Electric Power Steering Market Analysis with Highlights on the Impact of COVID-19 (2020-2024) | Adoption of EPS in Entry and Mid-Segment Vehicles to Boost Market Growth | Technavio

The electric power steering market is expected to grow by 2.34 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Electric Power Steering Market 2020-2024 (Graphic: Business Wire)

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The growing consumer demand for enhanced safety, comfort, and convenience are driving automakers to continuously improve several features in their offerings. Besides, the rising competition in the automotive industry is compelling vehicle manufacturers to introduce the latest features even in entry-level and mid-segment vehicles. This is forcing luxury vehicle manufacturers to incorporate new technologies to differentiate their vehicles from the mid-segment vehicles. This has driven the demand for advanced electronic power steering systems that allow users to the steering column position with the touch of a button. Such advancements in the automotive industry are positively influencing the growth of the global electric power steering market.

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As per Technavio, the sharing of increased production costs with OEMs and end-users will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Electric Power Steering Market: Sharing the Increase in Production Cost to OEMs and End-Users

The growing focus on the development of lightweight vehicles in the automotive industry has been replacing vehicle components made of iron and carbon steel with aluminum. However, increasing prices of aluminum are raising the manufacturing costs of such automotive components. This price is shared across the value chain that includes OEMs and end-users. With rapid advances in automotive steering systems, the increased cost of raw materials such as aluminum will have little or no impact on the market. Also, the sharing of increased cost with OEMs and end-users is expected to increase the revenue generation of market players during the forecast period.

“Increased adoption of steer-by-wire technology in CVs and stringent regulations to control emissions will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Electric Power Steering Market: Segmentation Analysis

This market research report segments the electric power steering market by Application (Passenger cars and LCVs) and Geography (APAC, Europe, North America, South America, and MEA).

The APAC region led the electric power steering market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the thriving automotive industry in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200827005045/en/