DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Automotive Electronic Power Steering System Market By Type, By Components, Vehicle Type and Region - Global Trends and Forecast to 2021 " report to their offering.
The EPS system market is projected to grow from USD 16.82 billion in 2016 to USD 23.92 billion by 2021, registering a CAGR of 7.29% during the forecast period
This growth can be substantiated with the benefits offered by the EPS systems, such as improved fuel efficiency, decreased weight of the vehicle and easy maneuverability, over conventional manual steering or hydraulic steering systems.
The Asia-Pacific region, with highest vehicle production globally, recorded the largest market size - an estimated USD 8.37 billion - in 2016, and is projected to reach USD 12.33 billion by 2021. The European automotive industry is still experiencing a sluggish growth and hence the EPS market is ranked second, and is projected to grow at a steady rate to reach to USD 6.16 billion by 2021, from USD 4.63 billion in 2016.
The EPS system eliminates the need for hydraulic pumps and belt-drive units, which were initially used in hydraulically assisted power steering systems. Additionally, the system increases the fuel efficiency of the vehicle, as the power source for the EPS system is the battery, unlike the hydraulically assisted power steering system, which drew power from the engine. As per the U.S. Department of Energy, in ideal conditions, EPS systems can increase fuel efficiency by 2% to 4%.
The passenger car EPS system market is projected to grow from USD 7.75 billion in 2016 to USD 11.47 billion by 2021. Asia-Pacific accounted for the largest share, in terms of volume - that is, 50% - of the global EPS system market in 2016, due to the increasing demand for com
Key Topics Covered:
2 Research Design
3 Executive Summary
4 Market Overview
5 Electronic Power Steering System Market, By Region And Vehicle Type
6 Electronic Power Steering System Market, By Region
7 Electronic Power Steering System Market, By Type
8 Electronic Power Steering System Market, By Component
9 Competitive Landscape
10 Company Profiles
- Hitachi Automotive Systems Ltd.
- Infineon Technologies Ag
- JTEKT Corporation
- Mitsuba Corporation
- Mitsubishi Electric Corporation
- Nidec Corporation
For more information visit http://www.researchandmarkets.com/research/3st5mk/automotive