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(Transportation-News.com, April 19, 2019 ) The electric power steering market is valued at USD 23.62 billion in 2016 and is projected to grow at a CAGR of 6.27% during the forecast period, to reach USD 42.01 billion by 2025.
Increasing government norms related to air emission standards and fuel efficiency of vehicles are expected to drive the market. The rising vehicle production, growing demand for advanced safety and convenience, and increased disposable incomes worldwide are some of the other factors driving the growth of the electric power steering market.
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Major Developments in Electric Power Steering Market
In December 2017, ZF developed an advanced steering wheel concept for automated and HMI solutions. This new technology provides advanced gesture control through graphic displays and dynamic illumination and hands-on detection for level 3 automation and higher driver interaction.
In September 2015, JTEKT inaugurated its production base for column units and rack units for electric power steering systems in Mexico. JTEKT established JAMX to assess demand from local Mexican automotive companies.
In June 2017, Bosch acquired the Italian company Albertini Cesare S.p.A. which produces cast housings primarily for the automotive industry and is also a manufacturer of die-cast aluminum. The acquisition will provide Bosch with a supply of reliable cast parts for its electric steering systems. Bosch integrated Albertini into its automotive steering division.
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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.
Key players in the electric power steering market include 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). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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