LONDON--(BUSINESS WIRE)--The global electric power steering market is projected to grow to 76.23 million units by 2021, at a CAGR of nearly 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global electric power steering market for 2017-2021. Based on the product type, the market is divided into passenger car and light commercial vehicle segments.
Electric power steering system is an improvement over the hydraulic system, used to eliminate the use of power steering pumps, thereby improving the fuel efficiency of vehicles. It provides more precision and a refined feel. The low penetration of cars in emerging economies presents a large potential to vendors, where electric power steering systems are expected to be standard fitment in all new vehicles.
Technavio’s research study segments the global electric power steering market into the following regions:
- Americas
- APAC
- EMEA
Electric power steering market in the Americas
“The Americas occupied a majority 45% of the global electric power steering market in 2016 and is expected to continue its dominance on the market through the forecast period,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
The US has been at the forefront of adopting electric power steering system in automobiles and continues to update its models with the latest technologies. The growing demand for more fuel-efficient cars also has an indirect impact on the growth of the market segment.
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Electric power steering market in APAC
APAC is the fastest growing regional segment, with a CAGR of more than 9% through the forecast period. With this impressive growth, APAC will almost be on par with the Americas by 2021. The swift increase in adoption of light commercial vehicles and passenger cars equipped with electric power steering systems is they key factor driving the growth of the market. Also, China’s new fuel consumption standards and growing adoption of electric power steering systems by various automotive manufacturers in India will have an impact on the market.
Electric power steering market in EMEA
“In Europe, the heavy orientation toward electric power steering is mainly driven by the average CO₂ fleet target. Also, the development of adequate sensor technology allowed for the swift penetration of electric steering systems into the European car market,” says Praveen.
In terms of volume, passenger cars equipped with electric power steering in EMEA is expected to reach 10.89 million units by 2021. In EMEA, the penetration rate of electric power steering in passenger cars is expected to be around 92% by 2021, which will have a positive impact on the adoption of electric power steering.
The top vendors in the global electric power steering market highlighted in the report are:
- ZF Friedrichshafen
- Mitsubishi Electric
- Nexteer
- TRW Automotive
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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