Automotive Electric Power Steering Industry| COVID-19 Analysis

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The global Automotive Electric Power Steering Industry segmentation segments the market into the component, fuel, mechanism, type, and vehicle type. The component-based segmentation segments this market into bearing, mechanical rack & pinion, steering column, steering gear, and steering wheel.

Regarding mechanism, the market has been segmented into collapsible and rigid. The collapsible variety has received more preference, due to the reduced chances of serious injuries to passengers. By type, the market has been segmented into passenger vehicle, heavy commercial vehicle (HCV), and light commercial vehicle (LCV).

The regional segmentation of the global Automotive Electric Power Steering Industry has segmented the global market into regional markets namely Asia Pacific, North America, Europe, the rest of the world (RoW). North America market is growing primarily due to the revamped automotive sector and heavy investments ensuring the intake of luxury cars. Other factors contributing to the market growth are the adoption of self-driving cars, the high purchasing power of consumers, increased research & development (R&D) activities for innovation, the presence of key market players in this region, technological advancement, and growing investment in luxury cars and electric cars. Significant country-specific markets in this region are USA and Canada.

During the forecast period, the Asia Pacific market is expected to rise as the next global automotive hub due to the rising income and purchasing power of the middle class. The electric power steering system can be adopted in all segments of automobiles. Therefore, it can reduce the production cost via mass production. India is the most important market in this region, followed by the remaining countries in the Asia Pacific region. China and Japan are two important economies in this region.

Key Players

The key players in the global Automotive Electric Power Steering Industry include Delphi Automotive (UK), Federal-Mogul (USA), Hitachi Automotive Systems Ltd. (USA), Hyundai