The Electric Power Steering Market Size was valued at USD 25.85 billion in 2022 and is expected to reach USD 39.97 billion by 2030 and grow at a CAGR of 5.6% over the forecast period 2023-2030.
An electric motor is used in an automotive electric power steering system so that it can provide assistance when the vehicle is being driven. It improves both the overall driving pleasure and the efficiency of fuel use. The steering has become more reliable over the years and continues to get better, which has led to an increase in its use in virtually every category of vehicle. The automotive electric power sensors determine the position and torque of the steering column and apply assistive torque through the motor. The motor links to either the steering gear or the steering column, depending on which one is being used. The market for electronic power steering is mostly dependent on the market for making cars. One of the things that drive the global electronic steering market is research and development by different auto companies. The global electronic steering market is expected to grow thanks to improvements in steering systems that are both smart and strong.
Get E-PDF Sample Report on Electric Power Steering Market - Request Sample Report
In 2021, Infiniti Q50 automobiles include direct adaptive steering, which uses sensors in the car to constantly monitor the position of the steering wheel. Torque sensors are also included in the EPS system. Torque sensors measure the amount of effort required by the driver to steer the vehicle.
KEY DRIVERS:
Because of the decrease in car tax rates, electric power steering is also in high demand
Electric power steering has grown in popularity due to its efficiency as well as the recent reduction in car tax rates. As drivers seek cost-effective and ecologically friendly solutions in the automotive industry, demand has increased
Because of strict pollution rules, the industry is likely to expand rapidly around the world
The market is likely to expand as more advanced driver-assist technologies are used
RESTRAINTS:
The much greater cost of EPS in contrast to conventional steering systems
Electric power steering (EPS) is significantly more expensive than traditional steering systems, which is often a factor for consumers when deciding whether or not to install EPS technology in their vehicles. However, the benefits of improved efficiency and performance can sometimes outweigh the initial investment.
A lack of steering feel might have a negative impact on market expansion
OPPORTUNITIES:
The adoption of electric power steering devices is likely to skyrocket in the next years
The popularity of electric power steering systems is expected to skyrocket in the next years. This trend is driven by rising demand for improved vehicle efficiency as well as the automotive industry's larger shift toward electrification. EPS technology has the potential to shape the future of steering systems.
• The market is predicted to grow as a result of improved safety systems utilized by businesses
CHALLENGES:
• Some buyers prefer hydraulic power steering systems, which is predicted to have a negative impact
Certain consumers continue to prefer hydraulic power steering systems, which could have a negative impact on the mainstream acceptance of other steering technologies. This predilection may stymie the car industry's transition to more contemporary and efficient options.
As a result of the suspension of all transportation services, the supply chain was disrupted
During the COVID-19 pandemic, the worldwide automobile industry was confronted with significant difficulties, including the closing of production houses, an increase in the amount of stock on hand, and an overall decline in customer demand. As a result of the transportation restriction, all services have been suspended around the world. Because airplanes and ships ceased operations in so many different countries, it became impossible to deliver cargo. It is predicted that this will lead to significant losses for producers. Manufacturers of automobiles, consumer electronics, and pharmaceuticals in a variety of countries depend on China and other industrialized countries for the supply of several raw materials. China is also a major exporter of raw materials. On the other hand, this was badly impacted as a result of the pandemic. Because of the lockdown, the supply chain has been disrupted for quite some time now, and as a result, demand has completely evaporated. It is anticipated that it will take a very long time for demand to start growing again.
With lower consumer expenditure on vehicles and automotive technologies, the electric power steering market is anticipated to experience hurdles during the prolonged recession. Due to decreased purchasing power and unpredictable market conditions, the economic slump may impede the expansion of this sector. Automakers revealed earlier this month that they sold 13.9 million cars, trucks, SUVs, and vans in 2022, despite a components scarcity and high demand for new vehicles. It was the lowest sales figure since 2011, when the economy was beginning to recover from the Great Recession. While inflation has declined in recent months to slightly more than 6% in May, it varies greatly across nations, ranging from 2.8% in Greece to more than 11.0% in the Baltics. whereas Austria has an 8.8% unemployment rate. Switzerland, on the other hand, is one of the two countries' greatest trading partners, despite not being a member of the EU or the Eurozone, and has very low inflation (2.2%).
