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IndustryARC
Global Electric Power Steering (EPS) Market Analysis and Forecast (2014 – 2020)
By Type (EPHS, HPS, C-EPAS, P-EPAS, R-EPAS etc.), By Vehicle Type (Passenger, Sports, Commercial and Light Commercial) and By Geography
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TABLE OF CONTENTS 1. Global Electric Power Steering – Market Overview 2. Executive Summary 3. Global Electric Power Steering – Market Landscape 3.1. Market Share Analysis 3.2. Comparative Analysis 3.2.1.
Product Benchmarking
3.2.2.
End user profiling
3.2.3.
Patent Analysis
3.2.4.
Top 5 Financials Analysis
4. Global Electric Power Steering – Market Forces 4.1. Market Drivers 4.2. Market Constraints 4.3. Market Challenges 4.4. Attractiveness of the Electric Power Steering Industry 4.4.1.
Power of Suppliers
4.4.2.
Power of Customers
4.4.3.
Threat of New entrants
4.4.4.
Threat of Substitution
4.4.5.
Degree of Competition
5. Global Electric Power Steering Market – Strategic Analysis 5.1. Value Chain Analysis 5.2. Pricing Analysis 5.3. Opportunities Analysis 5.4. Product/Market Life Cycle Analysis
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5.5. Suppliers and Distributors 6. Electric Power Steering Market by Type 6.1. Introduction 6.2. Electric powered hydraulic steering 6.3. Electric powered steering systems 6.3.1.
Column drive electric power steering
6.3.2.
Pinion drive electric power steering
6.3.3.
Dual point pinion electric power steering
6.3.4.
Rack drive electric power steering
6.3.5.
Direct drive electric power steering
7. Electric Powered Steering Market by System Components 7.1. Steering wheel 7.2. Steering angle sensor 7.3. Steering column 7.4. Steering moment sensor 7.5. Steering gear 7.6. Steering motor 7.7. Steering hoses 7.8. Power steering control unit 8.
Electric Power Steering Market by Vehicle Type 8.1. Introduction 8.2. Passenger 8.3. Commercial 8.4. Light Commercial Vehicle 8.5. Sports Vehicles
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8.6. Others 9. Electric Power Steering Market - Geographic Analysis 9.1. Introduction 9.2. Americas 9.2.1.
North America
9.2.2.
Brazil
9.2.3.
Argentina
9.2.4.
Mexico
9.3. Europe 9.3.1.
UK
9.3.2.
France
9.3.3.
Germany
9.4. APAC 9.4.1.
China
9.4.2.
South Korea
9.4.3.
Japan
9.4.4.
Australia
9.5. ROW 10. Market Entropy 10.1.
New Product Launches
10.2.
M&As, Collaborations, JVs and Partnerships
11. Company Profiles (Overview, Financials, SWOT Analysis, Developments, Product Portfolio) 11.1.
Delphi Automotive LLP
11.2.
Federal Mogul Corporation
11.3.
Hitachi Automotive Systems
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11.4.
Hyundai Mobis Co., Ltd.
11.5.
Martinrea International Inc.
11.6.
Mitsubishi Electric Corporation
11.7.
Trelleborg
11.8.
Robert Bosch GmbH
11.9.
China Automotive Systems Inc.
11.10. JTEKT Corporation 11.11. Mando Corporation 11.12. Nexteer Automotive 11.13. NSK Ltd. 11.14. Showa Corporation 11.15. Sona Koyo Steering Systems 11.16. ThyssenKrupp AG 11.17. TRW Automotive 11.18. ZF Friedrichshafen AG 11.19.
Zhejiang Wanda Steering Gear Co., Ltd
11.20. Hubei Tri-Ring Motor Steering Gear Co., Ltd. 11.21. Guangzhou SHOWA Absorber Limited Company 11.22. Jiangmen Xingjiang Steering Gear Co., Ltd. 11.23. FAW Koyo Steering Systems Co., Ltd. 11.24. AVIC-Xihang Yubei Steering System Co., Ltd. 11.25. Tianjin Jinfeng Automobile Chassis Parts Co., Ltd. 11.26. Zhejiang Fulin Guorun Auto Parts Co., Ltd. 11.27. Golden Company 11.28. Chongqing Changfeng Machinery Co., Ltd.
