Automotive Steering System Market Projected to Witness Vigorous Expansion by 2017 to 2022
This report provides prognosis and analysis of the automotive steering system market. It offers historical data along with forecast data for 2022.
[ClickPress, Sat Apr 13 2019] FactMR has actively published a new research study titled “Automotive Steering System Market Projected to Witness Vigorous Expansion by 2017 to 2022 | Key Players are NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the automotive steering system market during the period between *forecast period*. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global automotive steering system market is expected to showcase impressive growth in CAGR during the period until 2022.
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Following the CES 2018, General Motors presumptuously declared that the company will eliminate the automotive steering system from the autonomous vehicle design by 2019 end. With the much anticipated launch of the Level 5 Chevy Bolt lined up next year, GM is all set to unveil an autonomous vehicle without an automotive steering system and pedals. The company claims that this will be the first ever production car sans driver control.
On the other side, Ford has already patented a completely detachable automotive steering system and pedals, which has been planned to be available as a customer-requested automotive component option. Although GM and Ford plan the aforementioned features for highly automated level 4 and 5 vehicles, it is imperative to address several structural, functional, and system related challenges during realistic on-road testing, before the mass production roll-out. This is believed to be highly influential in shaping the future of automotive steering system market.
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.
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.
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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.
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