Global Electric Power Steering (EPS) Market Analysis and Forecast (2014 – 2020)
Electric power steering (EPS) uses 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. Passenger, commercial, light commercial vehicle, sports cars are the different end-user segments of EPS. Manual, hydraulic and electric powered steering systems are the key electric power steering types present in the market currently. Electric steering systems are mechanically less complex with fewer moving parts and no fluids. It is, hence, more reliable as well as simpler for the OEMs and customers too. Fuel economy is the biggest benefit to the end customers due to EPS and is the major driver 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 attained due to EPS. With electric cars growing in shipments and offering competition to fuel-based cars, EPS systems are the key factors, especially for traditional automotive OEMs to prolong their business.
Electric power steering (EPS) uses 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. Passenger, commercial, light commercial vehicle, sports cars are the different end-user segments of EPS. Manual, hydraulic and electric powered steering systems are the key electric power steering types present in the market currently. Electric steering systems are mechanically less complex with fewer moving parts and no fluids. It is, hence, more reliable as well as simpler for the OEMs and customers too. Fuel economy is the biggest benefit to the end customers due to EPS and is the major driver 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 attained due to EPS. With electric cars growing in shipments and offering competition to fuel-based cars, EPS systems are the key factors, especially for traditional automotive OEMs to prolong their business.
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RESEARCH METHODOLOGY<br />
The quantitative <strong>and</strong> qualitative data collected for the global electric power steering systems is<br />
from a combination of secondary <strong>and</strong> primary sources. Research interviews were conducted with<br />
senior executives <strong>and</strong>/or managers of leading <strong>EPS</strong> <strong>and</strong> other steering system type manufacturers<br />
& assembly companies. These Key Opinion Leaders (KOLs) were then provided with a<br />
questionnaire to gather quantitative <strong>and</strong> qualitative inputs on their operations, performance,<br />
strategies <strong>and</strong> views on the overall market, including key developments <strong>and</strong> technology trends.<br />
Data from interviews is consolidated, checked for consistency <strong>and</strong> accuracy, <strong>and</strong> the final market<br />
numbers are again validated by experts. The global market was split by products <strong>and</strong> geography<br />
based on different factors like primary <strong>and</strong> secondary sources, underst<strong>and</strong>ing of the number of<br />
companies operating in each segment <strong>and</strong> also KOL insights.<br />
We have used various secondary sources such as directories, articles, white papers, newsletters,<br />
annual reports <strong>and</strong> paid databases such as OneSource, Hoovers <strong>and</strong> Factiva to identify <strong>and</strong><br />
collect information for extensive technical <strong>and</strong> commercial study of the <strong>EPS</strong> market.<br />
The key players in the market <strong>and</strong> its value chain were identified through secondary research <strong>and</strong><br />
their market opinions were also gathered in a similar way through telephonic interviews <strong>and</strong><br />
questionnaires. We have also studied the annual reports of these top market players. Interviews<br />
with key opinion leaders such as directors, managers, marketing personnel were used extensively<br />
in underst<strong>and</strong>ing the need <strong>and</strong> emergence of the global <strong>EPS</strong> market.<br />
Some of the key public databases <strong>and</strong> sources used for this report are:<br />
International Organization of Motor Vehicle Manufacturers (OICA)<br />
Alliance of Automobile Manufacturers (AAM)<br />
China Association of Automobile Manufacturers<br />
Canadian Vehicle Manufacturers Association<br />
Society of Motor Manufacturers <strong>and</strong> Traders (SMMT)
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