Fuel economy and notable efforts towards vehicle emissions remain core growth propellants in automotive steering systems market. The automotive industry is in a big way changing the dynamics of the overall market spectrum of automotive steering systems space. Exponentially rising global population and reliance on public transport facilities for both passenger and freight categories offer ample opportunities for rapid advances and developments. Additionally relentless technological novelties such as automated automotive and steer-by-wire technology are expected to further diversify growth scope in the coming years.
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North America and Europe to Reign Supreme as Lucrative Regional Hubs
Despite exponential growth shaping the market globally, mature markets such as Europe and North America are likely to demonstrate unmatched growth on the back of robust vendor landscape and numerous R&D initiatives backed by improved purchasing power of the population steer novelties in steering technology, favoring exceptional scope in automotive steering systems market in the regions. However, as cited in the aforementioned sections, growth in automotive steering market is directly proportional to rapid advances in automotive industry. Emerging economies where population continues to remain exponential, offer manufacturers to integrate high end product novelties such as automotive steering, directly sufficing end-user preferences as well as improved purchasing capabilities.
ZF Friedrichshafen, Hyundai Mobis Upgrade their Automotive Steering Portfolio with Novel Electrical Variant
The competition spectrum of global automotive steering systems market is diversely fragmented with the presence of mature players as well as aspiring participants targeting seamless market penetration with bespoke technological novelties. R&D investments besides innate portfolio diversification aided by new feature enhancements continue to remain preferred growth strategies.
ZF Friedrichshafen, a prominent player in automotive steering market is all set to present its ReAX EPS (electronically powered steering), its flagship fully electric steering system to resonate with advances in automated trucks and buses on the back of unparalleled demand upsurge for superlative commercial vehicles. Need for flawless driver assisted systems and logistics infrastructure are likely to perk up adoption of such resilient electronic steering system to enable improved capabilities and efficiency with marked reduction in packaging space, as compared to conventional hydraulic steering systems.
Parallelly, tier 1 automotive developer, Hyundai Mobis, to resonate with automotive driving applications, has added a new electric power steering system, aided by its dual electronic circuits, complete with robust sensors, ECUs, and motors to enable uninterrupted steering applications. Inclusion of two separate circuits has been integrated to facilitate stable driving in exceptional instances where one circuit breaks down.