Electric Power Steering System Market – Forecast to 2023

Market Research Future Published a Research Report on "Electric Power Steering Market".

Market Synopsis:

Electric power steering system reduces the steering efforts of the driver by adding controlled energy to the steering mechanism by utilizing electric actuators, which considerably reduces the physical efforts required to turn the wheels. Market Research Future (MRFR) has published a detailed report stating that the global electric power steering system market is marked to expand significantly at a CAGR of 6.41% during the forecast period of 2017 to 2023 and reach the valuation of USD 28,300 Mn by the end of 2023. High demand for energy efficient vehicle that can reduce the amount of fuel required for its functioning owing to the hike in fuel prices is majorly fueling the growth of the global electric power steering system market. Rise in global population and increasing per capita income are inducing high demand for well-equipped automobiles, which in turn is propelling the growth of the global electric power steering system market during the forecast period.

Market Segmentation:

Access Complete Report at at: https://www.marketresearchfuture.com/reports/electric-power-steering-system-market-6263

Regional Analysis:

Geographically, the global electric power steering system market has been segmented into five major regions such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The Europe region is controlling the global electric power steering system market owing to the rapid development of automotive industry that is contributing to the demand for electric power steering systems in this region. The Asia Pacific region commands for the second largest share in the global electric power steering system market and is forecasted to expand at a CAGR of 5.14% during the assessment period. The growth of the electric power steering market in the Asia Pacific region is majorly attributed by the increased incorporation of electric power steering system along with other features to improve the performance and safety of vehicles in the automotive industry and high demand for vehicles equipped with electric power steering in this region. Increased disposable income and easy adoption of technologically advanced solutions are aiding the growth of eth electric power steering system market in the North America region. Poor economic conditions of the underdeveloped countries are acting as restraining factors to the growth of the electric power steering system market in the Middle East and Africa region.

Key Players:

The major players profiled by MRFR that are operating in the global electric power steering system market are JTEKT Corporation, NSK Ltd., Hyundai Mobis, Robert Bosch GmbH, Nexteer Automotive, ThyssenKrupp AG, ZF Friedrichshafen AG, Showa Corporation and Mando Corporation and Federal-Mogul.

Market Research Future (MRFR) engages its vast industry expertise for making highly accurate market observations. The extensive primary and secondary research inputs aid in making critical observation, data collection, analysis and interpretation of pertinent information to corroborate the authenticity and objectivity of the research. The primary research process consists of exclusive surveys and first-hand interviews with the executives and decision makers across the value chain such as CEOs, MDs, VPs, and others. The secondary research method is a multilayer verification process carried out to validate the primary data through inputs from SEC filings, white paper references, paid database and research publications available in public domain. The top down and bottom up approaches provide rich qualitative insight on market trends, opportunities and threats.

At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr).