The global automotive steering systems market is anticipated to witness growth over the forecast period. 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 the 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 subdivided 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 the 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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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.