C-EPS is Estimated to be the Most Prominent Technology in the automotive steering system Market
The automotive steering system market is one of the most prominent markets in the automotive sector. The automotive steering system market is led by electronic automotive steering system systems, which hold a majority share in the automotive steering system market. Under the electronics automotive steering system segment, C-EPS (Column-Electric Power Steering) is one of the most preferred automotive steering system system technologies for the automakers. It is projected to grow at a CAGR of 4.2%, in terms of value, and will hold more than 35% of the automotive steering system market during the forecast period. The demand for C-EPS type of automotive steering system technology is mainly coming from the Asia Pacific region. C-EPS are easy to install and are available at low costs and thus, they are predominantly used in small or compact cars offered in the Asia Pacific region.
The demand for R-EPS is projected to be the most prominent in the automotive steering system market and it is estimated to grow at a significant rate of more than 8% during the forecast period. At present, the demand for R-EPS is majorly coming from the North America region as R-EPS is utilized in light commercial vehicles such as pick-up trucks and heavy commercial vehicles. Along with North America, Asia Pacific region is experiencing a growth for the R-EPS automotive steering system technology.
Compact Cars, Mid-Size Cars, and SUVs Holds Significant Share in the automotive steering system Market
The automotive steering system market for passenger car will continue to be the significant market and estimated to grow at a steady rate during the forecast period. The global automotive production in 2017 was more than 97 million and the passenger car segment holds 75% of the share in the global automotive production. The compact cars, mid-size cars, and SUVs are estimated to be the most prominent sub-segment of the passenger cars and are estimated to hold more than 65% of the overall automotive steering system market throughout the forecast period. The dominance of passenger cars over light and heavy commercial vehicles in the automotive industry makes them the prominent market for automotive steering system. Also, rising demand for advanced driving features from the consumers have enhanced the demand for automotive steering system from passenger cars at a significant rate.
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Asia Pacific to Lead the Automotive Steering System Market
Asia Pacific (excluding Japan) region, being one of the key automotive production hubs, manufactured more than 40 million vehicles in 2017. The key countries for vehicle production in APEJ region are China, India, South Korea and Thailand, among others. Rising vehicle production makes APEJ the most prominent market for automotive steering system. Growing demand for vehicles can be attributed to growing economy, per capita income growth, increasing urbanization and rising living standards in the APEJ region. Due to these factors, the demand for automobiles is increasing steadily and pushing the market for automotive steering system in APEJ region.
The manufacturers in the automotive steering system market aim to expand through strategic interventions, such as acquisitions, expanding production capacity and launching advanced products in the automotive steering system market. For instance, JTEKT, in 2017, completed the acquisition of Sona Koyo Steering System Limited to enhance its presence in the Indian automotive steering system market. Along with this, in 2017, JTEKT established a new automotive steering system systems and drive parts production facility in Morocco to cater to the demand in Morocco and the North Africa region.
Apart from the development of the mechanical side of products, the companies are also enhancing their software capabilities. For instance, ThyssenKrupp AG recently established a software development center in Hungary to provide solutions for electro-mechanical steering systems.
Manufacturers of automotive steering system systems are focusing on new generation automotive steering system technology which offers better steering efficiency at any speed, making the vehicle easier to maneuver, thereby enhancing the driving experience.
- Keeping in line with this, in September 2016, Ford introduced the adaptive steering system in FSeries and Edge. Class-executive adaptive steering technology improves the steering efficiency and steering effort
- These steering systems also improve low-speed maneuverability and highway comfort by decreasing and increasing the steering ratio by up to 30%
Automotive manufacturers are also focusing on joint ventures and partnerships with auto part manufacturers to design electric power steering systems.
- In April 2017, China’s Dongfeng Motor Group and Nexteer Automotive Group formed a 50:50 joint venture to design and make electric power steering systems for Dongfeng passenger vehicles
- Nexteer Automotive group currently provides electric power steering systems for many Dongfeng-affiliated vehicle, including the Peugeot 2008 crossover
Some of the key players operating in the automotive steering system market are JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Sona Koyo Steering System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, Magal Engineering Limited, ATS Automation Tooling System Inc., and Hyundai Mobis.
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The automotive steering system market has been analyzed with respect to segments such as technology, vehicle type, and region. On the basis of technology, the automotive steering system market has been segmented into hydraulic steering and electronic steering. The electronic automotive steering system segment has been further segmented into H-EPS, C-EPS, P-EPS and R-EPS. The automotive steering system market will register demand from vehicle types such as passenger cars, light commercial vehicles and heavy commercial vehicles. The passenger car segment is further segmented into compact cars, mid-size cars, premium vehicles, luxury vehicles and SUVs. The automotive steering system market has been evaluated across primary regions, such as North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA).