United States, Rockville, MD, March 29, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s report forecasts the global automotive steering systems market to be valued at nearly US$ 34 Bn, expanding at over 4% CAGR across the 2021-2031 forecast period. Technological advancements in the automotive industry has significantly underscored the importance of automotive steering systems in recent years.
Historically, between 2016 and 2020, sales of automotive steering systems expanded close to 4%, closing in at nearly US$ 23 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, prospects dipped significantly in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted, restoring projections.
Manufacturers are majorly driven by the objective of reducing emissions, prompting numerous innovations and product launches across key regions. For instance, in 2018, WABCO Holdings Inc. signed a MoU with Valeo to develop short and mid-range sensor technologies for next-generation advanced driver assistance systems. Such initiatives are boding well for autonomous steering systems demand.
Key Metrics
| Global Market CAGR (2021-2031) | 4% |
| US Market Estimated Revenue | US$ 5 Mn |
| Electrically Powered Steering Systems Market CAGR 2031 | 5% |
| Heavy Commercial Vehicles (HCV) Segment Market Share | 40% |
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EPS cybersecurity-focused innovations are likely to open new avenues for OEMs active in the automotive steering systems market over the forecast period.
With the dramatic evolution of the connected, autonomous, and semi-autonomous vehicle ecosystem, leading automakers ought to prioritize the safety and security concerns associated with automotive steering systems – especially electric power steering systems (EPS).
Industry experts predict that the next few years will observe soaring demand for EPS in all classes of vehicles, including state-of-the-art technology-based vehicles such as autonomous and connected cars.
Innovations centred on cybersecurity of EPS are likely to open new doors of opportunities for OEMs active in the automotive steering system market in the forecast period.
Key Segments Covered
Type
- Hydraulic Powered Automotive Steering System
- Electrically Powered Automotive Steering System
Vehicle Type
- Automotive Steering Systems for Passenger Vehicles
- Automotive Steering Systems for Light Commercial Vehicles (LCV)
- Automotive Steering Systems for Heavy Commercial Vehicles (HCV)
Sales Channel
- Automotive Steering Systems for OEMs
- Automotive Steering Systems for Aftermarkets
Electric Powered Automotive Steering Systems Taking over Hydraulics?
The quest for reduced complexity and costs is prompting OEMs to switch from hydraulic automotive steering systems to electric automotive steering systems. Manufacturers are increasingly inclined towards achieving higher drivetrain efficiency, preferring electric automotive steering systems over hydraulic ones.
Although hydraulics have been considered ideal for amplified steering efforts for parking and manoeuvring vehicles through heavy traffic, they tend to undermine both engine power and fuel economy.
Electric automotive steering systems thus help achieve high fuel efficiency, and reduced vehicle weight and costs - offering assistance at lower as well as higher vehicle speeds and in all driving modes, including sports. Furthermore, electric powered automotive steering system can potentially work in tandem with automotive radar, LIDAR in futuristic cars.
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Competitive Landscape
Automotive steering system companies are focusing on providing comfortable and hassle-free rides that would not harm the environment.
- In July 2021, Bosch and VW have announced integration of swarm intelligence. The company is focusing on improving road safety that would make assistance robust and convenient for drivers. Furthermore, the real time information for high resolution maps updates about real road traffic.
- Key manufacturers in the automotive steering systems include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited and Robert Bosch Limited.
Key Companies Profiled
- Nexteer Automotive Group Limited
- JTEKT Corporation
- ThyssenKrupp AG
- NSK Ltd.
- Mitsubishi Electric Corporation
- China Automotive Systems Inc.
- Sona Koyo Steering Systems Limited
- Robert Bosch Limited
Country-wise Analysis
What Growth Prospects Abound across the U.S Market?
The demand for passenger cars and light commercial vehicles in the U.S increased. Prominent automotive giants are thus leveraging advanced driving systems to enhance the comfort factor across prominent automobiles. Introduction of autonomous driving systems has further spurred demand.
As per Fact.MR’s industry analysis, the automotive steering systems demand is expected is expected to register a CAGR around 4%, with revenue estimated to surpass US$ 5 Mn.
Why are East and South Asia Attracting Automotive Steering Systems Manufacturers?
Enforcement of stringent regulations for reducing carbon emissions is prompting automotive manufacturers across countries such as China and India to introduce efficient automobiles. Hence, demand for automotive steering systems is heightening.
Companies such as Hitachi Automotive systems, Hyundai Mobis and Infineon Technologies in China, JTEKT Corporation and NSK steering systems and Hitachi Astemo, Bawai Plant and Bosch Huayu are driving the growth of the automotive steering systems industry in the region. Both regions are poised to account for over 3/5th of overall global demand.
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