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Global electric power steering market is anticipated to grow at a CAGR of 4.40% during the forecast period to reach USD56.43 billion by 2027. Click : https://bit.ly/3O0qnTT
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2017 – 2027 GLOBAL ELECTRIC POWER STEERING MARKET FORECAST AND OPPORTUNITIES Published: January 2022 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING 1 1 © TechSci Research Automotive
Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on Global Electric Power Steering Market 5. Voice of Customer 5.1. Factors Influencing Purchase Decision 5.2. Brand Recall 5.3. Brand Switching 5.4. Brand Switching Attributes 5.5. Brand Satisfaction Level 6. Global Electric Power Steering Market Outlook 6.1. Market Size & Forecast 6.1.1. By Volume 6.1.2. By Value 6.2. Market Share & Forecast By Type (C-EPS, P-EPS and R-EPS) 6.2.1. By Vehicle Type (Passenger Car (PC), Medium & Heavy Commercial Vehicle (M&HCV), Light Commercial Vehicle (LCV) and Off-the-Road Vehicle (OTR) 6.2.2. By Mechanism (Collapsible and Rigid) 6.2.3. 6.2.4. By Region 6.2.5. By Company (2021) 6.3. Product Market Map (By Vehicle Type, By Region) 2 2 © TechSci Research Automotive
Table of Contents S. No. Contents 7. Asia-Pacific Electric Power Steering Market Outlook 7.1. Market Size & Forecast 7.1.1. By Volume 7.1.2. By Value 7.2. Market Share & Forecast 7.2.1. By Type 7.2.2. By Vehicle Type 7.2.3. By Mechanism 7.2.4. By Country 7.3. Market Map (By Vehicle Type, By Country) 7.4. Asia-Pacific: Country Analysis 7.4.1. China Electric Power Steering Market Outlook 7.4.1.1. Market Size & Forecast 7.4.1.1.1. 7.4.1.1.2. 7.4.1.2. Market Share & Forecast 7.4.1.2.1. 7.4.1.2.2. 7.4.1.2.3. 7.4.2. Japan Electric Power Steering Market Outlook 7.4.2.1. Market Size & Forecast 7.4.2.1.1. 7.4.2.1.2. 7.4.2.2. Market Share & Forecast 7.4.2.2.1. 7.4.2.2.2. 7.4.2.2.3. By Volume By Value By Type By Vehicle Type By Mechanism By Volume By Value By Type By Vehicle Type By Mechanism 3 3 © TechSci Research Automotive
Table of Contents S. No. Contents 7.4.3. India Electric Power Steering Market Outlook 7.4.3.1. Market Size & Forecast By Volume 7.4.3.1.1. By Value 7.4.3.1.2. 7.4.3.2. Market Share & Forecast 7.4.3.2.1. By Type 7.4.3.2.2. By Vehicle Type 7.4.3.2.3. By Mechanism 7.4.4. Indonesia Electric Power Steering Market Outlook 7.4.4.1. Market Size & Forecast By Volume 7.4.4.1.1. By Value 7.4.4.1.2. 7.4.4.2. Market Share & Forecast 7.4.4.2.1. By Type 7.4.4.2.2. By Vehicle Type 7.4.4.2.3. By Mechanism 7.4.5. Australia Electric Power Steering Market Outlook 7.4.5.1. Market Size & Forecast By Volume 7.4.5.1.1. By Value 7.4.5.1.2. 7.4.5.2. Market Share & Forecast 7.4.5.2.1. By Type 7.4.5.2.2. By Vehicle Type 7.4.5.2.3. By Mechanism 4 4 © TechSci Research Automotive
Table of Contents S. No. Contents 8. Europe Electric Power Steering Market Outlook 8.1. Market Size & Forecast 8.1.1. By Volume 8.1.2. By Value 8.2. Market Share & Forecast 8.2.1. By Type 8.2.2. By Vehicle Type 8.2.3. By Mechanism 8.2.4. By Country 8.3. Market Map (By Vehicle Type, By Country) 8.4. Europe: Country Analysis 8.4.1. Germany Electric Power Steering Market Outlook 8.4.1.1. Market Size & Forecast 8.4.1.1.1. 8.4.1.1.2. 8.4.1.2. Market Share & Forecast 8.4.1.2.1. 8.4.1.2.2. 8.4.1.2.3. 8.4.2. Spain Electric Power Steering Market Outlook 8.4.2.1. Market Size & Forecast 8.4.2.1.1. 8.4.2.1.2. 8.4.2.2. Market Share & Forecast 8.4.2.2.1. 8.4.2.2.2. 8.4.2.2.3. By Volume By Value By Type By Vehicle Type By Mechanism By Volume By Value By Type By Vehicle Type By Mechanism 5 5 © TechSci Research Automotive