IMPACT OF RUSSIA UKRAINE WAR:
The Russia-Ukraine conflict has the potential to disrupt supply chains, harm production, and raise component costs in the electric power steering industry. Geopolitical tensions can destabilize the market, hurting investment and consumer demand for automobile technologies. Hyundai Motor said on Monday that its operating profit increased by more than 16% year on year in the first quarter, as sales of electric vehicle models and the luxury Genesis helped it offset the impact of the Ukraine war and the suspension of production in Russia. The South Korean carmaker, which is the world's fifth-largest along with its smaller affiliate Kia, reported an operational profit of 1.9 trillion won ($1.5 billion) from January to March, up 16.4% from the same time last year. The European Union has also been dealing with paucity of various energy sources, as well as substantial price increases. The EU gets the majority of its energy from Russia. It also gets 35% of its natural gas from Russia, 20% of its crude oil from Russia, and 40% of its coal from Russia.
By Type:
Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
By Component:
Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing
By Vehicle Type:
Passenger cars
Commercial vehicles
.png)
Get Customized Report as Per Your Business Requirement - Request For Customized Report
According to market forecasts for automobile electric power steering, Europe is expected to lead the global market during the projection period. This is attributed to increased sales of electric vehicles in the region. The presence of prominent automobile businesses in Germany, France, Italy, and the United Kingdom is likely to drive the region's market. The presence of several OEM and tier-1 suppliers with cutting-edge electric power steering R&D skills is boosting the European vehicle electric power steering market.
During the projected period, the Asia Pacific automotive electric power steering market is expected to rise rapidly. This is Asia Pacific is a leader in the supply of electric vehicles and components. Furthermore, the constant rise in EV sales in India, and ASEAN countries is expected to provide attractive prospects for market participants. The growing adoption of improved safety features and a comfortable driving experience is expected to drive market growth in Asia Pacific.
During the projection period, the market in North America is expected to rise rapidly. This is due to higher sales of SUVs and light commercial vehicles rather than passenger automobiles. Manufacturers are expanding. The emphasis is on embracing automation in automotive applications in order to develop a highly effective, safer, and superior in-vehicle eco-system. This is projected to hasten market expansion in North America.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Robert Bosch GmbH, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Showa Corporation, and China Automotive System are some of the affluent competitors with significant market share in the Electric Power Steering Market.
NSK Ltd. stated its plan to restructure steering operations in August 2022. The Volkswagen (VW) Group placed an order for electric power steering (EPS) and stated plans to begin commercial manufacturing in the spring of 2023.
In June 2022, Robert Bosch announced plans to expand its mobility production and development capabilities in Japan. the business would relocate its assembly line for electric power steering (EPS) systems for Japanese automakers from a location outside of Japan
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 25.85 Billion |
| Market Size by 2030 | US$ 39.97 Billion |
| CAGR | CAGR of 5.6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (Rack assist type (REPS), Colum assist type (CEPS), Pinion assist type (PEPS)) • by Component (Steering column, Sensors, Steering gear, Mechanical rack, and pinion, electronic control unit, Electric motor, Bearing) • by Vehicle Type (Passenger cars, Commercial vehicles) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Robert Bosch Automotive Steering GmbH, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Showa Corporation, and China Automotive System |
| Key Drivers | • Because of the decrease in car tax rates, electric power steering is also in high demand. • Because of strict pollution rules, the industry is likely to expand rapidly around the world. |
| RESTRAINTS | • The much greater cost of EPS in contrast to conventional steering systems. • A lack of steering feel might have a negative impact on market expansion. |
The CAGR of the Electric Power Steering Market is 5.6% over the forecast period 2023-2030.
The forecast period of the Electric Power Steering Market is 2022-2030.
The major players in the market are Robert Bosch Automotive Steering GmbH, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., and others in the final report.
