Jun 28, 2021   SOURCE: BusinessWire

Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems - ResearchAndMarkets.com

The "Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering) and Vehicle Type (Passenger Cars and Commercial Vehicles)" report has been added to ResearchAndMarkets.com's offering.

The global automotive steering system market was valued at US$ 22,501.0 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.03% from 2020 to 2028.

The automotive industry has reacted to the global demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand.

Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. For instance, Maserati switched its Ghibli, Quattroporte, and Levante models to electronic power steering in the models introduced in 2018, allowing new driver assistance systems. Similarly, Nexteer Automotive Corporation also introduced EPS that ensures safety through driver assistance by the integration ADAS systems with the electronic power steering systems.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Automotive Steering System Market Landscape

5. Automotive Steering System Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems

5.1.2 Rise in Demand for Electrification in Vehicles

5.2 Market Restraints

5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance

5.3 Market Opportunities

5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles

5.4 Future Trends

5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)

5.5 Impact Analysis of Drivers and Restraints

6. Automotive Steering System Market - Global Analysis

7. Automotive Steering System Market Analysis - By Type

8. Automotive Steering System Market Analysis - By Vehicle Type

9. Automotive Steering System Market - Geographic Analysis

10. Automotive Steering System Market- COVID-19 Impact Analysis

11. Industry Landscape

12. Company Profiles

  • China Automotive Systems, Inc.
  • Nexteer Automotive
  • Hitachi Automotive Systems Americas, Inc.
  • Hyundai Mobis
  • JTEKT Corporation
  • The Mando Corporation
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • ThyssenKrupp AG

For more information about this report visit https://www.researchandmarkets.com/r/388m7z

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.