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The global automotive electric power steering market is expecting a 6% CAGR during the forecast period (2018-2023), owing to the inclusion of such technology in car production across the world. Market Research Future (MRFR) published a report that has at its core in a detailed analysis of segments and market factors that can impact the market in the coming years. Among the factors, preference of the automotive makers for a better and greener car can drive the market forward.
Segmental Analysis:
The global automotive electric power steering market can be segmented by type, component, mechanism, vehicle type, and fuel.
Component-based segmentation of the automotive electric power steering market comprises bearing, mechanical rack & pinion, steering wheel, steering gear, and steering column.
Based on vehicle type, the COVID-19 Impact comprises Passenger Vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
Regional Analysis:
Considering regions, the automotive electric power steering market can be segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America market is doing great in the segment with the automotive sector revamping itself, and heavy investments are ensuring the intake of the luxury cars which squarely influences the market. In addition, the region is investing mostly in luxury cars and electric cars which is providing the market much-needed boost.
The APAC market is expected to register significant market revenue during the forecast period owing to major market players expanding their business in the region. Infrastructural cost is relatively less in the region than other regions which attracts a lot of business. With that, increasing disposable income is inflating the consumer pool which can provide the market with traction.
Competitive Insight:
Prominent players in automotive electric power steering market are KSR International Company (Canada), Mando Corporation (South Korea), Delphi Automotive (U.K), Sona Koyo Steering Systems Ltd. (India)
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