Table of Contents S. No. Contents 8.4.3. United Kingdom Electric Power Steering Market Outlook 8.4.3.1. Market Size & Forecast 8.4.3.1.1. By Volume 8.4.3.1.2. By Value 8.4.3.2. Market Share & Forecast 8.4.3.2.1. By Type 8.4.3.2.2. By Vehicle Type 8.4.3.2.3. By Mechanism Italy Electric Power Steering Market Outlook 8.4.4.1. Market Size & Forecast 8.4.4.1.1. By Volume 8.4.4.1.2. By Value 8.4.4.2. Market Share & Forecast 8.4.4.2.1. By Type 8.4.4.2.2. By Vehicle Type 8.4.4.2.3. By Mechanism North America Electric Power Steering Market Outlook 9.1. Market Size & Forecast 9.1.1. By Volume 9.1.2. By Value 9.2. Market Share & Forecast 9.2.1. By Type 9.2.2. By Vehicle Type 9.2.3. By Mechanism 9.2.4. By Country (United States, Mexico and Canada) 9.3. Market Map (By Vehicle Type, By Country) 9.4. North America: Country Analysis 8.4.4. 9. 6 6 © TechSci Research Automotive
Table of Contents S. No. Contents United States Electric Power Steering Market Outlook 9.4.1. 9.4.1.1. Market Size & Forecast By Volume 9.4.1.1.1. By Value 9.4.1.1.2. 9.4.1.2. Market Share & Forecast 9.4.1.2.1. By Type 9.4.1.2.2. By Vehicle Type 9.4.1.2.3. By Mechanism 9.4.2. Mexico Electric Power Steering Market Outlook 9.4.2.1. Market Size & Forecast By Volume 9.4.2.1.1. By Value 9.4.2.1.2. 9.4.2.2. Market Share & Forecast 9.4.2.2.1. By Type 9.4.2.2.2. By Vehicle Type 9.4.2.2.3. By Mechanism 9.4.3. Canada Electric Power Steering Market Outlook 9.4.3.1. Market Size & Forecast By Volume 9.4.3.1.1. By Value 9.4.3.1.2. 9.4.3.2. Market Share & Forecast 9.4.3.2.1. By Type 9.4.3.2.2. By Vehicle Type 9.4.3.2.3. By Mechanism 7 7 © TechSci Research Automotive
Table of Contents S. No. Contents 10. South America Electric Power Steering Market Outlook 10.1. Market Size & Forecast 10.1.1. By Volume 10.1.2. By Value 10.2. Market Share & Forecast 10.2.1. By Type 10.2.2. By Vehicle Type 10.2.3. By Mechanism 10.2.4. By Country 10.3. Market Map (By Vehicle Type, By Country) 10.4. South America: Country Analysis 10.4.1. Brazil Electric Power Steering Market Outlook 10.4.1.1. Market Size & Forecast 10.4.1.1.1. 10.4.1.1.2. 10.4.1.2. Market Share & Forecast 10.4.1.2.1. 10.4.1.2.2. 10.4.1.2.3. 10.4.2. Argentina Electric Power Steering Market Outlook 10.4.2.1. Market Size & Forecast 10.4.2.1.1. 10.4.2.1.2. 10.4.2.2. Market Share & Forecast 10.4.2.2.1. 10.4.2.2.2. 10.4.2.2.3. By Volume By Value By Type By Vehicle Type By Mechanism By Volume By Value By Type By Vehicle Type By Mechanism 8 8 © TechSci Research Automotive
Table of Contents S. No. Contents 10.4.3. Colombia Electric Power Steering Market Outlook 10.4.3.1. Market Size & Forecast 10.4.3.1.1. 10.4.3.1.2. 10.4.3.2. Market Share & Forecast 10.4.3.2.1. 10.4.3.2.2. 10.4.3.2.3. By Volume By Value By Type By Vehicle Type By Mechanism 10.4.4. Chile Electric Power Steering Market Outlook 10.4.4.1. Market Size & Forecast 10.4.4.1.1. 10.4.4.1.2. 10.4.4.2. Market Share & Forecast 10.4.4.2.1. 10.4.4.2.2. 10.4.4.2.3. Middle East and Africa Electric Power Steering Market Outlook 11.1. Market Size & Forecast 11.1.1. By Volume 11.1.2. By Value 11.2. Market Share & Forecast 11.2.1. By Type 11.2.2. By Vehicle Type 11.2.3. By Mechanism 11.2.4. By Country 11.3. Market Map (By Vehicle Type, By Country) 11.4. Middle East and Africa: Country Analysis By Volume By Value By Type By Vehicle Type By Mechanism 11. 9 9 © TechSci Research Automotive
Table of Contents S. No. Contents Iran Electric Power Steering Market Outlook 11.4.1. 11.4.1.1. Market Size & Forecast By Volume 11.4.1.1.1. By Value 11.4.1.1.2. 11.4.1.2. Market Share & Forecast 11.4.1.2.1. By Type 11.4.1.2.2. By Vehicle Type 11.4.1.2.3. By Mechanism 11.4.2. South Africa Electric Power Steering Market Outlook 11.4.2.1. Market Size & Forecast By Volume 11.4.2.1.1. By Value 11.4.2.1.2. 11.4.2.2. Market Share & Forecast 11.4.2.2.1. By Type 11.4.2.2.2. By Vehicle Type 11.4.2.2.3. By Mechanism Saudi Arabia Electric Power Steering Market Outlook 11.4.3. 11.4.3.1. Market Size & Forecast By Volume 11.4.3.1.1. By Value 11.4.3.1.2. 11.4.3.2. Market Share & Forecast 11.4.3.2.1. By Type 11.4.3.2.2. By Vehicle Type 11.4.3.2.3. By Mechanism 10 10 © TechSci Research Automotive
