Power Assisted Steering Market to Stay Positive Through 2021-2027
Power assisted steering decreases the energy required for the driver to turn the vehicle, mainly during low-speed maneuvers such as turning a 90-degree corner, pulling into a parking spot, and maneuvering in a traffic area.
The rising adoption of Electric Power Steering (EPS) systems in automotive vehicles to improve safety, fuel efficiency, and ADAS (Advanced driver-assistance systems), is anticipated to expand power-assisted steering market size in the near future. The Society of Automotive Engineers (SAE) stated that the EPS system is required for the effective implementation of advanced steering functions such as automatic lane departure alert, park assist, lane holding, smooth road shake control, adaptive cruise control, and automated stability controls.
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According to the latest study by Global Market Insights, Inc. power-assisted steering market share is anticipated to hit a mark of USD 20 billion by 2027.
That apart, manufacturers of power-assisted steering systems are also actively working to improve the operating performance of their products in order to provide on-demand power from an electric motor. For instance, Nexteer Automotive introduced a high-performance electric power steering (EPS) system for heavy and light commercial vehicles in 2020, which provides improved convenience, advanced protection, and improved fuel efficiency.
The following trends will influence the power-assisted steering market growth over the coming years:
Growing demand for power steering in HCV
The power-assisted steering market revenue from HCVs is projected to rise at a 5% CAGR in the next few years. The growth is attributed to a notable increase in the construction and logistics industries across the Asia Pacific and Latin America, further increasing demand for heavy commercial vehicles. To substantiate the statement with an instance, the India Brand Equity Foundation estimates that India will become the world's third-largest construction market by 2022.
Regional market opportunities
Owing to high automotive vehicle production and sales, Europe had captured over 20% of the market share, in 2020. In fact, according to European Automobile Manufactures’ Association, compared to 2020, car sales across Europe are predicted to rise by 10% in 2021.
Meanwhile, Latin America is expected to retain a significant share of the global power-assisted steering industry. This is due to a rise in production of automotive vehicles in developing countries such as Brazil, Mexico, and Argentina.
Strategic alliances for cost effective production
To decrease the overall manufacturing cost and focus on new product development with expanded manufacturing capacity, major industry players in the power-assisted steering market are concentrating on partnerships and joint ventures with component manufacturers. For example, in 2020, to manufacture the electric power steering systems in China, Nexteer automotive partnered with Dongfeng Motor Parts and Components Group Co., Ltd.
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NSK Steering Systems Co., SHOWA Corporation, Nexteer Automotive, Robert Bosch Gmb, NSK Steering Systems Co., and ZF Friedrichshafen AG, are some of the other key manufacturers of the industry.
However, extreme lockdowns enforced by numerous government authorities around the world due to the ongoing COVID-19 pandemic negatively impacted the overall market revenue. Furthermore, the total shutdown of power-assisted steering part’s manufacturing plants, such as rack, steering columns, and pion gear, has directly impacted the market's supply chain. But, with robust vaccination drives conducted across the globe and reinitialization of business, the market is set to gain exponential proceeds in the coming years.
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