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11.29. Anhui Finetech Machinery Co., Ltd 11.30. Hafei Industrial Group Automobile Redirector Obligate Co., Ltd. 12. Appendix 12.1.
Abbreviations
12.2.
Sources
12.3.
Research Methodology
12.4.
Bibliography
12.5.
Compilation of Expert Insights
12.6.
Disclaimer
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LIST OF TABLES Table 1 Global EPS Market, List of Companies Covered Table 2 Global EPS Market Competitive Share Analysis, 2014 (%) Table 3 Top 5 Market Players Financials Analysis Table 4 Global EPS Market Revenue, By Type, 2014 – 2020 ($M) Table 5 Global EPS Market Volume, By Type, 2014 – 2020 (Units) Table 6 Global EPS Market Revenue, By System Components, 2014 – 2020 ($M) Table 7 Global EPS Market Volume, By System Components, 2014 – 2020 (Units) Table 8 Global EPS Market Pricing Analysis, By Types, 2014 – 2020 ($M) Table 9 Average Selling Price Analysis, By Sensors used in EPS, 2014 – 2020 ($) Table 10 Global EPS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 11 Global EPS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 12 Global Electric powered hydraulic steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 13 Global Electric powered hydraulic steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 14 Global Column drive electric power steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 15 Global Column drive electric power steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 16 Global Pinion drive electric power steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 17 Global Pinion drive electric power steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 18 Global Dual point pinion electric power steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 19 Global Dual point pinion electric power steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 20 Global Rack drive electric power steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 21 Global Rack drive electric power steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 22 Global Direct drive electric power steering Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 23 Global Direct drive electric power steering Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 24 Americas EPS Market Revenue, By Type, 2014 – 2020 ($M) Table 25 Americas EPS Market Volume, By Type, 2014 – 2020 (Units)
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Table 26 Americas EPS Market Revenue, By System Components, 2014 – 2020 ($M) Table 27 Americas EPS Market Volume, By System Components, 2014 – 2020 (Units) Table 28 Americas EPS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 29 Americas EPS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 30 Americas EPS Market Revenue, By Country, 2014 – 2020 ($M) Table 31 Americas EPS Market Volume, By Country, 2014 – 2020 (Units) Table 32 Europe EPS Market Revenue, By Type, 2014 – 2020 ($M) Table 33 Europe EPS Market Volume, By Type, 2014 – 2020 (Units) Table 34 Europe EPS Market Revenue, By System Components, 2014 – 2020 ($M) Table 35 Europe EPS Market Volume, By System Components, 2014 – 2020 (Units) Table 36 Europe EPS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 37 Europe EPS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 38 Europe EPS Market Revenue, By Country, 2014 – 2020 ($M) Table 39 Europe EPS Market Volume, By Country, 2014 – 2020 (Units) Table 40 APAC EPS Market Revenue, By Type, 2014 – 2020 ($M) Table 41 APAC EPS Market Volume, By Type, 2014 – 2020 (Units) Table 42 APAC EPS Market Revenue, By System Components, 2014 – 2020 ($M) Table 43 APAC EPS Market Volume, By System Components, 2014 – 2020 (Units) Table 44 APAC EPS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 45 APAC EPS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 46 APAC EPS Market Revenue, By Country, 2014 – 2020 ($M) Table 47 APAC EPS Market Volume, By Country, 2014 – 2020 (Units) Table 47 U.S. EPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 48 U.S. EPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 49 U.S. HPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 50 U.S. HPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 51 CANADA EPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 52 CANADA EPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 53 CANADA HPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 54 CANADA HPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 55 APAC EPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 56 APAC EPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 57 APAC HPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 58 APAC HPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 59 EUROPE EPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 60 EUROPE EPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units)
