Automotive Electric Power Steering Market Overview
The Automotive Electric Power Steering Market is expected to have a significant growth value with a
CAGR of 5.3%. The automotive electric power steering is an innovative and
recent technology that supports driving without a human's help. Recently the
market has showcased good growth due to the rising demand for technically
efficient and superior automobiles. Sustainability and environment-friendly
automobiles are also propelling the market growth in the forecast period. The
increasing demand for electric automobiles will propel the market.
Due to the strict government regulation of the COVID
19 to reduce the effect, people's travelling was affected. The manufacturing
process slowed down the time, so the market was at a low phase during the
pandemic; however, as the situation got better and so as the market's
situation. The increasing demand for clean and sustainable vehicles, government
regulation, and consumers getting to know about the climate change factors will
propel the Automotive Electric Power
Steering Market. with all the driving factors, the market also contains
several restrains. The high cost and unavailability of necessary finance will
hurdle the market growth and affect the market's potential.
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Industry
news
Magnachip semiconductor released a new 40W
metal-oxide-semiconductor field-effect transistors to control the brushless
direct current for automotive applications. It is fully AEC-Q101 certified and
is critical to vehicle safety.
Market
segmentation
The Automotive
Electric Power Steering Market is divided by type, component, mechanism,
fuel type, and vehicle type. The market is categorised into Pinion, Rack, and
Column based on the type. By the segment Component, the market is fragmented
into Bearing, Rack & Pinion, Electric Motor, Steering - Wheel, Gear, and
Column. Among them, the electric motor will dominate the market. The
sub-segments of the Mechanism are Collapsible and Rigid. Vehicle and fuel are
other segments. As the demand for the collapsible mechanism increases and
lessens the chances of injuries, the segment will have a CAGR in the future.
The current assist type has the largest market growth as it joined assisting
mechanism and system electronics with the steering column. In the future also,
this will dominate the market. By the vehicle type, the market is bifurcated
into passenger vehicles, light commercial
vehicles (LCV), and heavy commercial vehicles (HCV). Among all of them, the
passenger vehicle segment is expected to have a high market share and
contribute to the automotive electric power steering.
Regional
analysis
Based on the geographical analysis, the Automotive Electric Power Steering Market
is studied in North America, Europe, Asia Pacific, and the rest of the world.
The high demand for green and sustainable vehicles is the major factor for the
market growth in the region. The Asia Pacific also contributes to the market
and will influence the market in the forecast period. The rising income of the
people in the region is increasing owing to the high population, which leads to
an increase in demand for automobiles as the purchasing power of the Automotive Electric Power Steering Market
increases. Europe will also hold significant market growth as the introduction
of a variety of efficient technological automobiles is more in the region.
Other market regions will also register good growth in the coming years.
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