Automotive Steering System Market: Automotive Giants Endorsing Adoption of EPS Systems


 “New demands raised by the emergence of fully or partially autonomous vehicles and electric vehicles will continue to influence the automotive steering system space over the next few years,” says a senior research analyst with an expertise in the automotive domain, at Fact.MR.



[ClickPress, Mon May 27 2019]  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.

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.

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A recent intelligence outlook published by Fact.MR predicts steady growth for the global automotive steering system market over 2017-2022. A stable compound annual growth rate has been estimated for the global automotive steering system market for the next five-year period. As indicated by the report on the automotive steering system at a global level, the roughly US$ 30 Bn vertical for automotive steering system market will possibly equate the valuation of US$ 40 Bn by 2022 end. The global automotive steering system marketplace continues to transform with dramatic technological advancements directed to improved automotive steering systems that allow drivers to achieve effortless and risk-less maneuvering.

 “New demands raised by the emergence of fully or partially autonomous vehicles and electric vehicles will continue to influence the automotive steering system space over the next few years,” says a senior research analyst with an expertise in the automotive domain, at Fact.MR.

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Automotive Giants Endorsing Adoption of EPS Systems

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.

HCV Manufacturers Seeking Improved Vehicle Stability through Deployment of Advanced Automotive Steering System

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.

Automotive Giants Endorsing Adoption of EPS Systems

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.

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.

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