Automotive Steering System Market: Electric Powered Automotive Steering System Taking over Hydraulics

 Healthy adoption has been anticipated for the automotive steering system in the near future. As indicated by a recently released research study on the global automotive steering system market by Fact.MR, electronically powered automotive steering systems are likely to continue capturing the limelight throughout the analysis period. The global automotive steering system market report provides forecast of the market performance over 2017-2022, and offers practical insights on the most impactful factors associated with the market performance – at present as well as in the near future. The report aims to deliver valued insights to automotive steering system manufacturers and automakers so as to direct their strategic business decisions.
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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Electric Powered Automotive Steering System Taking over Hydraulics
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.
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.