The electric power steering market is presently at a very favorable global position. Current market trends suggest that the overall shipments of EPS in automotive sector should likely double from around 40 million units in 2013 to around 87 million units in 2018. The combined automotive steering and suspension systems were valued at $11.5 billion market in the US in 2013 and is estimated to grow at a CAGR of 2.5% in the future.
The growth of the overall passenger car sales is presently influenced by a variety of factors, like subsidies for electric cars, demand for compact cars, and incorporation of connectivity and safety solutions in the passenger cars by automotive OEMs. The global market sales are expected to increase from around 80 million units in 2013, and it is expected to cross around 100 million units by 2018.
To browse table of contents click below:
http://industryarc.com/Report/16/electric-power-steering-market.html
The production and order levels of the different types of steering systems, specifically EPS, are directly related to the automotive market demand. Power steering systems use ECUs, torque sensors, brushless motor position sensors, motors, steering angle sensors in general, and these mainly comprise the market. China, USA and Japan were the top three regions in 2013 with highest car sales, but developing nations are catching up, and it is expected that by 2016 India will replace Japan in the third position.
Manual, hydraulic and electric powered steering systems are the key electric power steering types that are currently available in the market. Electric steering systems are mechanically less complex, with fewer moving parts and no fluids. It is, hence, much more reliable as well as simple for the OEMs as well as for the customers. Fuel economy is the biggest benefit to the end customers, thanks to electric power steering, and it is one of the major drivers for this market growth.
It is estimated that significant fuel savings of around 0.3-0.4 liters/100km, along with reduction in CO2 emissions of 5-7g/km can be realized with the help of electric power steering. With electric cars growing in shipments and offering competition to fuel based cars, it is stated that the electric power steering systems will prove to be the key factor in the near future, especially for traditional automotive OEMs to prolong their business model.
IndustryARC believes that the major stakeholders of this market, namely TRW, Nexteer Automotive, Trelleborg, Mitsubishi and other such companies are performing well. Moreover, the market is currently very favorable for new technological enhancement, and will allow growth in the upcoming five years. The future for electric power steering looks extremely promising, therefore.
Request for the sample data/brochure:
http://industryarc.com/request-a-call.aspx?type=report&cid=16

About Us: IndustryARC is a research and consulting firm that publishes more than 20 reports every month in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare. Contact us to find out how we can help you today!
Contact:
Sanjay Matthews
Manager, Client Relationships
IndustryARC
Phone: 1- 614-588-8538
Email: [email protected]
LinkedIn: http://www.linkedin.com/company/industryarc
Facebook: https://www.facebook.com/industryarc
Twitter: https://twitter.com/IndustryARC