LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive steering system market is expected to reach USD 104.38 million units by 2021, growing at a CAGR of nearly 4%.
Praveen Kumar, a lead analyst from Technavio, specializing in research on the powertrain sector, says, “The popularity of EPS is growing as it provides fuel efficiency, whereas the hydraulic power steering system is phasing out in passenger cars. EPS is largely available in smaller cars and crossovers, while hydraulic power system is used in heavy-duty trucks and light-duty pickup trucks.”
Increasing sales of passenger cars and SUVs; low penetration of cars in emerging economies such as China, India, and Brazil; the rise in demand for fuel-efficiency in vehicles due to stringent carbon emission norms in the US and China are driving the demand for automotive steering systems.
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The top three emerging trends driving the global automotive steering system market according to Technavio research analysts are:
Phasing out of hydraulic power steering system
As part of the electrification trend, the power steering systems have been continuously evolving, and the hydraulic power steering system is phasing out mainly owing to the popularity of electro-mechanical systems that are controlled by automated control units. The use of the EPS provides fuel efficiency and does not make use of hydraulic oil since the electric motor only runs when the steering wheel is turned by the driver.
EPS is available only for smaller cars and crossovers as the component is not strong enough to meet the higher front axle steering load of heavy-duty trucks and light-duty pickup trucks, where hydraulic power steering system is used.
Development of four-wheel steering system
The four-wheel steering system is a mechanism that helps the cars, trucks, and other vehicles to allow all four wheels to turn and rotate, which helps the driver to make tighter turns and faster maneuvers. In most of the four-wheel steering systems, the rear wheels are steered by automated systems and actuators.
“The four-wheel steering system also lowers the turning radius and space required for turning. It helps to change road lane even driving at higher speed. In four-wheel steering systems, the rear wheels turn in the opposite direction of the front wheels at low speeds to improve maneuverability and turn in the same direction at high speeds to improve the stability of the vehicle,” says Praveen.
Growing penetration of steer-by-wire technology
A steer-by-wire (SBW) technology helps to remove the physical connection between the steering wheel and the steering system with the help of electrically connected motors and helps to change the direction of the wheels. In SBW, the vehicle's computer gets the command from the connected device, and the computer itself sends the command to the wheels.
The benefits of SBW technology include better handling and safety. As there are no physical connections between the steering wheel and steering, it is easier to implement the SBW technology in cars.
The top vendors highlighted by Technavio’s research analysts in this report are:
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