The market share of the Electric Power Steering Market in 2022 is USD 25.85 billion.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electric Power Steering Market By Type
8.1 Rack assist type (REPS)
8.2 Colum assist type (CEPS)
8.3 Pinion assist type (PEPS)
9. Electric Power Steering Market By Components
9.1 Steering column
9.2 Sensors
9.3 Steering gear
9.4 Mechanical rack and pinion
9.5 Electronic control unit
9.6 Electric motor
9.7 Bearing
10. Electric Power Steering Market,By Vehicle Type
10.1 Passenger cars
10.2 Commercial vehicles
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Electric Power Steering Market by Country
11.2.2North America Electric Power Steering Market By Type
11.2.3 North America Electric Power Steering Market By Components
11.2.4 North America Electric Power Steering Market By Vehicle Type
11.2.5 USA
11.2.5.1 USA Electric Power Steering Market By Type
11.2.5.2 USA Electric Power Steering Market By Components
11.2.5.3 USA Electric Power Steering Market By Vehicle Type
11.2.6 Canada
11.2.6.1 Canada Electric Power Steering Market By Type
11.2.6.2 Canada Electric Power Steering Market By Components
11.2.6.3 Canada Electric Power Steering Market By Vehicle Type
11.2.7 Mexico
11.2.7.1 Mexico Electric Power Steering Market By Type
11.2.7.2 Mexico Electric Power Steering Market By Components
11.2.7.3 Mexico Electric Power Steering Market By Vehicle Type
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Electric Power Steering Market by Country
11.3.1.2 Eastern Europe Electric Power Steering Market By Type
11.3.1.3 Eastern Europe Electric Power Steering Market By Components
11.3.1.4 Eastern Europe Electric Power Steering Market By Vehicle Type
11.3.1.5 Poland
11.3.1.5.1Poland Electric Power Steering Market By Type
11.3.1.5.2 Poland Electric Power Steering Market By Components
11.3.1.5.3 Poland Electric Power Steering Market By Vehicle Type
11.3.1.6 Romania
11.3.1.6.1 Romania Electric Power Steering Market By Type
11.3.1.6.2 Romania Electric Power Steering Market By Components
11.3.1.6.4 Romania Electric Power Steering Market By Vehicle Type
11.3.1.7 Turkey
11.3.1.7.1Turkey Electric Power Steering Market By Type
11.3.1.7.2Turkey Electric Power Steering Market By Components
11.3.1.7.3Turkey Electric Power Steering Market By Vehicle Type
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Electric Power Steering Market By Type
11.3.1.8.2 Rest of Eastern Europe Electric Power Steering Market By Components
11.3.1.8.3 Rest of Eastern Europe Electric Power Steering Market By Vehicle Type
11.3.2 Western Europe
11.3.2.1 Western Europe Electric Power Steering Market by Country
11.3.2.2 Western Europe Electric Power Steering Market By Type
11.3.2.3 Western Europe Electric Power Steering Market By Components
11.3.2.4 Western Europe Electric Power Steering Market By Vehicle Type
11.3.2.5 Germany
11.3.2.5.1Germany Electric Power Steering Market By Type
11.3.2.5.2 Germany Electric Power Steering Market By Components
11.3.2.5.3 Germany Electric Power Steering Market By Vehicle Type
11.3.2.6France
11.3.2.6.1France Electric Power Steering Market By Type
11.3.2.6.2 France Electric Power Steering Market By Components
11.3.2.6.3FranceElectric Power Steering Market By Vehicle Type
11.3.2.7UK
11.3.2.7.1 UK Electric Power Steering Market By Type
11.3.2.7.2 UK Electric Power Steering Market By Components
11.3.2.7.3 UK Electric Power Steering Market By Vehicle Type
11.3.2.8Italy
11.3.2.8.1 Italy Electric Power Steering Market By Type
11.3.2.8.2 Italy Electric Power Steering Market By Components
11.3.2.8.3 Italy Electric Power Steering Market By Vehicle Type
11.3.2.9 Spain
11.3.2.9.1 Spain Electric Power Steering Market By Type
11.3.2.9.2 Spain Electric Power Steering Market By Components
11.3.2.9.3 Spain Electric Power Steering Market By Vehicle Type
11.3.2.10 Netherlands
11.3.2.10.1 Netherlands Electric Power Steering Market By Type
11.3.2.10.2 Netherlands Electric Power Steering Market By Components
11.3.2.10.3 Netherlands Electric Power Steering Market By Vehicle Type