Table of Contents S. No. Contents UAE Electric Power Steering Market Outlook 11.4.4. 11.4.4.1. Market Size & Forecast 11.4.4.1.1. By Volume By Value 11.4.4.1.2. 11.4.4.2. Market Share & Forecast 11.4.4.2.1. By Type 11.4.4.2.2. By Vehicle Type 11.4.4.2.3. By Mechanism 12. Market Dynamics 12.1. Drivers 12.2. Challenges 13. Market Trends and Developments 14. Competitive Landscape 14.1. JTEKT Corporation 14.2. NSK Ltd 14.3. Nexteer Automotive Group Limited 14.4. BorgWarner Inc. 14.5. Mando Corporation 14.6. Hitachi Astemo, Ltd. 14.7. Denso Corporation 14.8. Robert Bosch GmbH. 14.9. ZF Friedrichshafen AG 14.10. Hyundai Mobis Co., Ltd. 15. Strategic Recommendations 16. About Us & Disclaimer 11 11 © TechSci Research Automotive
Scope of Report Product of Interest (POI): Electric Power Steering Electric power steering (EPS) or motor-driven power steering (MDPS) uses an electric motor rather than a hydraulic system to assist a vehicle's driver. Sensors detect the position and torque of the steering column, and a computer module applies assistive torque via the motor, which connects to either the steering gear or steering column. This allows varying amounts of assistance to be applied depending on driving conditions. MarketSegmentation YearRange REGION MECHANISM Europe North America Asia-Pacific Middle East and Africa South America • Collapsible Rigid • Review Period • • 2017 – 2020 • Base Year • VEHICLE TYPE 2021 • Passenger Car (PC) Medium & Heavy Commercial Vehicles (M&HCV) Light Commercial Vehicles (LCV) Off-the-Road Vehicles (OTR) • Estimated Year • TYPE 2022 C-EPS P-EPS R-EPS • • Forecast Period • • • 2023 – 2027 12 12 © TechSci Research Automotive
Research Methodology Market Profiling Data Analysis Data Data Developing List ofRespondents Formulating Questionnaire Collection Validation In-depth secondary research was conductedto determine top players in the global electric power steering market, overall market size andsegmental marketsize. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insightsabout the global electric power steeringmarket. Data obtained asa result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry expertsand industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated adetailed discussionguide. List of industry players andindustry specialists was developed. PrimaryResearch DeskResearch CompanyAnalysis ✓ ✓ RecentDevelopments Market Changing Aspects/Dynamics ✓ ✓ MarketParticipants KeyStrengths ✓ Identifying KeyOpinion Leaders Actionable Insights DataFilter &Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ QuestionnaireDesign In-depthInterviews ✓ ✓ GovernmentPolicies Conclusion Primary Research Secondary Research Paid Sources LinkedIn TechSciInternal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 14 14 © TechSci Research Automotive
Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global electric power steering market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing use of electric power steering and increasing demand for vehicle electrification. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global electric power steering market. Methodology Followed for Calculation of Market Size: Market Size by Value & Volume : Market size, in terms of value and volume, for the year 2021 was calculated based on • information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as electric power steering manufacturers, channel partners, market influencers & end users, industry experts, and other industry participants. The team interviewed 15 electric power steering manufacturers, 100 end users, and 20 industry experts and other value chain • stakeholders in the global electric power steering market to obtain the actual market size from 2017 to 2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the historical market size data. Respondents were asked about the current and future market growth rates, market shares by type, by vehicle type, by • mechanism, by company and by each region. 15 15 © TechSci Research Automotive
