Demand For Safety Features In The Automotive Sector Is Highly Anticipated To Boost The Demand For Automotive Electric Power Steering by 2029

The Automotive Electric Power Steering industry is looking forward to 2021 with a sense of optimism. In 2020, Automotive Electric Power Steering sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2022.

An automotive electric power steering comprises of an electric motor to assist during the driving of a vehicle. Sensors detect the position and torque of the steering column, and a computer module applies assistive torque via the motor, which connects to either the steering gear or steering column. Automotive electric power steering offers more assistance than traditional hydraulic power steering through the use of an electric motor, which is coupled directly to the steering gear or column.

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Automotive Electric Power Steering Market: Key Players
Prominent players for the global automotive electric power steering market are Jtekt, Nexteer, ZF, Robert Bosch, NSK, Hyundai Mobis, Showa Corporation, Delphi, Thyssenkrupp, Mitsubishi Electric, GKN Federal Mogul and other key market players. The automotive electric power steering market comprises well-diversified global and regional players with global vendors dominant in the market.

Segmentation Analysis of Automotive Electric Power Steering Market
The global automotive electric power steering market is segmented on the basis of type, components, electric motor, vehicle type and region.

Based on type, the global automotive electric power steering market is segmented as:

Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
Based on components, the global automotive electric power steering market is segmented as:

Steering wheel
Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing
Based on electric motor, the global automotive electric power steering market is segmented as:

Brush motor
Brushless motor
Based on the vehicle type, the global automotive electric power steering market is segmented as:

Passenger Cars
Compact
Mid-Size
SUV
Luxury
LCVs
HCVs

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US Automotive Electric Power Steering Industry Set to Recover in 2022
In 2019, US Automotive Electric Power Steering sales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.

However, Automotive Electric Power Steering sales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.

As per early success of vaccine inoculation and consumer receptivity toward online sales, it is highly likely that 2021 will be a better year for sales. Total Automotive Electric Power Steering sales in US are likely to be in the range of 15.5 million to 16 million.

Europe Automotive Electric Power Steering Market Players Can Benefit from Foreign Exports
The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.

As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.

While the domestic Automotive Electric Power Steering demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.

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China will Further its Lead as World's Largest Automotive Electric Power Steering Market
The Automotive Electric Power Steering industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.

China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.

China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numerous position in the future as well.


Indian Automotive Electric Power Steering Outlook Subdued by COVID-19 Resurgence
The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.

The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.

Key Long-term Trends
Overall, the Automotive Electric Power Steering industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Automotive Electric Power Steering market in the long run. These include,


Automotive Electric Power Steering digital retail
Automotive Electric Power Steering digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe


Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.

Electric vehicle sales will continue unabated
The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.


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