11.3.2.11 Switzerland
11.3.2.11.1 Switzerland Electric Power Steering Market By Type
11.3.2.11.2 Switzerland Electric Power Steering Market By Components
11.3.2.11.3 Switzerland Electric Power Steering Market By Vehicle Type
11.3.2.1.12 Austria
11.3.2.12.1 Austria Electric Power Steering Market By Type
11.3.2.12.2 Austria Electric Power Steering Market By Components
11.3.2.12.3 Austria Electric Power Steering Market By Vehicle Type
11.3.2.13 Rest of Western Europe
11.3.2.13.1 Rest of Western Europe Electric Power Steering Market By Type
11.3.2.13.2 Rest of Western Europe Electric Power Steering Market By Components
11.3.2.13.3 Rest of Western Europe Electric Power Steering Market By Vehicle Type
11.4 Asia-Pacific
11.4.1 Asia-Pacific Electric Power Steering Market by country
11.4.2 Asia-Pacific Electric Power Steering Market By Type
11.4.3 Asia-Pacific Electric Power Steering Market By Components
11.4.4 Asia-Pacific Electric Power Steering Market By Vehicle Type
11.4.5 China
11.4.5.1 China Electric Power Steering Market By Type
11.4.5.2 China Electric Power Steering Market By Components
11.4.5.3 China Electric Power Steering Market By Vehicle Type
11.4.6 India
11.4.6.1 India Electric Power Steering Market By Type
11.4.6.2 India Electric Power Steering Market By Components
11.4.6.3 India Electric Power Steering Market By Vehicle Type
11.4.7 Japan
11.4.7.1 Japan Electric Power Steering Market By Type
11.4.7.2 Japan Electric Power Steering Market By Components
11.4.7.3 Japan Electric Power Steering Market By Vehicle Type
11.4.8 South Korea
11.4.8.1 South Korea Electric Power Steering Market By Type
11.4.8.2 South Korea Electric Power Steering Market By Components
11.4.8.3 South Korea Electric Power Steering Market By Vehicle Type
11.4.9 Vietnam
11.4.9.1 Vietnam Electric Power Steering Market By Type
11.4.9.2 Vietnam Electric Power Steering Market By Components
11.4.9.3 Vietnam Electric Power Steering Market By Vehicle Type
11.4.10 Singapore
11.4.10.1 Singapore Electric Power Steering Market By Type
11.4.10.2 Singapore Electric Power Steering Market By Components
11.4.10.3 Singapore Electric Power Steering Market By Vehicle Type
11.4.11 Australia
11.4.11.1 Australia Electric Power Steering Market By Type
11.4.11.2 Australia Electric Power Steering Market By Components
11.4.11.3 Australia Electric Power Steering Market By Vehicle Type
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Electric Power Steering Market By Type
11.4.12.2 Rest of Asia-Pacific Electric Power Steering Market By Components
11.4.12.3 Rest of Asia-Pacific Electric Power Steering Market By Vehicle Type
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Electric Power Steering Market by Country
11.5.1.2 Middle East Electric Power Steering Market By Type
11.5.1.3 Middle East Electric Power Steering Market By Components
11.5.1.4 Middle East Electric Power Steering Market By Vehicle Type
11.5.1.5 UAE
11.5.1.5.1 UAE Electric Power Steering Market By Type
11.5.1.5.2 UAE Electric Power Steering Market By Components
11.5.1.5.3 UAE Electric Power Steering Market By Vehicle Type
11.5.1.6 Egypt
11.5.1.6.1 Egypt Electric Power Steering Market By Type
11.5.1.6.2 Egypt Electric Power Steering Market By Components
11.5.1.6.3 Egypt Electric Power Steering Market By Vehicle Type
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Electric Power Steering Market By Type
11.5.1.7.2 Saudi Arabia Electric Power Steering Market By Components
11.5.1.7.3 Saudi Arabia Electric Power Steering Market By Vehicle Type
11.5.1.8 Qatar
11.5.1.8.1 Qatar Electric Power Steering Market By Type
11.5.1.8.2 Qatar Electric Power Steering Market By Components
11.5.1.8.3 Qatar Electric Power Steering Market By Vehicle Type
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Electric Power Steering Market By Type
11.5.1.9.2 Rest of Middle East Electric Power Steering Market By Components
11.5.1.9.3 Rest of Middle East Electric Power Steering Market By Vehicle Type
11.5.2 Africa
11.5.2.1 Africa Electric Power Steering Market by Country
