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The automotive EPS market share in UK is expected to increase by 1.33 million units from 2021 to 2026, at a CAGR of 7.59%.
This automotive EPS market in UK research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive EPS market in UK segmentation by type (column, pinion, and double pinion) and vehicle type (passenger cars and commercial vehicles). The automotive EPS market in UK report also offers information on several market vendors, including ATS Automation Tooling Systems Inc., BorgWarner Inc., Hitachi Ltd., Hyundai Motor Group, Infineon Technologies AG, JTEKT Corp., Mando Corp., Melrose Industries Plc, Mitsubishi Electric Corp., and NEXTEER AUTOMOTIVE GROUP LTD. among others.
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The need to share the increase in production cost between OEMs and end-users is notably driving the automotive EPS market growth in UK, although factors such as fluctuating costs of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive EPS industry in UK. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive EPS Market Driver in UK
One of the key factors driving the automotive EPS market growth in UK is the need to share the increase in production cost between OEMs and end-users. Several vehicle components are being replaced by lightweight materials, such as aluminum, to improve fuel efficiency and achieve superior performance. However, the governments of several countries have imposed sanctions on the suppliers of raw aluminum. For instance, on May 8, 2019, US President Trump issued Executive Order 13871 that imposed sanctions on transactions involving minerals and industrial commodities exported from Iran. These sanctions led to a steep hike in aluminum prices and created a supply-demand imbalance in the market. Owing to the rapid rise in the demand for advances in automotive EPS systems, the rise in the cost of raw materials such as aluminum and steel has a negligible impact on the market. Sharing the burden of the increased cost between OEMs and end-users is expected to positively impact the market growth during the forecast period.
Key Automotive EPS Market Trend in UK
Another key factor driving the automotive EPS market growth in UK is the adoption of steer-by-wire technology to eliminate mechanical linkages between the steering and wheels of vehicles for enhancing driving comfort and improving fuel efficiency. Additionally, the steer-by-wire technology also provides improved performance, reliability, and safety, along with reduced manufacturing and operating costs and better fuel economy. This technology also eliminates the use of many mechanical components, such as the column, steering shaft, and gear reduction mechanism. Therefore, steer-by-wire technology will be beneficial for automotive OEMs that are constantly facing pressure to comply with the regulatory emission norms. Such factors are expected to positively impact the automotive EPS market in UK during the forecast period.
Key Automotive EPS Market Challenge in UK
One of the key challenges to the automotive EPS market growth in UK is the fluctuating costs of raw materials. Fluctuations in the cost of raw materials such as steel, aluminum, and hardened deep-drawn steel are directly correlated to the price of EPS. The cost of these raw materials keeps fluctuating based on various macroeconomic factors, such as inflation, labor costs, and changes in regulatory policies. The cost of iron ore, for instance, has been increasing since the beginning of 2019; a cumulative increase of about 90% in iron ore prices was registered from January 2019 until the end of July 2019. Thus, raw material suppliers have been compelled to pass on the increase in costs to downstream industries. Such decisions by raw material suppliers have an adverse impact on the growth of various manufacturers, including EPS manufacturers, which is expected to limit the growth of the automotive EPS market in UK during the forecast period.
This automotive EPS market in UK analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the automotive EPS market in UK as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive EPS market in UK during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive EPS market in UK encompasses successful business strategies deployed by the key vendors. The automotive EPS market in UK is fragmented and the vendors are deploying growth strategies such as technological developments to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive EPS market in UK forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive EPS market in UK, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global automotive components and accessories market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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The automotive EPS market share growth in UK by the column segment will be significant during the forecast period. The high demand for column EPS, as it offers cost-effectiveness and flexibility in order to meet the OEM's requirements, helps in reducing fuel consumption, and improves the overall driving experience, will drive the growth of the segment in focus in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive EPS market size in UK and actionable market insights on post COVID-19 impact on each segment.
