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The MEA electronic power steering market is expected to grow from US$ 1,599.45 million in 2019 to US$ 1,521.65 million by 2027; it is estimated to grow at a CAGR of 2.7% from 2020 to 2027.
The automotive manufacturers, along with tech companies, are robustly focusing on the development of sophisticated technologies that permit the automobiles to drive themselves. In the race of testing self-driving vehicles, Google is among the leading players, followed by Toyota, Audi, and Mercedes-Benz. Additionally, the Institute of Electrical and Electronics Engineers forecasts that the self-driving vehicles are anticipated to account for up to 75% of vehicles on the road by 2040. The self-driving car industry is projected to benefit the car-sharing services, such as taxi services, Zipcar, public transportation, and rental car companies. Self-driving vehicles are robustly demanding the integration of electronic power steering (EPS) and creating huge opportunity for the EPS manufacturers to develop advanced systems. Furthermore, rise of self-driving vehicles, collaborations, and changing government regulations are a few of the major trends, which would support the transformation of the automotive industry during the forecast period. Owing to several government regulations made for the safety of drivers and passengers, various cities across MEA that are piloting self-driving cars in the current scenario and integrating EPS in these cars. The factors as mentioned above for self-driving vehicles are forecasted to impact the entire automotive and EPS industry, and so would give the tech companies for the development of more advanced car technologies.
Based on type, the MEA electronic power steering market market for electronic hydraulic power steering (EHPS) cars segment is expected to grow faster during the forecast period. To eliminate the existing problems concerning vehicle handling for the heavy vehicle hydraulic power steering system, electronically controlled hydraulic power steering system is used. The EHPS system can validate the variable assistance characteristics and improve high-speed steering feel. A controlled electronic hydraulic proportional valve is mounted in parallel with the rotary valve to regulate the flow rate through the rotary valve as per the need of vehicle speed and steering rate. The major benefit of electronically controlled hydraulic power steering system is that it could significantly improve high speed steering feel than the hydraulic power steering system and maintain the similar performance of low speed steering portability.
The ongoing COVID-19 pandemic is adversely affecting the MEA. Among the MEA countries, South Africa is facing the highest number of COVID-19 cases. Other significant countries facing the economic impact of the pandemic are Iran, Turkey, Saudi Arabia, Israel, Morocco, the UAE, Qatar, Kuwait, Oman, and Egypt. The region comprises many growing economies such as the UAE and Saudi Arabia, which are prospective markets for electronic power steering providers, owing to the huge presence of diverse customer base for the automotive and transportation sectors. The COVID-19 pandemic is having significant effects on economies, but the region has negatively impacted as there is already pressure on the economy of various oil-based countries due to falling oil prices. In addition, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems in the countries across the MEA. Hence, the decline in the region’s economic condition and impact of the COVID-19 outbreak on the growth of various industries in the region hindered the development of the electronic power steering market in 2020, and it is likely to continue in 2021.
The overall MEA electronic power steering market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and ex ternal sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA electronic power steering market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA electronic power steering market. JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, and ZF Friedrichshafen AG are a few players operating in the market.