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Table 61 EUROPE HPAS Market Revenue, By Vehicle Type, 2014 – 2020 ($M) Table 62 EUROPE HPAS Market Volume, By Vehicle Type, 2014 – 2020 (Units) Table 63 M&A, JV, Agreements, EPS Industry
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REPORT SCOPE To provide a complete analysis of the global Electric Power Steering (EPS) market, it has been divided into sub-categories depending on the various end-user applications of these systems, the different types of EPS currently available, the passenger-vehicle and the commercial-vehicle segments of the market. This report attempts to analyze the current market trends in place as well as the future scope for development in this growing market and the challenges that need to be addressed. The global market for EPS is on the rise, so we have made an analysis on the current market players and their presence in the market. The demand for EPS has shown a steady increase, all over the world, especially with an increased emphasis on safety and comfort nowadays. Traditionally, these systems were associated with the high-end automotive segment, but market trends off late have shown a marked rise in the use of these systems in the middle and lower level automotive segments as well. A geographical analysis has been done to put things into perspective about the global market. Competitive landscape for each of the product types is highlighted and market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. Market shares of the key players for 2014 are provided. The prominent players profiled in this report are TRW, Nexteer Automotive, Trelleborg, Mitsubishi and others. The report contains the most detailed and in-depth segmentation of the electric power steering market.
STAKEHOLDERS Following are the key stakeholders in the global EPS market. Automotive OEMs EPS Manufacturers Sensor Manufacturers Contract manufacturer Electronics Providers Distributors
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Component suppliers System integrators IT and Automation Software Providers Engineering and Designing companies
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EXECUTIVE SUMMARY 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. model.
SAMPLE TABLE: GLOBAL POWER STEERING MARKET REVENUE, BY PRODUCT TYPES, 2014 – 2020 ($BN) Product Type
2014
2015
2016
Manual Steering xx xx Hydraulic Steering xx xx Electrically Assisted xx xx Powered Steering Electric Powered xx xx Hydraulic Steering Total xx xx Source: IndustryARC Analysis, Expert Insights
2017
2018
2019
2020
CAGR (2015 2020) %
xx xx xx
xx xx xx
xx xx xx
xx xx xx
xx xx xx
xx% xx% xx%
xx
xx
xx
xx
xx
xx%
xx
xx
xx
xx
xx
xx%
IndustryARC forecasts the overall shipments of EPS in automotives to double from around 41 million units in 2014 to around 91 million units in 2020. The combined automotive steering and suspension systems market revenue was around $12 billion in the U.S. in 2013 and is estimated to grow at a CAGR of 2.5% till 2020.
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SAMPLE GRAPH: GLOBAL ELECTRIC POWER STEERING (EPS) MARKET SHIPMENTS, 2013 – 2018 (MILLION UNITS) 100 90 80 Million Units
70 60 50 40 30 20 10 0 2013
2014
2015
2016
2017
2018
Source: IndustryARC Analysis, Expert Insights
Power steering systems use ECUs, torque sensors, brushless motor position sensors, motors, and steering angle sensors generally. The report describes the Electric Power Steering market by product types, modules, fuel types, components, geography, and industry verticals. High level analysis about the individual Electric Power Steering product costs, strategies, future opportunities along with the business landscape analysis of key market players are focused in the report.
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4. GLOBAL ELECTRIC POWER STEERING- MARKET FORCES 4.1. MARKET DRIVERS 4.1.1. Growth of Automotive Industry Natural Growth Driver for Electric Power Steering
Market The production and order levels of the different types of steering systems and specifically EPS are directly related to the automotive market demand. China, U.S. and Japan were the top three regions in 2013 with highest car sales and by 2016 India is expected to replace Japan.
SAMPLE FIGURE: GLOBAL PASSENGER CAR SALES, 2013 – 2018 (MILLION UNITS) 120
Million Units
100 80 60 40 20 0 2013
2014
2015
2016
2017
2018
Source: IndustryARC Analysis, OICA
Growth of the overall passenger car sales has been influenced by a variety of factors like subsidies for electric cars, demand for compact cars and incorporation of connectivity and safety solutions in the passenger cars by automotive OEMs. The overall market sales are estimated to increase from around 80 million units in 2013 to cross 100 million units by 2018. Increasing car sales coupled with the increasing amount of sensors and electronic components in the cars will be the biggest growth driver for the global electric power steering market ecosystem according to IndustryARC.