Research Methodology Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated • across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various type were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by type, by vehicle type, by mechanism, by company and by each region were calculated based on the • responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various types of electric power steering. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the • survey results in SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To • forecast global electric power steering market, TechSci Research used various forecast techniques such as: Note: • (a) Sum of some shares may not be 100% due to round off till two decimal places. (b) The actual market data for 2021 is for nine months till September 2021. For rest of three months between Oct 2021 and Dec 2021, the data is estimated. Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 16 16 © TechSci Research Automotive
Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD Billion. Partial List of Companies Interviewed Key Secondary Sources JTEKT Corporation World Bank ▪ ▪ NSK Ltd International Monetary Fund (IMF) ▪ ▪ Nexteer Automotive Group Limited ▪ TechSci Research Proprietary Database & ▪ BorgWarner Inc. ▪ Knowledge Repository Mando Corporation ▪ Company Annual Reports ▪ Hitachi Astemo, Ltd. ▪ Industry Magazines ▪ Denso Corporation ▪ Industry Reports ▪ Robert Bosch GmbH. ▪ News Dailies ▪ ZF Friedrichshafen AG ▪ Credible Paid Databases ▪ Hyundai Mobis Co., Ltd. ▪ 17 17 © TechSci Research Automotive
Industry Brief Global electric power steering market is driven by higher vehicle production in the forecast period, 2023-2027. According to TechSci Research report, “Electric Power Steering Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, The global electric power steering market is expected to grow with a CAGR of 4.40% in the forecast period owing to rapidly increasing vehicle production. Surging demand for the ownership of four wheelers and increasing demand for high tech and advanced electric vehicles are further driving the growth of the global electric power steering market in the upcoming five years. Also, increasing demand for the hybrid vehicles and the growing popularity of electric vehicles further support the market growth. Advantages like eco-friendly engines, high power generation, and technical advancement in hybrid cars enhance the popularity of hybrid cars, thus supporting the growth of the global electric power steering market in the next five years. Higher fuel efficiency, better technology incorporation, higher disposable income among the population, and their tendency for higher expenses over automobiles further substantiate the growth of the global electric power steering market in the future five years. Unlike traditional power steering, the electric power steering does not work on hydraulic power; thus, the maintenance cost for the vehicle decreases substantially. This shift from hydraulic steering toward electric power steering is anticipated to drive the growth of the global electric power steering market in the forecast years through 2027. Other factors driving the growth of the market include demand for higher energy efficiency, better mileage of the vehicle, lighter weight vehicles, higher performance demands. Although slower adaptation of electric vehicles in developing nations may hinder the growth of the market, however, government schemes and regulations may overcome the restraint on the market. The global electric power steering market is segmented by type, vehicle type, mechanism, regional distribution, and competition landscape. Based on vehicle type, the market is further fragmented into passenger cars, light commercial vehicles, medium & high commercial vehicles, OTR, and others. Passenger cars are anticipated to hold