The constant technological advancements in the automotive sector, along with the development of innovative solutions to complement the overall traveling experience, have significantly improved the quality of automobiles compared to the ones developed two decades earlier. The automotive OEMs (Original Equipment Manufacturer) have introduced several advanced features that enhance the visual aesthetics and efficiencies of vehicles, among other performance indicators. Among these, the automotive steering systems are specially designed to eliminate the requirement for a pump, a drive belt, and a hose connected to the engine to use variable amounts of power. Moreover, the integration of IoT (Internet of Things) in the cars is the next big digital development in the automotive industry. Introduction of autonomous vehicles will bring another revolution in the automotive industry. EPS (Electronic Power Steering) system integrated self-driving cars/autonomous vehicles will further boost the driving experience of the driver. The quick development of connected cars offers opportunities to both the automotive industry and tech companies. Development of autonomous vehicles would promote the use of EPS in the vehicles, thereby contributing to the growth of the global automotive steering system market over the forecast period.
JTEKT Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Hyundai Mobis, and Nexteer Automotive – Prominent Market Participants in Automotive Steering System Market
JTEKT Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Hyundai Mobis, and Nexteer Automotive are some of the key market players operating in the global automotive steering system market. The listing of key players is derived by considering multiple factors such as overall revenue, current automotive steering system product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the automotive steering system ecosystems which were studies analyzed during the course of this market research study, such as, China Automotive Systems, Inc.; Hitachi Automotive Systems Americas, Inc.; The Mando Corporation; NSK Ltd.; Showa Corporation; and ThyssenKrupp AG among others. Further, in February 2019, Nexteer Automotive had announced its production milestone of 60 million electric power steering (EPS) systems globally. This could be used in vehicles ranging from small cars to big trucks. The electric power steering systems increase fuel efficiency by 6% and CO2 emissions by 8 grams per km. In April 2017, NSK Ltd. had announced that it had developed a method using cold forming technology for manufacturing electric power steering components that are safer, reliable, and lighter, which in turn improves fuel efficiency in automobiles.
Most of the market initiatives were observed in APAC region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
|
Year |
Development |
Country |
|
2021 |
China Automotive Systems, Inc. had launched a new EPS product to empower ADAS. This new EPS product is based upon proprietary technologies developed by CAAS’ research & development team. The company had begun mass production of this product for new vehicle models of the leading Chinese automaker, Great Wall Motors. Seamlessly connected with vehicle data, CAAS’ new EPS system enable drivers to adapt to different road conditions and significantly enhances user experiences. |
APAC |
|
2018 |
Hyundai Mobis had developed an electric power steering system that takes advantage of two electronic circuits during autonomous driving in order to maintain normal steering capabilities under any circumstances. |
APAC |
