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Strategic Insight into the Electric Power Steering Market in North America : Consolidated Supplier Base to Compete for Untapped Revenue Potential of $1 Billion

  • November 2014
  • -
  • Frost & Sullivan
  • -
  • 76 pages

Summary

Table of Contents

Key Findings

While incremental growth is expected in unit shipment for CEPS and PEPS, it is still not enough to tilt the balance of the EPS market, which is dominated heavily by REPS.

The electric power steering (EPS) market in North America is expected to generate revenue of close to $xxbillion by 2021 with a CAGR of xx%. Given the nature of North American roads, functions such as side-wind compensation and road-crowning compensation are of increased importance among EPS functions.
Ford continues to lead the North American passenger car market with a best-in-class EPS strategy. Renault-Nissan and Fiat-Chrysler offer the highest growth potential at CAGRs of xx% and xx% respectively.
Improved functionality in terms of add-on functions and higher rack-load capacity will see more REPS crossing the xxKN front axle load limit.
SUV/pickup and MPV/vans segment offers maximum revenue potential and growth opportunities at the same time. The highly saturated C/D segment is expected to grow with a CAGR of xx%, despite a majority of vehicles in this segment already being EPS enabled.
As the United States and Canada chose to stay non-party to the Vienna Convention, automakers are free to launch vehicles with hands-free driving and self-driving modes, thereby opening a plethora of opportunities for a clean-sheet approach to steering systems and controls.

Current Outlook

With more than half of new vehicles fitted with EPS, the North American passenger vehicle market offers tremendous growth in shipments and revenue.
There are a handful of suppliers supplying to a large number of original equipment manufacturers (OEMs) while other suppliers still supply to a single OEM.
Currently, 3 types of EPS are offered: column EPS (CEPS), pinion EPS (PEPS), rack EPS (REPS).
Automated driving has been tested by numerous OEMs and Tier I suppliers, though not yet for commercial purposes.
EPS is considered an enabler for achieving CO2 legislations and active safety.

Future Outlook (2021)

By the turn of the decade, nearly xxin xxvehicles are expected to be EPS enabled with majority of OEMs having an all EPS portfolio.
Market consolidation is expected, especially considering the takeover of TRW by ZF and Bosch being established as a new Tier I. A few other takeovers might soon be possible to supplement the need in this space.
Ultra low-cost EPS is expected to dominate the future with steer by wire (SBW) poised as the most probable future solution.
Highly automated driving with hands-off mode will be legal in many parts of North America. There is a high possibility of not having a steering wheel, similar to the Google Car.
EPS is widely accepted to be the stepping stone towards fully autonomous driving.

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