Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Steering Systems Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Steering Systems Market is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period.
Growing adoption of EVs, penetration of passenger cars, and an overall increase in vehicle production would fuel the demand for steering systems, especially EPS systems, in the coming years. Also, advancements in autonomous vehicles is expected to drive the demand for Steer-by-Wire Systems.
BEVs hold the largest share of the electric vehicle steering systems market
With growing investments in EV infrastructure and government subsidies, the demand for EVs is growing. EV sales have increased by almost 100% from 2020 to 2021, reaching 6.6 million units worldwide, which are expected to grow by ~71% in 2023. BEVs contribute to the largest, ~70%, of all EV types.
All the BEVs, including commercial trucks and buses, are equipped with EPS as it is easier to draw the required power from the enormous battery packs of EVs. The BEV sales are expected to grow at a CAGR of ~23% from 2022 to 2027, and the demand for steering systems, especially EPS, would grow.
As a result of this gain in market share by EVs, the demand for Hydraulic Power Steering (HPS) is decreasing. Owing to the faster adoption of EVs, where the BEVs dominate the market, BEVs are expected to be the largest market segment by EV type for the automotive steering systems market.
Europe is the second largest market for the automotive steering systems market
Europe holds the second largest market share in vehicle production at 17.1% after Asia-Pacific. Luxury vehicles and SUVs are in high demand in this region.
The SUV market is expected to grow by CAGR of 4.7% in the region. Amongst vehicle segments, Multi-purpose Vehicles (MPVs) are in higher share in this region than other regions, with ~9% growth expected for this vehicle segment. Luxury vehicles in the region are expected to have growth rates ranging from 8% to 14%.
This increase in demand for luxury vehicles will drive the demand for EPS and advanced features such as ADAS-integrated EPS. Commercial vehicle OEMs such as Scania, Volvo, and MAN have introduced Electrically assisted Hydraulic Power Steering (EHPS) in heavy trucks and buses.
These OEMs are also, to course, to launch hybrid and all-electric trucks and buses, for example, the Volvo FH, FM, and FMX series, with which the demand for EPS in the commercial vehicle segment will increase. The European market has reached saturation for EPS adoption in the passenger cars segment. The region has moved to adopt EPS in LCVs and HCVs, which will further boost the demand for advanced steering systems in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $35.3 Billion |
| Forecasted Market Value (USD) by 2027 | $39.5 Billion |
| Compound Annual Growth Rate | 2.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Stringent Fuel Emission Norms and Demand for Lightweight Systems
- Increasing Demand for Driving Comfort in Commercial Vehicles
Restraints
- Limited Load-Bearing Capacity of EPS Systems
- Lack of Electrically Assisted Power Steering for Construction and Mining Equipment
Opportunities
- Adoption of Steer-By-Wire Technology
- Integrating EPS with ADAS
Challenges
- Cybersecurity Concerns in EPS for Connected Cars
- Low Customer Confidence in Adopting Steer-By-Wire Technology for Autonomous Mobility
Case Study Analysis
- Future-Proofing Vehicle Steering Systems
- Predict In-Vehicle E-Power Steering Sound & Vibration Performance
Companies Mentioned
- Borgwarner
- Denso Corporation
- GSS Steering Systems LLC
- Hella GmbH & Co. KGaA
- Hitachi Astemo
- Huhei Henglong Auto System Group
- Hycet Technology Co. Ltd.
- Hyundai Mobis
- JTEKT Corporation
- KYB Corporation
- Mando Corporation
- Maval Industries
- Mitsubishi Electric
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch
- Tenneco
- Thyssenkrupp
- Yubei Power Steering System Co. Ltd.
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/sw8rsh
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