DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/2tzk9f/global_automotive) has announced the addition of the "Global Automotive EPS Market - Growth, Trends & Forecast (2015-2020)" report to their offering.
The automotive electric power assisted steering system market (EPS) is expected to account for $22.8 billion and grow at a CAGR of 13.28% till 2020.
The market would be dominated by the European countries followed by APAC and North America, driven by the demand for fuel economy and environment friendly solutions in automotive components. The market in Europe would be driven by the demand from electric vehicles and sports vehicles, which intensively uses EPS as the viable power steering systems. The market for APAC would be dominated by Japan followed by China.
Electric systems are significantly fuel efficient due to the absence of the belt-driven hydraulic or manual pump which would have been constantly running, whether assistance is required or not. EPS provides fuel savings as high as 0.4 litres for every 100 kilometres compared to the hydraulic powered systems along with reduction in CO2 emissions up to 7g/km.
In addition, the absence of a belt-driven engine accessory, several high-pressure hydraulic hoses, and the steering pump reduces the burden of manufacturing and their assembling by the OEMs, thereby reducing the cost and maintenance required to manage the other power steering systems. The electrically assisted power steering system is thereby expected to drive the automatic power steering system by completely replacing the hydraulic power steering market by the end of the forecast period.
The market for automotive EPS is dominated by the major automotive component manufacturers in the market, who are looking for strategic collaborations either with the regional EPS manufacturers or the component manufacturers to outsource the components manufacturing to cater the needs for the OEMs in those specific geographies.
Key Topics Covered:
2. Key Findings Of The Study
3. Market Overview
4. Market Dynamics
5. Market Segmentation
6. Competitive Landscape
7. Company Profiles
For more information visit http://www.researchandmarkets.com/research/2tzk9f/global_automotive