Automotive steering systems have undergone a paradigm shift from rigid and arduous manual to more sophisticated, easy-to-use and reliable assisted systems. Steering systems are used in passenger cars, LCVs, and HCVs. Contemporary steering systems use several assistance systems to enhance directional stability and agility of a vehicle.
The automotive steering systems market can be classified based on product type into two distinct categories, namely assisted and manual steering systems. Assisted steering systems can be further sub-divided into three types, electrically assisted (EAPS/EPS), electro-hydraulic assisted (EHAPS/EHPS), and hydraulically assisted (HAPS/HPS). The EPS system has gained prominence, particularly in North America and Europe, owing to significant fuel efficiency achieved by its implementation. The fuel economy and emission standard in these regions have forced automobile manufacturers in the aforementioned regions to adopt the EPS system in their vehicle models. Increased eco-friendly initiatives in Asia Pacific are expected to play a crucial role in EPS system adoption in the region. Considerable price reduction is driving installation in several vehicles manufactured in developing regions.
Some automotive steering systems are equipped with anti-lock braking system (ABS) and electronic stability program (ESP). Developments of low-cost, lightweight and less power consuming technologies are expected to be key opportunities that can be realized by companies operating in the automotive steering systems market.
The automotive steering systems market is characterized by domination of a few established global players and several small/medium players vying for a sustainable market share. Key industry participants include JTEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., Thyssenkrupp Presta AG, TRW Automotive, and ZF Lenksysteme.
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