The future of the global automotive electric power steering market looks good with opportunities in the segments of passenger car and commercial vehicle. The global automotive electric power steering market is expected to reach an estimated $24.2 billion by 2021 and it is forecast to grow at a CAGR of 6.6% from 2016 to 2021. The major drivers of growth for this market are increasing vehicle production, increasing demand for driving comfort and reliability, and reduction in fuel consumption.
Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of brushless motor technology and the development of light weight electric power steering.
The study includes a forecast for the growth opportunities in the global automotive electric power steering market by product type, vehicle type and region, as follows:
JTEKT Corporations, Robert Bosch Automotive Steering GmbH, NSK Limited, Nexteer Automotive, and ZF TRW Automotive Holdings Corporation are the major EPS suppliers in the global automotive electric power steering market.
On the basis of its comprehensive research, Lucintel forecasts that the single-pinion assist EPS and rack assist EPS segments are expected to show above average growth during the forecast period.
Within the global automotive electric power steering market, the column assist EPS segment is expected to remain the largest market, as it is compact and easy to mount on the vehicle, and Increasing production of small and mid-size cars drive the demand for the column assist electric power steering , which would spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to high vehicle production, improvement in the economic conditions, and increasing investment by the industry players within the APAC region.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive electric power steering market by product type (column assist EPS, single-pinion assist EPS, dual-pinion assist EPS and rack assist EPS), vehicle type (small Car, mid-Size Car, luxury Car, sports/unclassified, and light commercial vehicle), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M & A activity has occurred in the last 5 years and what is its impact on the industry?