and the dual pinion drive is used for upper mid-sized cars. Market for P-EPS is estimated to grow at a higher CAGR, considering increasing production of mid-sized cars. The growth of P-EPS is attributed to growing demand of mid-sized cars in emerging markets. P-EPS market is anticipated to have highest CAGR in terms of value and volume during forecasted period.
Asia-Pacific accounted for the largest share of the global EPS system market in 2016. The region generates high demand for vehicles with advanced features. OEMs are subsequently increasing production capacity and expanding technical centers to meet the demand for these vehicles. The automotive industry in Asia-Pacific has witnessed a year-on-year increase in sales. The region is the leading producer of automobiles in the world.
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The European region has been segmented into Germany, France, the U.K., and others. Europe is estimated to account for the second-largest share in the global EPS market in 2016. The large customer base and high disposable income of end-users have fueled the demand for vehicles in the region. The growing European automotive market represents several opportunities for manufacturers of EPS system and other automotive parts. North America is estimated to constitute the third-largest EPS market, by value, in 2016. The North American EPS system market is projected to grow at a promising CAGR during the forecast period.
The report analyzes all major players in the EPS system, including Mitsuba Corporation (Japan), Mitsubishi Corporation (Japan), Nidec Corporation (Japan), Hitachi Automotive Systems (Japan), JTEKT Corporation (Japan) and Infineon Technologies AG (Germany).
It covers the EPS system market, in terms of volume (million units) and value (USD million). It explains the qualitative and quantitative aspects of the market on the basis of region, vehicle type, components type, and system type from 2016 to 2021. It also provides an overview of technical factors and other important aspects of the EPS system market.
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