11.5.2.2 Africa Electric Power Steering Market By Type
11.5.2.3 Africa Electric Power Steering Market By Components
11.5.2.4 Africa Electric Power Steering Market By Vehicle Type
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Electric Power Steering Market By Type
11.5.2.5.2 Nigeria Electric Power Steering Market By Components
11.5.2.5.3 Nigeria Electric Power Steering Market By Vehicle Type
11.5.2.6 South Africa
11.5.2.6.1 South Africa Electric Power Steering Market By Type
11.5.2.6.2 South Africa Electric Power Steering Market By Components
11.5.2.6.3 South Africa Electric Power Steering Market By Vehicle Type
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Electric Power Steering Market By Type
11.5.2.7.2 Rest of Africa Electric Power Steering Market By Components
11.5.2.7.3 Rest of Africa Electric Power Steering Market By Vehicle Type
11.6 Latin America
11.6.1 Latin America Electric Power Steering Market by country
11.6.2 Latin America Electric Power Steering Market By Type
11.6.3 Latin America Electric Power Steering Market By Components
11.6.4 Latin America Electric Power Steering Market By Vehicle Type
11.6.5 Brazil
11.6.5.1 Brazil America Electric Power Steering Market By Type
11.6.5.2 Brazil America Electric Power Steering Market By Components
11.6.5.3 Brazil America Electric Power Steering Market By Vehicle Type
11.6.6 Argentina
11.6.6.1Argentina America Electric Power Steering Market By Type
11.6.6.2Argentina America Electric Power Steering Market By Components
11.6.6.3 Argentina America Electric Power Steering Market By Vehicle Type
11.6.7Colombia
11.6.7.1Colombia America Electric Power Steering Market By Type
11.6.7.2Colombia America Electric Power Steering Market By Components
11.6.7.3Colombia America Electric Power Steering Market By Vehicle Type
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Electric Power Steering Market By Type
11.6.8.2 Rest of Latin America Electric Power Steering Market By Components
11.6.8.3 Rest of Latin America Electric Power Steering Market By Vehicle Type
12 Company profile
12.1 Robert Bosch Automotive Steering GmbH
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Hyundai Mobis Co., Ltd.,
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Electric Steering JTEKT Corporation,
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 ZF TRW Automotive Holdings Corp.,
12.4.1 Company Overview
12.4.2 Financials
12.4.3Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 NSK Ltd
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Nexteer Automotive Group Limited
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Mando Corporation,
12.7.1Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 ThyssenKrupp Ag
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Showa Corporation
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Automotive Wireless EV Charging Market Size was valued at USD 17 million in 2022 and is expected to reach USD 1.01 billion by 2030 and grow at a CAGR of 66.7% over the forecast period 2023-2030.
The Off-road Motorcycle Market Size was valued at USD 103.53 billion in 2022 and is expected to reach USD 151.80 billion by 2030 and grow at a CAGR of 4.9% over the forecast period 2023-2030.
The Automated Guided Vehicle (AGV) Market Size was valued at USD 3.61 billion in 2023 and is expected to reach USD 7.51 billion by 2031 and grow at a CAGR of 8.98% over the forecast period 2024-2031.
The Automotive Brake Fluid Market Size was valued at USD 856.95 million in 2023 and is expected to reach USD 1182.44 million by 2031 and grow at a CAGR of 3.90% over the forecast period 2024-2031.
The Automotive Bumpers Market size was valued at USD 9.90 Bn in 2022, the market is expected to reach USD 15.90 Bn by 2030. And grow at a CAGR of 5.70% over the forecasted period of 2023-2030.
Automotive Gear Shift System Market size was valued at USD 14.11 billion in 2023 and is expected to reach USD 26.71 billion by 2031 and grow at a CAGR of 8.71% over the forecast period 2024-2031.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
