TechNavio recognizes the following companies as the key players in the Global Electric Power Steering Market: TRW Automotive Holdings Corp. (TRW), JTEKT Corp., Mitsubishi Electric Corp. and ZF Friedrichshafen AG.
Commenting on the report, an analyst from TechNavio’s Automotive team said: ”The fast-paced growth in emerging economies offers huge potential for the Global Electric Power Steering market. Despite the global economic slowdown, growth in APAC region (particularly China and India) has been robust. This has been primarily due to the massive fiscal stimulus package in China and to India’s skillful macroeconomic management. In the coming years, growth prospects are expected to develop in BRIC, while developed countries are expected to witness static sales or a fall in sales. Due to the high level of competition and the presence of several saturated markets most of the global automotive firms have shifted their focus to the APAC region and BRIC for new growth avenues, which will lead to opportunities for various automotive products and solutions, such as electric power steering systems, in emerging markets.”
According to the report, the increase in automotive production and sales is one of the major growth drivers in the market. In recent times, the Global Automotive market has witnessed a steady growth rate and this is expected to continue during the period 2012-2016. The Global Electric Power Steering market is dependent on the Global Automotive market; therefore, steady growth in the latter market will boost the demand for electric power steering systems.
Further, the report states that the electric power steering systems are more expensive than the most widely used hydraulic power steering systems. This is one of the major challenges for this market.
The report also includes a discussion on the other prominent vendors operating in this market, such as Nexteer Automotive, China Automotive Systems Inc., Mando Corp., Martinrea International Inc., NSK Ltd., Delphi Automotive LLP, Continental AG, Sona Koyo Steering Systems, Showa Corp., ThyssenKrupp AG, Federal Mogul Corp., and Robert Bosch GmbH.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/global-electric-power-steering-market-2…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our Automotive market research, please visit https://www.technavio.com/automotive
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TechNavio Announces the Publication of its Research Report – Global Electric Power Steering Market 2012-2016