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Automotive EPS Market Scope in UK |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 7.59% |
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Market growth 2022-2026 |
1.33 mn units |
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Market structure |
Fragmented |
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YoY growth (%) |
7.79 |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ATS Automation Tooling Systems Inc., BorgWarner Inc., Hitachi Ltd., Hyundai Motor Group, Infineon Technologies AG, JTEKT Corp., Mando Corp., Melrose Industries Plc, Mitsubishi Electric Corp., and NEXTEER AUTOMOTIVE GROUP LTD. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key finding 2
*Exhibit 03: Key finding 5
*Exhibit 04: Key finding 6
*Exhibit 05: Key finding 7
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 06: Parent market
*Exhibit 07: Market characteristics
**2.2 Value chain analysis
*Exhibit 08: Value chain analysis: Automotive components and accessories
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Operations
*2.2.4 Distribution and logistics
*2.2.5 Marketing and sales
*2.2.6 Service
*2.2.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 09: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 10: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 11: Global - Market size and forecast 2021 - 2026 (million units)
*Exhibit 12: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 13: Five forces analysis 2021 and 2026
**4.2 Bargaining power of buyers
*Exhibit 14: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 15: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 16: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 17: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 18: Threat of rivalry
**4.7 Market condition
*Exhibit 19: Market condition - Five forces 2021
***5. Market Segmentation by Type
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 20: Type - Market share 2021-2026 (%)
*Exhibit 21: Type - Market share 2021-2026 (%)
**5.2 Comparison by Type
*Exhibit 22: Comparison by Type
*Exhibit 23: Comparison by Type
**5.3 Column - Market size and forecast 2021-2026
*Exhibit 24: Column - Market size and forecast 2021-2026 (million units)
*Exhibit 25: Column - Year-over-year growth 2021-2026 (%)
*Exhibit 26: Pinion - Market size and forecast 2021-2026 (million units)
*Exhibit 27: Pinion - Year-over-year growth 2021-2026 (%)
**5.5 Double pinion - Market size and forecast 2021-2026
*Exhibit 28: Double pinion - Market size and forecast 2021-2026 (million units)
*Exhibit 29: Double pinion - Year-over-year growth 2021-2026 (%)
*56 Market opportunity by Material
*Exhibit 30: Market opportunity by Material (million units)
***6. Market Segmentation by Vehicle type
**6.1 Market segments
*The segments covered in this chapter are:
*Exhibit 31: Vehicle type - Market share 2021-2026 (%)
**6.2 Comparison by Vehicle type
*Exhibit 32: Comparison by Vehicle type
**6.3 Passenger cars - Market size and forecast 2021-2026
*Exhibit 33: Passenger cars - Market size and forecast 2021-2026 (million units)
*Exhibit 34: Passenger cars - Year-over-year growth 2021-2026 (%)
**6.4 Commercial vehicles - Market size and forecast 2021-2026
*Exhibit 35: Commercial vehicles - Market size and forecast 2021-2026 (million units)
*Exhibit 34: Commercial vehicles - Year-over-year growth 2021-2026 (%)
**6.5 Market opportunity by Vehicle type
*Exhibit 35: Market opportunity by Vehicle type
***7. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
**7.1 Overview
*Exhibit 36: Customer landscape
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Need to share the increase in production cost between OEMs and end-users
*8.1.2 Increasing global automobile sales
*8.1.3 Rising adoption of EPS in entry-level and mid-segment vehicles
**8.2 Market challenges
*8.2.1 Fluctuating costs of raw materials
*8.2.2 Sharp decline in automobile production due to shortage of chips
*8.2.3 Safety concerns due to faulty steering components in EPS
*Exhibit 37: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Steer-by-wire technology gaining adoption
*8.3.2 Development of portable steering wheel angle measurement sensors
*8.3.3 Development of 3D magnetic steering sensors for EPS
***9. Vendor Landscape
**9.1 Overview
*Exhibit 38: Vendor landscape
**9.2 Landscape disruption
*Exhibit 39: Landscape disruption
*Exhibit 40: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 41: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 42: Market positioning of vendors
