Growing Automotive industry set to drive Electric Power Steering market to reach Dollar 50 billion in 2020

Electric Power Steering (EPS) systems assist drivers by improving the turning power of the steering wheel. EPS systems provide increased steering capabilities with less effort. EPS systems improve the driving experience as well as the fuel efficiency thus the customer demand is increasing. Power steering has been segmented based on type of technology used into the Electric Powered Hydraulic Steering (EPHS), Hydraulic Power Assisted Steering (HPAS) and Electric Power Assisted Steering (EPAS). Electric power assisted steering is further divided into column drive, rack drive, direct drive, pinion assist, and dual point pinion steering systems. The Power steering market has also been segmented based on vehicle type in passenger vehicle, commercial vehicle,light commercial vehicle, and sports vehicles. A geographical analysis has been done to put things into perspective about the global power steering market. The growing electric power steering market is led by automotive parts manufacturers ZF Friedrichshafen, Nexteer Automotive, NSK Ltd., TRW Automotive and JTEKT Corp.

IndustryARC report onpower steering systemsestimated that the market generated revenue of $26 billion in 2014. This market is estimated to grow to $50 billion through 2020. The increased demand for high mileage and reliable vehicles is to forecast the drive of power steering systems market. The increased customer demand for these services has led to growing utilization of these systems by automotive companies. A recent report created by IndustryARC examines this market and as well as the various power steering systems offered.

Power steering has been segmented based on type of technology used into the Electric Powered Hydraulic Steering (EPHS), Hydraulic Power Assisted Steering (HPAS) and Electric Power Assisted Steering (EPAS). In 2014, electric power steering segment accounts for thelargest share in the power steering market... The hydraulic power steering is projected to decline due to large space required as well as low fuel efficiency.  The improving technology and fuel efficiency provided by electric power steering is the major driver for this segment. The EPHS system and HPAS markets are declining due to lower reliability and fuel efficiency ascompared with EPAS systems.Electric power assisted steering is further divided into column drive, rack drive, direct drive, pinion assist, and dual point pinion steering systems.Column drive is the largest market in 2014, followed by rack drive steering. Dual Point Pinion is forecast to exhibit the fastest growth, according to the report by IndustryARC, due to the increased driver comfort and safety offered by these systems.

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The Americas is currently the biggest market as of2014 followed by Europe. However, APAC region is poised to grow at the highest CAGR and is projected to surpass the American market size by 2019. The significant growth in APAC region is due to higher growth in economy leading to a growing automotive market.

Global Electric Power Steering market, By Geography, 2014-2020

The economic growth forecast in APAC region is estimated to lead to growing automotive industry. The fluctuating fuel prices have led to increased customer demand for high mileage vehicles leading to automotive manufacturers’ shift to power steering systems. The growth of electric power steering market can be attributed to the improved steering and reliability, as well as high fuel efficiency of these systems. The increased customer demand for fuel efficient automotive parts is set to drive the electric power steering market.

The automotive industry is the only application of EPS systems. The power steering market has been segmented based on vehicle type in passenger vehicle, commercial vehicle, light commercial vehicle, and sports vehicles. Passenger vehicles are the biggest market for EPAS system while Sports Vehicles are estimated to be the fastest growing market. The sports vehicle market for electric power steering is growing due to improved handling and fuel efficiency when compared to hydraulic power steering as well as forecast growth in the sports vehicle market itself. The automotive industry is forecast to grow from 83 million units in 2014 to over 100 million units by 2019. The growing automotive industry is set to propel the power steering market.

The top 5 companies in terms of revenue operating in the steering systems market are ZF Friedrichshafen (Germany), Nexteer Automotive (U.S), NSK Ltd. (Japan), TRW Automotive (U.S) and JTEKT Corp (Japan). They account for 65% of the total market. The steering system companies have looked forexpansions, product launches, and agreements as key strategies for growth. Expansions have been completed in order to enter fast growing markets in APAC. For instance, Hyundai Mobis has expanded in the growing markets of China and India in order to capitalize on the growing automotive market. This expansion reinforces Mobis’ strategy to increase the company’s presence in emerging markets. New product launches and agreements have also been undertaken in order to enhance the product portfolio and strengthen core capabilities.

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