Chicago, April 12, 2023 (GLOBE NEWSWIRE) — market for automotive steering systems is expected to grow from $35.3 billion in 2022 to $39.5 billion by 2027, at a CAGR of 2.3% over the forecast period, according to a new report by MarketsandMarkets™.
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| report attributes | details |
| Market size value in 2022: | $35.3 billion |
| Estimated by 2027: | $39.5 billion |
| CAGR: | 2.3% |
| Considered base year: | 2021 |
| Forecast period: | 2022-2027 |
| Biggest Market: | Asia Pacific |
| Covered Region: | Asia Pacific, North America, Europe and RoW |
| Covered segments: | by technology (HPS, EHPS, EPS), EPS type (R-EPS, C-EPS, P-EPS), pinion (single, double), mechanism (collapsible, rigid), components (OE, aftermarket), vehicle ( PC , LCV, HCV, EV, OHV) and region |
| Covered companies: | JTEKT Corporation (Japan), Nexteer (USA), Robert Bosch (Germany), Hyundai Mobis (South Korea) and NSK Ltd. (Japan) |
The rapid adoption of electric vehicles (EVs) worldwide is creating tremendous demand for electric power steering (EPS) and steer-by-wire (SbW) steering systems. The integration of Advanced Driver Assistance Systems (ADAS) with EPS has helped OEMs introduce new and improved steering features that are widely accepted by customers. This software integration should boost demand for EPS in other vehicle segments. As more commercial electric vehicles enter the market, the demand for EPS in these vehicles will increase significantly. Steer-by-Wire (SbW) technology will be the future of steering systems that will enable better autonomous mobility between vehicles.
Electric power steering (EPS) is becoming the mainstream steering system for passenger cars.
The use of EPS helps to reduce vehicle emissions and increase fuel efficiency with improved manoeuvrability. This will prevent the ingress of…
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