Market Research Future (MRFR) expects the electric steering market 2020 to record a decent CAGR of 6.76% between 2017 and 2023 (assessment period). We will provide covid-19 impact analysis with the report. The COVID-19 outbreak and its effects on the electric steering market are outlined in the report, which provides an in-depth analysis post the coronavirus disease outbreak.
Since the onset of the novel coronavirus, there has been a notable drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by analyzing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. After the SARS-CoV-2 outbreak, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.
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However, till the time a COVID-19 breakthrough is not achieved, the electric steering industry can remain resilient, as a result of the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more. Despite the significant impact of the COVID-19 impact on the automotive industry, online sale of vehicles can emerge as one of the growth boosters in the electric steering market.
Primary Drivers and Main Barriers
Some years back, electric steering was a common feature only in high-end vehicles or sports utility vehicles. However, over the years, the electric steering’s reliability has risen considerably, leading to its integration in almost all the segments of vehicle. Since the modern electric steering is more compact and has higher number of airbags and controlling features, its demand has mounted exponentially in recent years.
The growth of the electric steering market is dependent on the automobile manufacturing industry. The rigorous research and development for product innovation by several automotive companies also positively influences the worldwide market. The emergence of robust and more advanced steering mechanism has led to higher sales in the market. The intense competition among vendors and the resulting increasing focus on the development of self-driven, auto-pilot or electric vehicles benefits the electric steering market. Sensor has emerged as one of the most significant trends in the electric steering market, as it helps detect the torque and motion of the steering column.
The electric steering industry can be considered for type and vehicle type.
The types of electric steering are Column Assist Electric Power Steering or C-EPS, Pinion Assist Electric Power Steering or P-EPS and Rack Assist Electric Power Steering or R-EPS.
The vehicle types included in the study are commercial and passenger vehicles.
North America, Asia Pacific/APAC, Europe, and Rest of the World /ROW are the primary markets for electric steering.
The North American market could observe saturated growth in the coming years owing to the mature automobile industry and its expanding rate of 6.63% over the review period. Technological innovations along with the need for better fuel efficiency have significantly boosted the business in the region. The biggest market not only in the region but also globally is the U.S., after China. The market for electric steering in the region is quite robust as a result of the increasing industrialization, rising expenditure on up gradation and development of public transport as well as infrastructure. Canada ranks among some of the leading vehicle producers across the globe, while the country’s auto industry is the largest contributor to manufacturing GDP.
Europe has gained considerably over the years, emerging as the second-biggest market across the globe. The regional market is dependent on the massive customer base and the sound financial status of the end-users for vehicles. The expanding automotive industry in the region offers various opportunities for the electric steering system manufacturers. Germany is the second-highest lucrative market for electric steering in the world, while the UK is presumed to procure a robust growth rate in the years to come. The large-scale car production in these countries is the result of the financial stability and the presence of extremely skilled workforce. In the next few years, the market in France can be a significant performer, given the thriving automotive industry and the federal government imposing new policies and regulations backing the automobile industry.
APAC is the fastest gaining market, backed by the region’s highest vehicle production level in the world. The fast growing automotive industry in the region is the result of the expanding population and the surge in the disposable income of the consumers. People in APAC are increasingly adopting better living standards and prefer owing personal cars and other vehicles, which has been a major booster in the electric steering market. China leads the regional market as the country is known for its highest vehicle production.
Leading companies in the Electric Steering industry include Hyundai Mobis Co., Ltd., China Automotive Systems Inc., ZF TRW Automotive Holdings Corp., Nexteer Automotive Group Limited, JTEKT Corporation, NSK Ltd., Robert Bosch Automotive Steering GmbH, ThyssenKrupp Ag, Mando Corporation, Showa Corporation, to mention a few.
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