Power-Assisted Steering Market to Cross $20 Bn by 2027; Global Market Insights, Inc.

SELBYVILLE, Del., April 20, 2021 /PRNewswire/ -- Global Market Insights Inc. has recently added a new report on the power-assisted steering market which estimates the market valuation for power-assisted steering will cross US$ 20 billion by 2027. Many automotive manufacturers have been adopting EPS systems in automotive vehicles to improve fuel efficiency, ADAS, and advanced safety features.

Power-assisted steering manufacturers are constantly improving the operational efficiency of their steering solutions in an effort to have an on-demand power from an electric motor or demand-oriented quantity of oil and pressure, which is required to function the hydraulic steering systems. For instance, in 2020, the Nexteer Automotive launched a high-performance electric power steering (EPS), for heavy and light commercial vehicles, which offers better comfort features, advanced safety, and enhanced fuel efficiency.

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The HCV segment will witness over 5% CAGR in the power-assisted steering market. The growth is attributed to the adoption of electric power steering and significant growth in logistics and construction industries across Latin America and the Asia Pacific, resulting in further penetration of the product during the forecast period. Cost-effectiveness of the electric power steering is one of the key factors, which will improve the market growth over the forecast period.

In 2020, Europe held over 20% share in the overall power-assisted steering market. This can be mainly attributed to the large automotive vehicle production and sales in Europe. In 2020, automotive vehicle sales in the U.S. were over 14 million units. Moreover, many light truck manufacturers are adopting a rack type EPS since it can operate at higher front-axle loads and has optimized space, which will further penetrate the product demand.

The key players in the power-assisted steering market are focusing on joint ventures or partnerships with steering component manufacturers for product development and to lower the overall manufacturing. For instance, in 2019, Nexteer Automotive had a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd., to manufacture electric power steering systems in China.

Some major findings of the power-assisted steering market report include:

• The aftermarket segment is growing at a significant rate owing to rising sales of power-assisted steering. Since power-assisted steering is remanufactured and power-assisted steering has significant life, which will further restrict the product demand in the aftermarket.
   
• The ICE propulsion type is expected to witness substantial growth across emerging countries due to increasing disposable income, large automotive production, and increasing adoption of EPS systems in heavy commercial vehicles, driving the growth of the ICE segment.
   
• Latin America is likely to hold a substantial share in the global power-assisted steering market owing to increasing automotive vehicle production and fleet in emerging countries including Brazil, Mexico, and Argentina.
   
• The ongoing COVID-19 has affected the global electric vehicle and internal combustion engine production owing to severe lockdown imposed by the various government authorities worldwide. Moreover, the average shutdown duration of power-assisted steering component production facilities, such as rack & pion gears and steering columns, globally is nearly 30 working days, which has significantly affected the value chain of the market.

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Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Global power-assisted steering industry 360° synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Propulsion trends

2.1.3    Vehicle trends

2.1.4    Power trends

2.1.5    Type trends

2.1.6    Sales Channel trends

2.1.7    Regional trends

Chapter 3   Global Power Assisted Steering Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2017 - 2027

3.2.1    COVID-19 impact on power assisted steering industry

3.3    Industry ecosystem analysis

3.3.1    Raw material supply

3.3.2    Value addition at each stage

3.3.3    Vendor matrix

3.3.3.1    List of key component suppliers

3.3.3.2    List of key power assisted steering manufactures

3.4    Pricing analysis (including COVID-19 impact)

3.4.1    Regional price trends

3.4.2    Cost structure analysis, 2020

3.5    Innovation & sustainability

3.5.1    Technology landscape

3.5.2    Future trends

3.6    Regulatory landscape

3.6.1    U.S

3.6.2    Europe

3.6.3    China

3.7    Industry impact forces

3.7.1    Growth drivers

3.7.1.1    Increasing adoption of EPS

3.7.1.2    Growth in passenger vehicle sales

3.7.1.3    The increasing adoption of EVs is likely to surge the industry proliferation

3.7.1.4    Evolution of automated driving

3.7.2    Industry pitfalls & challenges

3.7.2.1    Higher operation life and ease of repair to limit aftermarket revenue generation

3.8    Growth potential analysis, 2020

3.9    Porter's analysis

3.10    Competitive landscape

3.10.1    Top player's analysis, 2020

3.10.2    Strategy dashboard

3.11    PESTLE analysis

3.12    COVID-19 impact on Automotive industry

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Power Assisted Steering Market worth around $ 20 Bn by 2027
Power Assisted Steering Market size is expected to reach USD 20 billion by 2027, according to a new research study published by Global Market Insights, Inc.

SOURCE Global Market Insights, Inc.