**10.3 ATS Automation Tooling Systems Inc.
*Exhibit 43: ATS Automation Tooling Systems Inc. - Overview
*Exhibit 44: ATS Automation Tooling Systems Inc. - Business segments
*Exhibit 45: ATS Automation Tooling Systems Inc. - Key News
*Exhibit 46: ATS Automation Tooling Systems Inc. - Key offerings
*Exhibit 47: ATS Automation Tooling Systems Inc. - Segment focus
**10.4 BorgWarner Inc.
*Exhibit 48: BorgWarner Inc. - Overview
*Exhibit 49: BorgWarner Inc. - Business segments
*Exhibit 50: BorgWarner Inc. - Key News
*Exhibit 51: BorgWarner Inc. - Key offerings
*Exhibit 52: BorgWarner Inc. - Segment focus
**10.5 Hitachi Ltd.
*Exhibit 53: Hitachi Ltd. - Overview
*Exhibit 54: Hitachi Ltd. - Business segments
*Exhibit 55: Hitachi Ltd. - Key News
*Exhibit 56: Hitachi Ltd. - Key offerings
*Exhibit 57: Hitachi Ltd. - Segment focus
**10.6 Hyundai Motor Group
*Exhibit 58: Hyundai Motor Group - Overview
*Exhibit 59: Hyundai Motor Group - Business segments
*Exhibit 60: Hyundai Motor Group - Key News
*Exhibit 61: Hyundai Motor Group - Key offerings
*Exhibit 62: Hyundai Motor Group - Segment focus
**10.7 Infineon Technologies AG
*Exhibit 63: Infineon Technologies AG - Overview
*Exhibit 64: Infineon Technologies AG - Business segments
*Exhibit 65: Infineon Technologies AG - Key News
*Exhibit 66: Infineon Technologies AG - Key offerings
*Exhibit 67: Infineon Technologies AG - Segment focus
**10.8 JTEKT Corp.
*Exhibit 68: JTEKT Corp. - Overview
*Exhibit 69: JTEKT Corp. - Business segments
*Exhibit 70: JTEKT Corp. - Key offerings
*Exhibit 71: JTEKT Corp. - Segment focus
**10.9 Mando Corp.
*Exhibit 72: Mando Corp. - Overview
*Exhibit 73: Mando Corp. - Product and service
*Exhibit 74: Mando Corp. - Key offerings
**10.10 Melrose Industries Plc
*Exhibit 75: Melrose Industries Plc - Overview
*Exhibit 76: Melrose Industries Plc - Business segments
*Exhibit 77: Melrose Industries Plc - Key News
*Exhibit 78: Melrose Industries Plc - Key offerings
*Exhibit 79: Melrose Industries Plc - Segment focus
**10.11 Mitsubishi Electric Corp.
*Exhibit 80: Mitsubishi Electric Corp. - Overview
*Exhibit 81: Mitsubishi Electric Corp. - Business segments
*Exhibit 82: Mitsubishi Electric Corp. - Key News
*Exhibit 83: Mitsubishi Electric Corp. - Key offerings
*Exhibit 84: Mitsubishi Electric Corp. - Segment focus
**10.12 NEXTEER AUTOMOTIVE GROUP LTD.
*Exhibit 85: NEXTEER AUTOMOTIVE GROUP LTD. - Overview
*Exhibit 86: NEXTEER AUTOMOTIVE GROUP LTD. - Business segments
*Exhibit 87: NEXTEER AUTOMOTIVE GROUP LTD. - Key News
*Exhibit 88: NEXTEER AUTOMOTIVE GROUP LTD. - Key offerings
*Exhibit 89: NEXTEER AUTOMOTIVE GROUP LTD. - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 Market definition
*11.1.2 Objectives
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 90: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 91: Research Methodology
*Exhibit 92: Validation techniques employed for market sizing
*Exhibit 93: Information sources
**11.4 List of abbreviations
*Exhibit 94: List of abbreviations
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