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Nowadays, automotive manufacturers have been facing stiff competition from each other in the market. Thus, innovation has always been the key to differentiate themselves and their market offering. This differentiation helps in targeting a wider audience base, and thus, the conversion rate of customers is also high. Automakers look for customer safety, customer comfort, and price point in their automotive designs. In order to lure customers in purchasing a vehicle and making them visit the maintenance center repeatedly, it is important for people to feel comfortable and at home, in the automobile they ride. Thus, the use of electric power steering mechanism began increasing, primarily to help drivers maneuver through rough and unpredictable conditions as well as heavy traffic with ease and minimum efforts.
Automotive electric power steering market is expected to grow with the CAGR of approximately 6% from 2017 to 2023.
On the basis of type, the most commonly used electric power steering is the column assist type. This variety helps in integrating the remaining complex steering wheel components with the steering wheel, while fitting everything into a small space, even in a space-crunched compact car. On the basis of component, the most widely used variety that happens to be very efficient is the electric motor, primarily because it effectively transfers the steering wheel rotation to the wheel drive. On the basis of mechanism, the most widely used variety is the collapsible variety because it helps in reducing the impact of accident and self-collapses; thus, avoiding injury to passengers. On the basis of fuel used, all five varieties work in tandem to use this system almost at par. However, the electric variety cars are better equipped in integrating electric power steering system due to the continued use of electric powered technology.
Passenger vehicles are expected to dominate the Global Automotive Electric Power Steering Market by vehicle type segment during the forecast period
On the basis of vehicle type, passenger vehicles are expected to drive the growth of the automotive electric power steering market. The sales of passenger cars over the world have picked up due to a number of reasons. The availability of high-end cars at economical prices and preference of consumers towards technically superior cars, with add-on safety features, are some of the prominent reasons for the same. The public transport system in many leading countries in the world, such as the U.S., Canada, and others, has been facing a lot of problems, resulting in a gradually reducing interest in these systems. On the other hand, higher purchasing power of the middle class makes the increase in global sales of automobiles a sure shot proposition. The availability of add-on features for driver safety and comfortable riding experience, further contributes to the proposed growth of the electric power steering system, globally.
The key players in automotive electric power steering market are Delphi Automotive (U.K), Mando Corporation (South Korea), Robert Bosch GmbH (Germany), KSR International Company (Canada), Mitsubishi Electric Corporation (Japan), Showa Corporation (Japan), JTEKT Corporation (Japan), Hitachi Automotive Systems Ltd. (U.S.), Sona Koyo Steering Systems Ltd. (India), Nexteer Automotive (US), Federal-Mogul (U.S.), Hyundai Mobis (South Korea), NSK Ltd. (Japan), TRW Automotive (U.S.), and Thyssenkrupp AG (Germany), among others.
Read More :
https://uberant.com/article/773238-ignition-coil-market-growth-rate-future-forecast-to-2023/
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