(EMAILWIRE.COM, March 19, 2019 ) "Electric Power Steering Market by Component, Type (CEPs, PEPs, REPs), Mechanism (Collapsible, Rigid), Motor Type (Brushless, Brush), Application, Off-Highway (Construction, Agricultural), EV (BEV, PHEV, HEV), and Region - Global Forecast to 2025", The global electric power steering market is projected to grow at a CAGR of 6.27% from 2017 to 2025, to reach a market size of USD 42.01 Billion by 2025 from USD 25.83 Billion in 2017.

The major factors driving the growth of the electric power steering market are stringent automotive safety and security norms introduced by the government, rising preference of vehicle electrification among OEMs and Tier I suppliers, increasing demand from OEMs for reduced weight and complexity of vehicles, and rising vehicle production.

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The electric power steering market has been segmented, on the basis of type, into column assist EPS (C-EPS), rack assist EPS (R-EPS) and pinion assist EPS (P-EPS). Rack EPS (R-EPS) is estimated to be the fastest growing segment of the electric power steering market, by type. Factors contributing to the growth of this segment include the increasing installation rate of EPS in commercial vehicles. Rack EPS (R-EPS) is mostly used in heavy commercial vehicles. Hence, the growing popularity of EPS in heavy commercial vehicles would trigger the growth of R-EPS systems.


Electric power steering with collapsible steering column drives the global electric power steering market

The collapsible steering column is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.

Asia Pacific: Rapid vehicle electrification in China is propelling the growth of the Asia Pacific market

The growth of the electric power steering market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.

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The electric power steering market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the electric power steering market are Robert Bosch (Germany), JTEKT (Japan), Nexteer (US), ZF (Germany), NSK (Japan), Delphi (UK), GKN (UK), Federal-Mogul (US), Hyundai Mobis (South Korea) and Showa Corporation (Japan).