Global Automotive EPS Market - Growth, Trends & Forecast (2015-2020)
The automotive electric power assisted steering system market (EPS) is expected to account for $22.8 billion and grow at a CAGR of 13.28% till 2020. The market would be dominated by the European countries followed by APAC and North America, driven by the demand for fuel economy and environment friendly solutions in automotive components. The market in Europe would be driven by the demand from electric vehicles and sports vehicles, which intensively uses EPS as the viable power steering systems. The market for APAC would be dominated by Japan followed by China. The growth rate is forecasted to be the highest in the region driven by the increase in demand of passenger cars and LCVs. The major players in this market are Delphi Automotive, Federal Mogul Corporation, Hitachi Automotive Systems, Robert Bosch Gmbh to name a few. The market is segmented on the type of vehicles that uses the EPS. The market would primarily driven by the growth in passenger and sports vehicles. However, the OEMs have started focussing on implementing EPS for commercial vehicles (especially heavy tractors and trucks) where cost effective strong EPS are developed, and thereby installed in the vehicle. Thereby, there has been a wide utilization of these technologies in varied automotive applications. OEM manufacturers like Toyota, have focussed on certain geographies like that of US, completely use EPS as power steering system for all its vehicle produced in the country. Among the components steering wheel and steering sensors constitute the majority of the automotive EPS market by system components. Power steering (also power assisted steering (PAS) or steering assist system) is instrumental in helping drivers to steer by augmenting the steering effort required for the steering wheel. EPS uses an electric motor, unlike the manual and hydraulic electric power steering, to assist the driver for driving. Sensors detect the position and torque of the steering column, and a computer module applies an assertive torque via the motor, which connects to either the steering gear or steering column. Electric steering systems are mechanically less complex with lesser parts and no fluids required for any mobilisation. Electric Power Assisted Steering System is the major segment in the Electric Power Steering market. The need for fuel economy for the vehicles leading to the increased usage of electronics in the vehicle, coupled with the growing demand of electric vehicles has helped to drive the automotive EPS market significantly in the forecast period. Electric systems are significantly fuel efficient due to the absence of the belt-driven hydraulic or manual pump which would have been constantly running, whether assistance is required or not. EPS provides fuel savings as high as 0.4 litres for every 100 kilometres compared to the hydraulic powered systems along with reduction in CO2 emissions up to 7g/km. In addition, the absence of a belt-driven engine accessory, several high-pressure hydraulic hoses, and the steering pump reduces the burden of manufacturing and their assembling by the OEMs, thereby reducing the cost and maintenance required to manage the other power steering systems. The electrically assisted power steering system is thereby expected to drive the automatic power steering system by completely replacing the hydraulic power steering market by the end of the forecast period. The EPS system primarily consists of a steering-assist motor on the column with a steering rack at the wheels and a torque-sensing device in the steering column. Research and development is being undertaken for the magnetic digital sensor technologies to further reduce the response time in nanoseconds. Advancements in micro controllers would allow calibration for greater motor boost at low speeds where it is required and lower boosts at high speed when it is not needed. The driver gets a better road feel at higher speeds, and the boost required in parking situations, where it is more difficult to turn the wheel. The market for automotive EPS is dominated by the major automotive component manufacturers in the market, who are looking for strategic collaborations either with the regional EPS manufacturers or the component manufacturers to outsource the components manufacturing to cater the needs for the OEMs in those specific geographies. WHAT THE REPORT OFFERS 1) Market Definition along with identification of key drivers and restraints for the market. 2) Market analysis with region specific assessments and competition analysis on a global and regional scale. 3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on a global and regional scale. 4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. 5) Identification and analysis of the Macro and Micro factors that affect the industry on both global and regional scale.