19 March 2021
Visiongain has published a new report on Electric Power Steering Market Report to 2031: Forecasts By Component, Type (CEPS, PEPS, REPS), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off Highway (Construction, Agricultural), EV (BEV, PHEV, HEV) and Region PLUS Profiles of Leading Electric Power Steering Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Electric Power Steering market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. Growing demand of safety and easy commute, government regulations and initiative to develop charging stations will open the OEM market to expand. However, the lack of charging stations and government investments, market can hamper the growth rate.
COVID-19 Impact on Electric Power Steering Market
As Covid-19 has caused a lot of damage in various industries, it has brought automotive industry to a halt too by causing vehicle production and supply disruptions. Analysis shows that it would be a major concern resulting in lower vehicle sales for next few quarters and there will a thin chance for recovery of the market in the end of 2021. However with the recovering vehicle sales in some key regions such as China, the electric power steering market may witness some positive movement.
Developing economies around the world witnessing upsurge in urbanization. Urbanization is expected to growth in the faster rate with advancement is lifestyle. With the rising population, the urbanites will need more advanced vehicle for daily easy commute and it will poised to cause the upsurge in demand of vehicles in turn boosting OEM demand for power steering systems.
Significant opportunities exist for electric power steering manufactures in future mobility products and solutions such as electric mobility and autonomous vehicles. With the stabilising conventional vehicle sales, a next-gen mobility solution is the next area of interest both for OEMs and the consumers. Thus, OES and Tier 1, 2 manufacturers needs to be on track with the latest development and enhance product development capabilities.
The global electric power steering market is dominated by big players such Prospects for established firms and those seeking to enter the market– including company profiles for 10 of the major companies involved in the Electric power steering Market. Some of the company’s profiled in this report include Robert Bosch, JTEKT, Nexteer, ZF, NSK, Delphi, GKN, Federal-Mogul, Hyundai Mobis and Showa Corporation. The key strategies adopted by these companies is to sustain their market position are new technology, new product development, Contract agreement and Collaborations.
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