LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global automotive steering market is expected to reach over 183 million units in terms of production by 2020.
This research report titled ‘Global Automotive Steering System Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.
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“Vehicular steering systems are registering consistent advancements in the automotive industry. These systems have evolved from conventional hydraulic steering systems to the latest steer-by-wire technology. This technology eliminates mechanical linkages and is purely controlled by an engine control unit (ECU). These advancements enhance the ease of driving and bolster on-road safety. Various OEMs have started introducing this technology in high-end models and this trend will boost market growth over the next four years,” said Siddharth Jaiswal, one of Technavio’s lead analysts for powertrain research.
“The demand for high fuel economy has resulted in the development of electric powered steering (EPS), which is booming the demand for advanced steering systems. Unlike hydraulic powered steering (HPS) technology, EPS uses a motor, which pushes the steering rack when wheels turn. To achieve this, EPS uses energy generated by the engine and consumes it only when the wheels turn. The mechanism allows EPS to reduce vehicular emissions and achieve better fuel economy,” added Siddharth.
Market share of global the automotive steering system market by type 2015
|Electric powered steering (EPS)||59%|
|Hydraulic powered steering (HPS)||32%|
|Electro-hydraulic power steering (EHPS)||9%|
Source: Technavio Research
EPS systems: largest contributing segment for the global automotive steering market
Due to high cost pressures from automakers and tire suppliers, steering system manufacturers are focusing on introducing technology that can be adopted by mass mid-segment vehicles as well.
According to Technavio analysis, in 2015, EPS held close to 59% share in the global automotive steering market. EPS systems are gaining high acceptance as these are more beneficial compared to previous technologies such as HPS and EHPS. Unlike HPS, EPS does not use hydraulics fluids and its adoption is eliminating the need for frequent cleaning and replacements. As it is boosting precision handling, and enhancing vehicle safety, EPS is gradually emerging as a preferred choice in the automotive industry
HPS systems: second largest contributing segment for the global automotive steering market
Most power steering systems use hydraulic principles, wherein the pump supplies the pressure to the rack. These systems are powered by car engines and are belt-driven. While this is still the most popular system, its market share is declining as manufacturers are shifting towards systems powered by electric motors and ECUs.
However, HPS is still used in entry-level passenger cars and heavy commercial vehicles. The majority of the HPS market consists of aftermarket sales as HPS is still the standard steering system in most passenger cars.
Global EHPS system market
The EHPS system market produced 11.27 million units in 2015. This technology is very popular for its packaging benefits and adaptability for use in hybrid vehicles. EHPS systems are engineered with both HPS systems and EPS systems. Industry experts expected EHPS to be a 'transition technology' before it went to full electric mode. However, the technology is holding its ground despite such assumptions since its introduction in 1990s.
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