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.
COVID-19 Analysis
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.
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.
Market Segmentation
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.
Regional Insight
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 size. China leads the regional market as the country is
known for its highest vehicle production.
Leading Companies
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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