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Overview
Automotive electric power steering market is gaining much precedence in the automotive sector owing to its ability to provide comfort to drivers while driving. Its association with electric vehicles is even better. The rise in uptake of electric vehicles is spurring the market further. Such advantageous features are helping the global automotive power steering market gain 6% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their detailed report discussed the possibility of exceeding the deemed market valuation.
Automotive electric power steering market can lessen the fuel consumption considerably which is traction for manufacturers in introducing the technology into their cars. Manufacturing automotive is getting a huge boost from eco-friendly methods as several countries have imposed stringent laws in a bid to curb carbon emissions. This type of steering is also known to provide better safety measures. People are also asking for better driving experience, and automotive electric power steering provide that in a cost-effective way. In self-driven cars, this technology is receiving substantial inclusion.
Segmental Analysis
Type, component, mechanism, vehicle type, and fuel are the segments that MRFR uses for a better analysis of the automotive electric power steering market. This reveals information based on volume and value for a holistic understanding of the global market
Based on the type, the automotive electric power steering market comprises rack assist type, pinion-assist type, and column assist type. The column assist type is the most-used segment as it can save crucial space in compact cars.
Based on the component, the automotive electric power steering market includes steering gear, mechanical rack & pinion, steering wheel, bearing, and steering column.
By mechanism, the automotive electric power steering market includes collapsible and rigid. The collapsible variety has a wider market reach than others.
By fuel-used, the automotive electric power steering market includes battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), petrol, diesel, and hybrid electric vehicle (HEV). Petrol and diesel-powered cars are now mostly adopting electric power steering technology. The electric car works well with such steering.
Based on the vehicle type, the automotive electric power steering market consists of Light Commercial Vehicle (LCV), passenger vehicle, and Heavy Commercial Vehicle (HCV).
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions in consideration for a better understanding of the global automotive electric power steering market.
North America is doing good in the market owing to its huge market taking on innovations and implementing them with substantial ease. The market’s growth is depending mostly on the revamping of the automotive sector. At the same time, higher integration of electric cars is spurring the regional market growth.
The APAC market is expecting substantial tailwind due to the advantages it is receiving in the garb of market behemoths opening plants in the region. In accordance, several manufacturing sites are operating in the region which is helping the market grow.
Competitive Insight
Several players impacting the automotive electric power steering market are KSR International Company (Canada), Mando Corporation (South Korea), Hyundai Mobis (South Korea), Mitsubishi Electric Corporation Sona Koyo Steering Systems Ltd. (India), (Japan), Delphi Automotive (U.K), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), (Japan), Nexteer Automotive (U.S.), Showa Corporation NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Federal-Mogul (U.S.), TRW Automotive (U.S.), and ThyssenKrupp AG (Germany), and others.
Read More :
https://github.com/samirk18/MRFR-SagarKinagi/issues/12#issue-566090900
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