The automotive EPS market share in UK is expected to increase by 1.33 million units from 2021 to 2026, at a CAGR of 7.59%.
This automotive EPS market in UK research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive EPS market in UK segmentation by type (column, pinion, and double pinion) and vehicle type (passenger cars and commercial vehicles). The automotive EPS market in UK report also offers information on several market vendors, including ATS Automation Tooling Systems Inc., BorgWarner Inc., Hitachi Ltd., Hyundai Motor Group, Infineon Technologies AG, JTEKT Corp., Mando Corp., Melrose Industries Plc, Mitsubishi Electric Corp., and NEXTEER AUTOMOTIVE GROUP LTD. among others.
What will the Automotive EPS Market Size in UK be During the Forecast Period?
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Automotive EPS Market in UK: Key Drivers, Trends, and Challenges
The need to share the increase in production cost between OEMs and end-users is notably driving the automotive EPS market growth in UK, although factors such as fluctuating costs of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive EPS industry in UK. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive EPS Market Driver in UK
One of the key factors driving the automotive EPS market growth in UK is the need to share the increase in production cost between OEMs and end-users. Several vehicle components are being replaced by lightweight materials, such as aluminum, to improve fuel efficiency and achieve superior performance. However, the governments of several countries have imposed sanctions on the suppliers of raw aluminum. For instance, on May 8, 2019, US President Trump issued Executive Order 13871 that imposed sanctions on transactions involving minerals and industrial commodities exported from Iran. These sanctions led to a steep hike in aluminum prices and created a supply-demand imbalance in the market. Owing to the rapid rise in the demand for advances in automotive EPS systems, the rise in the cost of raw materials such as aluminum and steel has a negligible impact on the market. Sharing the burden of the increased cost between OEMs and end-users is expected to positively impact the market growth during the forecast period.
Key Automotive EPS Market Trend in UK
Another key factor driving the automotive EPS market growth in UK is the adoption of steer-by-wire technology to eliminate mechanical linkages between the steering and wheels of vehicles for enhancing driving comfort and improving fuel efficiency. Additionally, the steer-by-wire technology also provides improved performance, reliability, and safety, along with reduced manufacturing and operating costs and better fuel economy. This technology also eliminates the use of many mechanical components, such as the column, steering shaft, and gear reduction mechanism. Therefore, steer-by-wire technology will be beneficial for automotive OEMs that are constantly facing pressure to comply with the regulatory emission norms. Such factors are expected to positively impact the automotive EPS market in UK during the forecast period.
Key Automotive EPS Market Challenge in UK
One of the key challenges to the automotive EPS market growth in UK is the fluctuating costs of raw materials. Fluctuations in the cost of raw materials such as steel, aluminum, and hardened deep-drawn steel are directly correlated to the price of EPS. The cost of these raw materials keeps fluctuating based on various macroeconomic factors, such as inflation, labor costs, and changes in regulatory policies. The cost of iron ore, for instance, has been increasing since the beginning of 2019; a cumulative increase of about 90% in iron ore prices was registered from January 2019 until the end of July 2019. Thus, raw material suppliers have been compelled to pass on the increase in costs to downstream industries. Such decisions by raw material suppliers have an adverse impact on the growth of various manufacturers, including EPS manufacturers, which is expected to limit the growth of the automotive EPS market in UK during the forecast period.
This automotive EPS market in UK analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the automotive EPS market in UK as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive EPS market in UK during the forecast period.
Who are the Major Automotive EPS Market Vendors in UK?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ATS Automation Tooling Systems Inc.
- BorgWarner Inc.
- Hitachi Ltd.
- Hyundai Motor Group
- Infineon Technologies AG
- JTEKT Corp.
- Mando Corp.
- Melrose Industries Plc
- Mitsubishi Electric Corp.
- NEXTEER AUTOMOTIVE GROUP LTD.
This statistical study of the automotive EPS market in UK encompasses successful business strategies deployed by the key vendors. The automotive EPS market in UK is fragmented and the vendors are deploying growth strategies such as technological developments to compete in the market.
Product Insights and News
- Mitsubishi Electric Corp. -The company offers products such as electric power steering systems.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive EPS market in UK forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Automotive EPS Market in UK Value Chain Analysis
Our report provides extensive information on the value chain analysis for the automotive EPS market in UK, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global automotive components and accessories market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Distribution and logistics
- Marketing and sales
- Service
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
What are the Revenue-generating Type Segments in the Automotive EPS Market in UK?
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The automotive EPS market share growth in UK by the column segment will be significant during the forecast period. The high demand for column EPS, as it offers cost-effectiveness and flexibility in order to meet the OEM's requirements, helps in reducing fuel consumption, and improves the overall driving experience, will drive the growth of the segment in focus in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive EPS market size in UK and actionable market insights on post COVID-19 impact on each segment.
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Automotive EPS Market Scope in UK |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 7.59% |
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Market growth 2022-2026 |
1.33 mn units |
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Market structure |
Fragmented |
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YoY growth (%) |
7.79 |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ATS Automation Tooling Systems Inc., BorgWarner Inc., Hitachi Ltd., Hyundai Motor Group, Infineon Technologies AG, JTEKT Corp., Mando Corp., Melrose Industries Plc, Mitsubishi Electric Corp., and NEXTEER AUTOMOTIVE GROUP LTD. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Automotive EPS Market in UK Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive automotive EPS market growth in UK during the next five years
- Precise estimation of the automotive EPS market size in UK and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive EPS industry in UK
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive EPS market vendors in UK
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