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China Automotive EPS Market

China Automotive EPS Market

  • July 2017
  • 89 pages
  • ID: 5023755

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The China Automotive EPS Market is anticipated to grow at a CAGR of 14.63% and is expected to reach USD 10.59 billion by 2022. As of 2016, the market for Electric Power Steering (EPS) accounted to USD 6.19 billion. Increasing production and sale of new vehicles and improving economic conditions of middle-income families is driving the market.

The EPS system primarily consists of a steering-assist motor on the column, with a steering rack at the wheels and a torque-sensing device in the steering column. R&D is being undertaken in the magnetic digital sensor technologies to further reduce the response time in nanoseconds. Advancements in micro controllers is expected to allow calibration for greater motor boost at low speeds, where it is required and lower boosts at high speed, when it is not needed. The driver gets a better road feel at higher speeds and gets the boost required while parking, where it is more difficult to turn the wheel.

In 2012 china had produced 4,174,713 Units of vehicles after which the recession period started due to which in 2013 and 2014 the vehicle production has gone down drastically and as a result china was able to produce only 3,898,425 and 3,844,857 units of vehicles respectively. But after 2014 when the recession period went the China once aging got its pace and was able to produce 4,125,744 unit of vehicles in 2015.

As china economy is increasing due to which in the recession period also the sales of vehicle was gradually increasing all these years. As in 2011, the vehicle sale was approximately 18,505,114 and by the end of 2015, the sales reached to 24,597,583. The Chinese economy is increasing and the disposable income of a middle-class person is also increasing. This is showing trends related to increasing demand in the vehicle. In last five years, the demands of vehicle production have gone up drastically which is due to lower production cost. Due to the hike in vehicle production market, the electric power steering components market is also getting speed. Also, the Chinese government has cut down the taxes on cars for increasing sales. All these factors will play major role in increasing the demand vehicles which will directly increase the demands of automotive rubber molded components. By 2022 the market for EPS market in the country will grow more because demands are increasing.

The market is segmented on the basis of component type and type of vehicle that uses EPS systems, and geography. The market is expected to be primarily driven by the growth in passenger and sports vehicles. However, OEMs have started focusing on implementing cost-effective and strong EPS systems in commercial vehicles (especially heavy tractors and trucks). Hence, there has been a wide utilization of these technologies in various automotive applications.

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