Middle East and Africa Electronic Power Steering Market
No. of Pages: 119 | Report Code: TIPRE00018164 | Category: Automotive and Transportation
No. of Pages: 119 | Report Code: TIPRE00018164 | Category: Automotive and Transportation
The region is expected to see a rapid rise in marketing and industrialization, which would further boost the diverse industries. The Gulf countries are economically advanced, while the African countries still have to balance the economic conditions of the Gulf countries. Factors such as growing passenger and commercial vehicles on the road, and automated technologies integrated within the vehicles, are positively impacting the EPS market. In 2019, the production of vehicles in Africa accounted for 1,102,036 units. The growth in vehicle production, growing disposable income, and rising demand for the EPS are driving the market growth in the MEA. The governments of several countries in the region have realized the importance of the automotive industry and are taking initiatives to support and enhance the growth of the automotive manufacturing industry in the region. For instance, the Government of South Africa launched South African Automotive Master plan (SAAM) that aims to broaden and deepen the local value chains. Additionally, the automotive manufacturers in South Africa are focusing on strengthening their position in the country. Also, recent movement towards vehicle electrification is driving the MEA electronic power steering market.
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.
Strategic insights for the Middle East and Africa Electronic Power Steering provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,599.45 Million |
| Market Size by 2027 | US$ 1,521.65 Million |
| Global CAGR (2020 - 2027) | 2.7% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa Electronic Power Steering refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The electronic power steering market in MEA 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. Rising adoption of autonomous driving worldwide is one of the major factors boosting the adoption of steer-by-wire systems in the vehicles. SbW is enhancing the driving experience as well as safety. The SbW technology is currently experiencing a constant surge in development as well as demand. The higher levels of autonomous driving require uninterrupted communication, redundant power supply, and steering rack. Additionally, the OEMs are focusing on removing the mechanical components to have more flexibility in designing the vehicle interior and engine compartment. The vehicles can be steered from anywhere inside the vehicle with the help of SbW. In addition, there is no requirement of designing and producing the different versions for right and left-hand drive. With the integration of SbW, the direct mechanical link to the road is removed, and the vehicle interior is decoupled acoustically. Moreover, the SbW enhances the safety with the help of driver assistance systems. It also eliminates the intermediate steering shaft and thus, reduces the risk of injury to the driver from mechanical steering components by augmenting the passive safety in the vehicle.
In terms of type, the R-EPS segment led the MEA electronic power steering market in 2019. In terms of application, passenger cars segment led the MEA electronic power steering market in 2019.
A few major primary and secondary sources referred to for preparing this report on the electronic power steering market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG.
Some of the leading companies are:
The Middle East and Africa Electronic Power Steering Market is valued at US$ 1,599.45 Million in 2019, it is projected to reach US$ 1,521.65 Million by 2027.
As per our report Middle East and Africa Electronic Power Steering Market, the market size is valued at US$ 1,599.45 Million in 2019, projecting it to reach US$ 1,521.65 Million by 2027. This translates to a CAGR of approximately 2.7% during the forecast period.
The Middle East and Africa Electronic Power Steering Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa Electronic Power Steering Market report:
The Middle East and Africa Electronic Power Steering Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Electronic Power Steering Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Electronic Power Steering Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
UK+442030260021, US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Middle East and Africa Electronic Power Steering Market
