Electric Power Steering Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR44716
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The electric power steering market has the potential to grow by 28.87 million units during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.54%.

This electric power steering market 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 market segmentation by application (passenger cars and LCVs) and geography (APAC, Europe, North America, South America, and MEA). The electric power steering market report also offers information on several market vendors, including DENSO Corp., Hitachi Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Mando Corp., Nexteer Automotive Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG among others.

What will the Electric Power Steering Market Size be in 2021?

Electric-Power-Steering-Market-Market-Size-2020-2025

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Electric Power Steering Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The stringent regulations to control emissions is notably driving the electric power steering market growth, although factors such as a sharp decline in automobile production and sales may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the electric power steering market industry get your FREE report sample now.

This electric power steering market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Electric Power Steering Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • DENSO Corp.
  • Hitachi Ltd.
  • Hyundai Mobis Co. Ltd.
  • JTEKT Corp.
  • Mando Corp.
  • Nexteer Automotive Corp.
  • NSK Ltd.
  • Robert Bosch GmbH
  • thyssenkrupp AG
  • ZF Friedrichshafen AG

 

The electric power steering market is fragmented and the vendors are deploying growth strategies such as focusing on launching new and innovative products to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

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.

Download a free sample of the electric power steering market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Electric Power Steering Market?

Electric-Power-Steering-Market-Market-Share-by-Region-2020-2025

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53% of the market’s growth will originate from APAC during the forecast period. China, Japan, South Korea (Republic of Korea), and India are the key markets for electric power steering market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Factors such as rapid economic growth and increased per capita income, which has increased the purchasing power of consumers will facilitate the electric power steering market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Application Segments in the Electric Power Steering Market?

Electric-Power-Steering-Market-Market-Share-by-Application-2020-2025

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The electric power steering market share growth by the passenger cars segment will be significant during the forecast period. The passenger car segment has captured considerable market share in the global electric power steering market in 2020. This is attributed to the better fuel economy (by 2.5%) offered by these systems compared with hydraulic systems as they do not use pumps, hoses, drive belts, fluid, and pulleys. Electric power steering systems tend to be smaller and lighter than hydraulic systems, which further makes them the first choice for use in passengers cars. This will be a key driver boosting the passenger cars segment growth during 2021-2025.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the electric power steering market size.

 

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What are the Key Factors Covered in this Electric Power Steering Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive electric power steering market growth during the next five years
  • Precise estimation of the electric power steering market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric power steering market industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electric power steering market vendors

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Electric Power Steering Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8%

Market growth 2021-2025

28.87 mn units

Market structure

Fragmented

YoY growth (%)

7.03

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 53%

Key consumer countries

US, China, Japan, Germany, South Korea (Republic of Korea), and India

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

DENSO Corp., Hitachi Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Mando Corp., Nexteer Automotive Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

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.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The electric power steering market growth will increase by $2.34 million units during 2019-2024.
The electric power steering market is expected to grow at a CAGR of 0.87% during 2019-2024.
Technavio has segmented the electric power steering market by application (Passenger cars and LCVs) and geographic (APAC, Europe, North America, South America, and MEA).
DENSO Corp., Hitachi Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Mando Corp., Nexteer Automotive Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG are a few of the key vendors in the electric power steering market.
APAC will register the highest growth rate of 68.38% among the other regions. Therefore, the electric power steering market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Germany
  • Japan
  • South Korea (Republic of Korea)
The key factors driving the electric power steering market growth are:
  • Stringent regulations to control emissions
  • Steer-by-wire technology gaining adoption in CVs
The electric power steering market vendors should focus on grabbing business opportunities from the passenger cars segment as it accounted for the largest market share in the base year.
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