DUBLIN--(BUSINESS WIRE)--The "Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global electric power steering market is estimated to be USD 25.83 Billion in 2017 and is projected to grow to USD 42.01 Billion by 2025, at a CAGR of 6.27%.
The key growth drivers for the market are the increasing number of government norms and mandates related to fuel-efficient technologies, measures taken by OEMs worldwide to reduce the weight and complexity of their vehicles, and the globally increasing vehicle production.
Rack EPS (R-EPS) is estimated to be the fastest growing segment of the electric power steering market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.
By mechanism, the market for collapsible electric power steering system is estimated to experience the highest growth during the forecast period. With the advent of the era of advanced technologies, the use of a collapsible electric power steering system has increased. The collapsible electric power steering systems are widely used in electric as well as conventional vehicles.
By electric vehicle type, HEV is estimated to hold the largest share of the electric power steering market during the forecast period. The market growth can be attributed to the increased production of HEVs, particularly in the Asia Pacific region.
The global electric power steering market is dominated by a few players such as JTEKT (Japan), Nexteer (US), NSK (Japan), and Bosch (Germany) along with tier I and tier II suppliers.
- Regulatory Push Towards Efficient Technologies
- Global Measures By OEMS to Reduce Complexity and Weight of Vehicles
- Increasing Vehicle Production
- Higher Cost of EPS as Compared to Traditional Steering Systems
- Lack of Steering Feel
- Penetration in Commercial Vehicles
- Enabling ADAS Features in EPS
- Maintaining Market Against Steer-By-Wire Technology
- Autonomous Vehicles Without Steering Wheels
- Federal Mogul
- Hyundai Mobis
- Mitsubishi Electric
- Robert Bosch
- Showa Corporation
For more information about this report visit https://www.researchandmarkets.com/research/89wld9/global_electric?w=4