(MENAFN- Ameliorate Digital Consultancy) Global sales of automobile steering systems are expected to reach close to US$ 34 billion by 2021, growing at a CAGR of over 4%. The significance of vehicle steering systems has recently been greatly underlined by technological developments in the automotive sector.

In the past, sales of vehicle steering systems increased by about 4% between 2016 and 2020, reaching almost US$ 23 billion by the conclusion of the aforementioned time frame. The COVID-19 pandemic's impact on prospects caused considerable deficits in car production during mandated lockdowns in the early going. However, limits have been eliminated beginning Q4 2020, restoring forecasts.

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The goal of lowering emissions is a major motivator for manufacturers, leading to a number of breakthroughs and product debuts in important regions. For instance, in 2018 WAHoldings Inc. and Valeo signed a Memorandum of Understanding (MoU) to jointly develop short- and mid-range sensor technologies. These projects augur well for the demand for autonomsteering systems.

EPS cybersecurity-focused innovations are likely to open new avenues for OEMs active in the automotive steering systems market over the forecast period.

Leading automakers should prioritise the safety and security issues related to automotive steering systems, particularly electric power steering systems (EPS), given the significant expansion of the connected, driverless, and semi-autonomvehicle ecosystem.

According to industry experts, demand for EPS will increase over the next few years across all vehicle classes, including cutting-edge technology-based vehicles like driverless and connected automobiles.

For OEMs operating in the automotive steering system market throughout the projected period, innovations focused on EPS cybersecurity are anticipated to provide new doors of opportunity.

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?

OEMs are switching from hydraulic to electric car steering systems in an effort to simplify their products and cut costs. Automobile manufacturers are favouring electric vehicle steering systems over hydraulic ones in an effort to achieve improved drivetrain efficiency.

Hydraulics have been seen as suitable for enhanced steering efforts for parking and manoeuvring cars through dense traffic, but they frequently degrade engine power and fuel efficiency.

Because they provide assistance at both low and high vehicle speeds and in all driving modes, including sports, electric automobile steering systems contribute to greater fuel efficiency, reduced vehicle weight, and cheaper vehicle expenses. A futuristic car's electric-powered steering system may also be able to cooperate with LIDAR and automotive radar.

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

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Country-wise Analysis

What Growth Prospects Abound across the U.S Market?

In the US, there was an increase in demand for both passenger cars and light commercial vehicles. As a result, well-known automakers are utilising modern driving technologies to raise the level of comfort in well-known vehicles. The introduction of autonomdriving technologies has increased demand even more.

According to FactMR's study of the industry, demand for automobile steering systems is anticipated to grow at a CAGR of about 4%, with sales set to top 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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