Steering System Market: Electric Powered Automotive Steering System Taking over

Posted by Arslan on February 15th, 2019

 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  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.

“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.

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.

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.

Browse Full report with TOC:

https://www.factmr.com/report/43/automotive-steering-system-market

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.

Maximum sale of automotive steering system is anticipated to be through OEMs, as the number of automotive steering system replacement instances is negligible – forestalling the growth of the aftermarket segment in the automotive steering system market. The estimated revenue generation through OEMs is expected to account for a substantial incremental value for the global automotive steering system market through 2022. Regional analysis of the global automotive steering system market uncovers that a majority of manufacturers are focusing on strengthening their footprint in Asia Pacific excluding Japan (APEJ), looking at its whopping one-third value share in the global automotive steering system market.