Automotive Steering System Market Global Trends, Business Strategies and Opportunities with Top Key Players
August 22, 2019 by Steve Blade
According to the report on global automotive steering system market, passenger cars will continue to capture the spotlight in terms of automotive steering system adoption. Deployment of automotive steering system by passenger car manufacturers is expected to account for a high multibillion dollar revenue to the automotive steering system market by 2022 end. However, commercial vehicles are also presumed to emerge lucrative in the automotive steering system market in the near future, as LCV and HCV makers gear up for the price sensitivity and fuel efficiency race.
"Automotive Steering System Market 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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Chapter 1. Global Automotive Steering System Market - Executive Summary. 12
Chapter 2. Global Automotive Steering System Market Overview. 14
Chapter 3. Global Automotive Steering System Market Analysis and Forecast By Product Type. 18
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With rapid integration of hydraulics and electrics in design and deployment of automotive steering system, it is most likely that the next decade will witness a new set of futuristic automotive steering systems driving next-gen vehicles on road. A key finding in the report highlights that the tremendous advent of automotive working mechanisms will remain the chief driving force dictating revamp and innovation of existing automotive steering systems. Approximately US$ 12 Bn electric powered automotive steering system is likely to remain the most attractive type of automotive steering system that facilitates high fuel efficiency – holding more than 50% share in the total automotive steering system market value throughout the forecast period. Manual automotive steering system will however lose a significant value share towards 2022 end.
OEMs Ought to Focus on Cybersecurity of Automotive EPS System
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.
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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