Electric Steering Market Development, Market Trend, Segmentation and Forecast to 2022

Increase in the Level of High Fuel Efficiency Drives Demand For Electric Steering Market, Forecast to 2022

Global Electric steering Market Information by Type (Column Assist Electric Power Steering (C-EPS)), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS), and Others), by Vehicle Type (Passenger Car and Commercial Vehicle), by Region - Forecast to 2022

Market Scenario 

Electric steering is increasing replacing hydraulic steering’s in the automotive industry. Usage of electric steering will improve the fuel economy because electric steering uses around 8-10 horsepower under load. Electric powered steering uses electric motor instead and provides increased steering capabilities with less effort, as it removes hose, fluid, drive belt, pulley, and pump. Growth in the improved steering & reliability, and high fuel efficiency of electric steering over hydraulic steering systems is expected to drive the market of electric steering. The global electric steering market is expected to show a growth at CAGR of about 15% from 2016 to 2021. 

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Regional Analysis of Global Electric steering Market 

Asia-Pacific has emerged to be fastest growing market for electric steering market. This region has largest vehicle production due to increasing population and increasing disposable income. Increasing population, improving per capita income, and improving living standards are driving the market for automotive industries and hence expected to drive the market for electric steering. 

Key Players 

The key players of Global Electric steering Market report include- JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Hyundai Mobis Co., Ltd., Showa Corporation, and China Automotive Systems Inc. 

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This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Vehicle Electrification Market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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