Middle East and Africa Electronic Power Steering Market is expected to reach US$ 1,521.65 Mn by 2027

PRESS RELEASE BY The Insight Partners 04 Feb 2021

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E-HPS Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to The Insight Partners market research study on “MEA Electronic Power Steering Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,521.65 million by 2027 from US$ 1,599.45 million in 2019. The market is estimated to grow at a CAGR of 2.7% from 2020 to 2027. The report provides trends prevailing in the MEA electronic power steering market along with the drivers and restraints pertaining to the market growth. Recent movement towards vehicle electrification is the major factor driving the growth of the MEA electronic power steering market. However, issues associated with exorbitant cost of electronic power steering is expected to hinder the growth of MEA electronic power steering market.        

The MEA electronic power steering market is briefly further segmented into type, application and country. By type, the MEA market is broadly classified into column assisted electronic power steering (C-EPS), pinion assisted electronic power steering (P-EPS), rack assisted power steering system (R-EPS), and electronic hydraulic power steering (E-HPS). R-EPS segment led the MEA electronic power steering market in 2019. Whereas, based on application, the MEA market is divided into passenger cars, light commercial vehicle, and heavy commercial vehicle. Passenger Cars segment led the MEA electronic power steering market in 2019. 

Also the ongoing COVID-19 pandemic is affecting the MEA region very badly. Among the MEA countries, South Africa has faced the highest COVID-19 cases. Other significant countries facing the economic impact of COVID-19 include Iran, Turkey, Saudi Arabia, Israel, Morocco, UAE, Qatar, Kuwait, Oman, and Egypt. The region comprises many growing economies such as UAE and Saudi Arabia, among others, 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 would have 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 to this, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the estimated decline in the region’s economic condition and impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the development of the electronic power steering market in 2020 and 2021. 

JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG are among the leading companies in the MEA electronic power steering market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, ZF Friedrichshafen AG had unveiled its ReAX EPS, the world’s first prototype of a fully electric steering system for commercial vehicles that helps eliminate the need for hydraulics and associated peripheral components. Its powerful electric motor offers complete servo power up to 70 Nm.

The report segments the MEA Electronic Power Steering Market follows:   

MEA Electronic Power Steering Market – By Type

  • Column Assisted Electronic Power Steering(C-EPS)
  • Pinion Assisted Electronic Power Steering (P-EPS)
  • Rack Assisted Power Steering System (R-EPS)
  • Electronic Hydraulic Power Steering (EHPS)

MEA Electronic Power Steering Market – By Application

  • Light Commercial Vehicles (LCV)
  • Passenger Cars
  • Heavy Commercial Vehicles (HCV)

MEA Electronic Power Steering Market – By Country

  • South Africa
  • Rest of MEA
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