the largest revenue shares of the market and dominate the market segment with 86.14% of shares. Growth of passenger cars is majorly due to the increasing demand for vehicle ownership. Higher production of the cars, rising disposable income, and surging demand for hybrid passenger cars are further driving the growth of the global electric power steering market along with the sub-segment in the next five years. Light commercial vehicles are also anticipated to hold significant growth in the future five years to increase the production of electric light commercial vehicles. Increasing demand for the light commercial vehicles for short route transportation and passenger carrying vehicles that are battery powered are aiding the growth of the light commercial vehicle demands along with the growth of the global electric power steering market in the forecast years through 2027. Based on mechanism, the market is further bifurcated into collapsible and rigid. The collapsible electric power steering mechanism is anticipated to hold the largest revenue shares of the market and dominate the market in the upcoming five years on the grounds of its applications in passenger cars and light commercial vehicles. Higher consumption of passenger cars and light commercial vehicles further substantiates the growth of the segment and growth of the global electric power steering market. The collapsible steering mechanism is a complete equipment mechanism comprising of the upper column and lower shaft. In case of an accident, the lower shaft enters into the housing. Increasing government regulation regarding road safety also drives the growth of the collapsible mechanism and the growth of the global electric power steering market in five years. Some of the market players dominating the global electric power steering market are JTEKT Corporation, NSK Ltd, Nexteer Automotive Group Limited, BorgWarner Inc., Mando Corporation, Hitachi Astemo, Ltd., Denso Corporation, Robert Bosch GmbH., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd. “Asia Pacific is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing demands for electronic vehicles. The purchasing capacity of hybrid passenger cars and growing demand for light commercial vehicles working efficiently with electronically powered batteries are further aiding the growth of the market in major economies of the region like India, China, Indonesia, etc. Increasing investment in the automobile industry and its growing advancement are other major factors driving the market growth. New market players may invest in such advancement to enter and establish their brands in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 18 18 © TechSci Research Automotive
Sample Data - Snapshot Global Electric Power Steering Market Size, By Volume (Thousand Units), 2017-2027F CAGR 2017-2021 By Volume: xx% CAGR 2022E-2027F By Volume: xx% 2017 2018 2019 2020 2021 Volume (Thousand Units) 2022E 2023F 2024F 2025F 2026F 2027F Europe Electric Power Steering Market Share, By Type, By Volume, 2017-2027F 2017 50.00% 30.00% 20.00% 2018 50.00% 30.00% 20.00% 2019 50.00% 30.00% 20.00% 2020 50.00% 30.00% 20.00% 2021 50.00% 30.00% 20.00% 2022E 50.00% 30.00% 20.00% 2023F 50.00% 30.00% 20.00% 2024F 50.00% 30.00% 20.00% 2025F 50.00% 30.00% 20.00% 2026F 50.00% 30.00% 20.00% 2027F 50.00% 30.00% 20.00% P-EPS R-EPS C-EPS Germany Electric Power Steering Market Share, By Vehicle Type, By Volume, 2017-2027F 2017 10.00% 20.00% 30.00% 40.00% 2018 10.00% 20.00% 30.00% 40.00% 2019 10.00% 20.00% 30.00% 40.00% 2020 10.00% 20.00% 30.00% 40.00% 2021 10.00% 20.00% 30.00% 40.00% 2022E 10.00% 20.00% 30.00% 40.00% 2023F 10.00% 20.00% 30.00% 40.00% 2024F 10.00% 20.00% 30.00% 40.00% 2025F 10.00% 20.00% 30.00% 40.00% 2026F 10.00% 20.00% 30.00% 40.00% 2027F 10.00% 20.00% 30.00% 40.00% PC LCV M&HCV OTR 19 19 © TechSci Research Automotive
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