Automotive Electric Power Steering Market Outlook for 2030
An automobile electric power steering is an electric motor that assists in driving a vehicle. It improves driving experience and fuel efficiency. It has been enhanced and developed to increase its use in all types of cars. Automotive electric power sensors measure the torque and position of the steering column and then apply assistive torque via a motor that connects to either the steering column or the gear. The market is expected to grow due to the increased demand for luxury automotive electric power steering over the forecast period.
Market scope and structure analysis:
|Market size available for year||2030|
|Base year considered||2020|
|Forecast unit||Value (USD)|
|Segments covered||Components, Electric Motor, Application, and Electric Vehicle|
|Regions covered||North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa|
|Companies covered||Robert Bosch, JTEKT, Nexteer, ZF, NSK, Sona Koyo Steering Systems Ltd, Delphi, GKN, Federal-Mogul, Hyundai Mobis, and Showa Corporation|
COVID-19 scenario analysis:
- The global automobile industry has been facing severe challenges since the COVID-19 pandemic. Production houses were closed, inventories began to overflow, and demand was utterly subdued.
- The ban on transport has caused services to be halted around the world. Many countries banned shipping and airlines, making cargo transport impossible. Manufacturers will suffer huge losses as a result.
- China and other countries are essential raw materials suppliers to various industries, including automobile manufacturers, consumer electronics, and pharmaceuticals. This was made worse by the pandemic.
- Due to the lockdown, the supply chain has been disrupted for quite some time. The demand has also wholly dropped. It is expected that the supply chain will take a long time to recover.
Top Impacting Factors: Market analysis, trends, and drivers, as well as impact analysis
Market growth is expected to be driven by the regulatory push for efficient technologies and global initiatives by OEMs to lower the complexity and weight of vehicles. The market’s growth will be impeded by the higher price of electric power steering than traditional systems. The market will also benefit from the penetration of electric power steering into commercial vehicles and the enabling ADAS features.
These are the market trends for automotive electric power steering:
Regulatory push for efficient technologies
Manufacturers are constantly innovating to improve customers’ automobiles. As there has been an increase in accidents, safety, and security features have been given priority. Companies are working to improve their safety systems, further boosting the market growth for automotive electric power steering over the forecast period.
OEMs take global measures to reduce vehicle complexity and weight.
Automobile manufacturers add many systems to make vehicles more complicated or heavier. Premium vehicles must not be equipped with advanced safety and security features. Consumers are more concerned about safety and technology and are more inclined to choose cars with higher safety features.
Key segments covered:
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The report’s key benefits are:
- This report presents an analytical analysis of the automotive electric power steering market. It also includes current trends and future estimates to help determine where the investment opportunities are.
- This report provides information about key drivers, limitations, opportunities, and a detailed analysis of the automotive electric power steering market share.
- To highlight the potential growth of the automotive electric power steering market, we have quantified the current demand from 2020 to 2027.
- Porter’s five forces analysis shows the power of buyers and suppliers in the market.
- This report provides an in-depth analysis of competitive intensity and the future shape of a competition.
Answers to your questions in the Automotive Electric Power Steering Market Research Report:
- What are the top market players in the automotive electric power steering industry?
- What trends will be most influential on the market over the next few years and why?
- What is the market’s driving forces, limitations, and opportunities?
- What are projections available for the future to help with strategic planning?