Automotive Steering System Market Volume Analysis, Segments, Value Share and Key Trends 2017-2022
The US and Canadian automotive steering system markets recorded a combined revenue of over US$ 7 Bn in 2017, whereas Europe’s market for automotive steering system is presumed to register steady expansion over the next few years.
[USPRwire, Fri Jul 26 2019] Frequent fluctuations in commodity prices, prevailing sales of vehicles delivering smooth traction, and tightening regulatory standards regarding passenger safety are collectively driving the global scenario of automotive steering system market. North American and European automotive industries anticipate brisk adoption of EPS (electric power steering), rear-axle or all-wheel-steering (AWS), and SbW (steer-by-wire), which is foreseen to provide a strong push to the growth of automotive steering system market globally. The US and Canadian automotive steering system markets recorded a combined revenue of over US$ 7 Bn in 2017, whereas Europe’s market for automotive steering system is presumed to register steady expansion over the next few years.
With 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 system (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 centering cybersecurity of EPS is likely to open new doors of opportunities for OEMs active in the automotive steering system market through 2022.
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The quest for reduced complexity and costs will continue to compel OEMs to switch from hydraulic automotive steering system to electric automotive steering system. Moreover, manufacturers are increasingly inclined towards achieving high efficiency, and thereby preferring electric automotive steering system over hydraulic automotive steering system. Although hydraulics have been considered ideal for amplified steering efforts for parking and maneuvering vehicle through heavy traffic, they tend to undermine both the engine power and fuel economy. Electric automotive steering system on the flipside helps 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. EPS systems are constantly on the rise in terms of adoption, and will continue to account for over half of the total value of automotive steering system market by 2022 end.
EPS surpassed a market value of US$ 12 Bn in 2017, followed by the manual automotive steering system. With a predominant share in the global automotive steering system market value and a higher CAGR estimated over the next few years, electric powered automotive steering system (EPS) will remain a highly attractive segment in the global automotive steering system market through 2022.
Automakers are registering high demand for hydraulic as well as electro-hydraulic automotive steering systems for reduced steering control force and enhanced fuel efficiency. Several advanced technology automotive steering system designs also integrate features such as electronic stability program and anti-lock braking system. Moreover, manufacturers of automotive steering system are also investing their R&D efforts in innovations regarding advanced technology driver assistance and power consumption.
Constant innovation will remain the key for leading automakers to maintain an edge over the competition in the global automotive steering system market landscape. Emergence of new technology innovations is expected to represent a predominant factor uplifting the global market for automotive steering system, estimated to reach around US$ 40 Bn towards the end of 2022.
Hyundai Mobis Co. Ltd., one of the industry spearheads based in South Korea, recently announced the successful development of a customized, dual-mode electric automotive steering system that has been specifically optimized for autonomous vehicle technology. The company claims that this newly developed electric automotive steering system includes a redundant control mode - with an additional benefit of two independent electronic circuits that constantly regulate each other in order to maintain stability of the essential steering capabilities in all driving situations. In this automotive steering system, the electronic control units has been substantially reduced in terms of size. Although Hyundai is yet to drive off the mass-production of this dual-model automotive steering system, several verification tests are anticipated to be accomplished later this year – notarizing mass-production by 2020 end.
With an objective to offer an added value to passenger cars in terms of safety during overtaking, lane changing, and driving on slippery roadways, ZF Friedrichshafen AG had introduced a novel double automotive steering system that combined both front and rear axle automotive steering systems. In 2017, the company solidified its position as a dominant leader in the automotive steering system marketplace, with an extended automotive steering system portfolio in China - the global automotive manufacturing hub. This strategic move of the company added a dual pinion system to its flagship product portfolio. More recently in 2018, ZF Friedrichshafen AG presented a new electromechanical automotive steering system designed for front-drive, four-wheel counterbalance forklifts in a global auto fair - - with an aim to achieve reduced energy consumption. ZF is currently prioritizing R&D efforts directed to following the paradigm shift from conventional hydraulics to energy-efficient electrics.
Other prominent players partaking in the global automotive steering system space 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.
An automotive steering system is the collection of components such as steering column, steering wheel, front wheel, brakes, and clutches, enabling the driver to effortlessly direct the motion of the vehicle on the desired path. Evolved from the earlier rigid automotive steering systems, today’s automotive steering systems possess incredible flexibility that offers automatic assistance.
The roughly US$ 30 billion market for automotive steering system will possibly surpass the valuation worth US$ 40 Bn by the end of 2022, as indicated by the global automotive steering system market report offered for the five-year assessment period – 2017-2022. The report provides valued actionable insights on the historic, current, and futuristic scenario of the global automotive steering system to help businesses in automotive components domain arrive at profitable decisions in the near future.
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