The global automotive electric power steering market 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. Based on fuel, the market has been segmented into battery electric vehicle (BEV), diesel, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and petrol. Vehicles powered by petrol and diesel mostly use electric power steering technology. The electric car offers better integration solution for such steering.
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 market 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.
In Europe, the market is strong due to the availability of the maximum variety of technologically superior cars and the presence of many key market players. In this region, the important country-specific markets are Germany and Spain. France and UK are two important economies in this region.
Key Players
The key players in the global automotive electric power steering market include Delphi Automotive (UK), Federal-Mogul (USA), Hitachi Automotive Systems Ltd. (USA), Hyundai Mobis (South Korea), JTEKT Corporation (Japan), KSR International Company (Canada), Mando Corporation (South Korea), Mitsubishi Electric Corporation (Japan), Nexteer Automotive (USA), NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Showa Corporation (Japan), Sona Koyo Steering Systems Ltd. (India), ThyssenKrupp AG (Germany), and TRW Automotive (USA).
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