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KEY MARKET INSIGHTS •
Ford to launch the new Ford F-150 on January 6, 2015 at CES. The F-150 is the smartest and has the most capable pickup with electric power steering facility
•
The newly released Lexus LS460 is enabled with electric power steering
•
Hyundai launched a new wear app, where a car can be controlled using a smartwatch. This new Android Wear version will be later upgraded with more features such as Tire Pressure monitoring, Telematics unit and Electronic power steering
•
The latest supercar Broon F8 is designed for under 5 years old kids, which is fully enabled with android features and also includes electric power steering feature
•
Shipments of EPS are expected to increase from around 40 million units in 2013 to around 87 million units in 2018.
•
Significant fuel savings of around 0.3-0.4 liters/100km along with reduction in CO2 emissions of 5-7g/km can be realized due to EPS.
•
The combined automotive steering and suspension systems were $11.5 billion market in the US for 2013 and is growing at a CAGR of 2.5% till 2020.
•
Nisaan to release Juke Nismo RS, which will feature an upgraded engine, retuned suspension, revised electric power steering system, beefier brakes and Recaro sport seats
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RESEARCH METHODOLOGY The quantitative and qualitative data collected for the global electric power steering systems is from a combination of secondary and primary sources. Research interviews were conducted with senior executives and/or managers of leading EPS and other steering system type manufacturers & assembly companies. These Key Opinion Leaders (KOLs) were then provided with a questionnaire to gather quantitative and qualitative inputs on their operations, performance, strategies and views on the overall market, including key developments and technology trends. Data from interviews is consolidated, checked for consistency and accuracy, and the final market numbers are again validated by experts. The global market was split by products and geography based on different factors like primary and secondary sources, understanding of the number of companies operating in each segment and also KOL insights. We have used various secondary sources such as directories, articles, white papers, newsletters, annual reports and paid databases such as OneSource, Hoovers and Factiva to identify and collect information for extensive technical and commercial study of the EPS market. The key players in the market and its value chain were identified through secondary research and their market opinions were also gathered in a similar way through telephonic interviews and questionnaires. We have also studied the annual reports of these top market players. Interviews with key opinion leaders such as directors, managers, marketing personnel were used extensively in understanding the need and emergence of the global EPS market. Some of the key public databases and sources used for this report are: International Organization of Motor Vehicle Manufacturers (OICA) Alliance of Automobile Manufacturers (AAM) China Association of Automobile Manufacturers Canadian Vehicle Manufacturers Association Society of Motor Manufacturers and Traders (SMMT)
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THE ARC ADVANTAGE An analytical model lies at the core of our process, ensuring logical consistency throughout our research. We complement the model with secondary data and interviews with industry experts to reflect the latest trends. With our final expert validation, we provide you with only the most accurate and actionable intelligence.
THE ARC PROCESS Analytical Method 1. Granular breakdown of drivers into factors 2. Validate all factors in terms of their present impact on the market 3. Assign weights to these factors in terms of their relevance and impact on the market 4. Build the Analytical Model ANALYTICAL MODEL
Base Method
1. Get a topdown estimate of the market 2. Follow it up with a bottom-up estimate of the market 3. Check forconsistency and new growth factors that are relevant over the next 10 Years
4. Build the Base model BASE MODEL
Consolidation Method 1. Granular breakdown of drivers into factors 2. Validate all factors in terms of their present impact on the market. 3. Assign weights to these factors in terms of their relevance and impact on the market. 4. Build the Consolidated Model
Delphi Verification 1. Verify the findings of the model with experts from across the value chain 2. Verify the findings with players across small and large enterprises 3. Tweak the model and add new factors 4. Finalize the ARC Model
CONSOLIDATED MODEL
ARC MODEL
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