According to a new market report published by
Lucintel, the future of the global automotive electric power steering market
looks good with opportunities in the segments of passenger car and commercial
vehicle. The global automotive electric power steering market is expected to
reach an estimated $24.2 billion by 2021 and it is forecast to grow at a CAGR
of 6.6% from 2016 to 2021. The major drivers of growth for this market are
increasing vehicle production, increasing demand for driving comfort and
reliability, and reduction in fuel consumption.
In this market, column assist EPS,
single-pinion assist EPS, dual-pinion assist EPS, and rack assist EPS are some
of the major segments of automotive electric power steering. On the basis of
its comprehensive research, Lucintel forecasts that the single-pinion assist
EPS and rack assist EPS segments are expected to show above average growth
during the forecast period.
Within the global automotive electric power
steering market, the column assist EPS segment is expected to remain the
largest market, as it is compact and easy to mount on the vehicle, and Increasing
production of small and mid-size cars drive the demand for the column assist
electric power steering , which would spur growth for this segment over the
forecast period.
Asia Pacific is expected to remain the largest
market due to high vehicle production, improvement in the economic conditions,
and increasing investment by the industry players within the APAC region.
Asia Pacific
and the Rest of the World are expected to witness significant growth over the
forecast period because of rapidly increasing demand for
electric power steering by the OEMs.
For business expansion, the report suggests
innovation and new product development to develop high-performance electric
power steering systems through software algorithms which can offset the effects
of wind and other natural obstacles on a vehicle. The report further suggests
the development of partnerships with customers to create win-win situations and
development of low-cost solutions for customers.
Emerging trends, which have a direct impact on
the dynamics of the industry, include the introduction of brushless motor
technology and the development of light weight electric power steering. JTEKT
Corporations, Robert Bosch Automotive Steering GmbH, NSK Limited, Nexteer Automotive,
and ZF TRW Automotive Holdings Corporation are the major EPS suppliers in the
global automotive electric power steering market.
Lucintel, a leading global strategic
consulting and market research firm, has analyzed growth opportunities in the
global automotive electric power steering market by product type, vehicle type,
and region. Lucintel has compiled a comprehensive research report entitled “Growth
Opportunities in the Global Automotive Electric Power Steering Market
2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard
for growth strategy, as it provides comprehensive data and analysis on trends,
key drivers, and directions. The study includes a forecast for the growth
opportunities in the global automotive electric power steering market by product
type, vehicle type and region, as follows:
By component type (($ million 2015):
- Steering wheel
- Steering column
- Steering motor
- Torque sensor
- Others
By product type (Million Units from 2010 to
2021):
- Column Assist EPS
- Single-Pinion Assist EPS
- Dual-Pinion Assist EPS
- Rack Assist EPS
By vehicle type (Million Units from 2010 to
2021):
- Small Car
- Mid-Size Car
- Luxury Car
- Sports/Unclassified
- Light Commercial Vehicle (LCV)
By region (Volume (Million Units) and $ million from
2010 to 2021):
- North America
- Europe
- Asia Pacific
- Rest of the World
This
164-page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Mass
Transportation, Transportation
Market Report, SWOT
Matrix,
Due Diligence and
Mergers & Acquisitions.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This
report answers the following 11 key questions:
Q. 1 What are
some of the most promising, high-growth opportunities for the automotive
electric power steering market by product type (column assist EPS, single-pinion
assist EPS, dual-pinion assist EPS and rack assist EPS), vehicle type (small Car,
mid-Size Car, luxury Car, sports/unclassified, and light commercial vehicle),
and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.
2. Which segments will grow at a faster
pace and why?
Q. 3.
Which region will grow at a faster
pace and why?
Q.4
What are the key factors affecting
market dynamics? What are the drivers, challenges and business risks in this
market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are
the emerging trends in this market and reasons behind them?
Q.7. What are
some of the changing demands of customers in the market?
Q.8.
What are the new developments in the
market? Which companies are leading these developments?
Q.9.
Who are the major players in this
market? What strategic initiatives are key players pursuing for business
growth?
Q.10.
What are some of the competing products
in this market and how big of a threat do they pose for loss of market share by
material or product substitution?
Q.11.
What M & A activity has occurred in
the last 5 years and what is its impact on the industry?
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