Market Research Report
Automotive Steering Market - Growth, Trends, and Forecasts (2020 - 2025)
|Automotive Steering Market - Growth, Trends, and Forecasts (2020 - 2025)|
Published: June 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The automotive steering market is expected to register a CAGR of over 5.5% during the forecast period.
Increasing Adoption of Sensors
The sensor located in the steering column measures two primary driver inputs - torque (steering effort) and steering wheel speed and position. Thus, there are three types of sensors used in such systems, namely torque sensor, steering wheel speed sensor, and position sensor.
These sensors deliver the signals as inputs to an ECU, which provides an appropriate output to the steering system for an action to take place.
Torque sensors are generally non-contact sensors. The sensor measures the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.
With the growing advancements in technology, sensor products are also being consistently upgraded and improved in the automotive industry. For instance:
The company may promote the sensor to manufacturers of EPS and shift-by-wire transmissions, and hybrid systems that use motors, as both starter and generator motors. The company is expected to start accepting orders by around September 2019.
Such improved sensor products for the EPS system are likely to continue to see an increasing adoption among the automakers during the forecast period.
Europe holds a significant share in the Market
The electric vehicle market has been rapidly growing across the world. For instance, in Europe, electric vehicle sales increased by 37% in 2018, as compared to that of 2017. Additionally, several governments across the world have formulated various policies, incentives, and projects to support the usage of electric vehicles.
By 2024, nearly 4% of the new car sales and 7% of the global car fleet are expected to be electric. With the growing electric vehicle sales, the deployment rate of lightweight steering systems (like electric power steering (EPS)) is expected to see a potential demand during the forecast period.
The automotive industry is the largest industry sector in the country. In 2018, the automotive industry accounted for nearly 20% of the total German industry revenue.
However, the country's economy struggled over the summer, due to weak car production, owing to the enactment of new EU-wide emission measurement procedures.
With the installation of new plants by OEM suppliers in Germany, the addition of lightweight steering systems, such as EPS, in cars is expected to lower the cost incurred on exporting the systems, thus, driving the market toward higher profitability.
Advancements in the sensor technology of EPS and the reducing cost of manufacturing these systems have contributed to the growth of the German automotive steering market.
Thus, owing to the developments mentioned above, the automotive steering market in the region is expected to grow at a rapid pace.
The automotive steering market is dominated by several players, such as Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd, Mando Corporation, and Showa Corporation. These companies have been expanding their business by new innovative technologies so that they can have a competitive edge.