Automotive steering system: Key market research findings
- Technological advancements in the steering systems of automobiles
- Steer-by-wire gaining prominence in the market
Technavio has released a new market research report on the global automotive steering system market, which is expected to grow at a CAGR of around 9% between 2016 and 2020. The automotive industry is going through various technological advancements such as the integration of driver assistance systems (such as LAS and ACC) and steer-by-wire steering systems, which will boost the growth prospects of the automotive steering system market during the forecast period. APAC leads the global market for automotive steering systems, accounting for 52% of the overall market share. Increase in the production and growing demand for automobiles, especially CVs, in emerging markets such as India and China are driving the market growth in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors are focusing towards making significant modifications in the steering systems of vehicles, especially in terms of design and incorporating safety technologies. The manufacturers are aiming towards better designs that improve performance and ease compliance with the latest emission norms. For instance, Ford is planning to introduce an advanced steering technology for easy drive and comfort of the driver. Denso is integrating steering systems with driving support systems for better driving conditions,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
Steer-by-wire, the latest advancement in steering systems technology, is widely gaining acceptance in the market, especially in passenger cars. Consumers and auto manufacturers are shifting their focus to efficient, safer, smarter, smaller, and lightweight steering systems. Steer-by-wire technology supports advanced functions such as parking maneuvers, especially in large vehicles like trucks. Advanced assistance functions also help boost productivity. Nissan was the first automobile manufacturer to adopt this technology in its luxury brand Infiniti (Q50 model).
The leading vendors in the global automotive steering system market include Bosch, JTEKT, Mando, Nexteer, TRW and ThyssenKrupp Presta. The market is characterized by the presence of well-diversified global and regional vendors. Original equipment manufacturers (OEMs) and vendors are making huge R&D investments to enhance their products and develop new technologies such as steer-by-wire, which should help enhance the market.
A more detailed analysis is available in the Technavio report, Global Automotive Steering System Market 2016-2020
We can customize reports by other regions and specific segments upon request.
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