Rockville, MD -- (SBWIRE) -- 01/31/2019 -- Key Insights on Global Automotive Steering System Market
Autonomous Carmakers Planning to Do Away with Automotive Steering System

Following the CES 2018, General Motors presumptuously declared that the company will eliminate the automotive steering system from the autonomous vehicle design by 2019 end. With the much anticipated launch of the Level 5 Chevy Bolt lined up next year, GM is all set to unveil an autonomous vehicle without an automotive steering system and pedals. The company claims that this will be the first ever production car sans driver control.

On the other side, Ford has already patented a completely detachable automotive steering system and pedals, which has been planned to be available as a customer-requested automotive component option. Although GM and Ford plan the aforementioned features for highly automated level 4 and 5 vehicles, it is imperative to address several structural, functional, and system related challenges during realistic on-road testing, before the mass production roll-out. This is believed to be highly influential in shaping the future of automotive steering system market.

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OEMs Ought to Focus on Cybersecurity of Automotive EPS System

With dramatic evolution of the connected, autonomous, and semi-autonomous vehicle ecosystem, leading automakers ought to prioritize the safety and security concerns associated with automotive steering systems – especially electric power steering system (EPS). Industry experts predict that the next few years will observe soaring demand for EPS in all classes of vehicles, including state-of-the-art technology based vehicles such as autonomous and connected cars. Innovations centering cybersecurity of EPS is likely to open new doors of opportunities for OEMs active in the automotive steering system market through 2022.

Automotive Giants Endorsing Adoption of EPS Systems

EPS surpassed a market value of US$ 12 Bn in 2017, followed by the manual automotive steering system. With a predominant share in the global automotive steering system market value and a higher CAGR estimated over the next few years, electric powered automotive steering system (EPS) will remain a highly attractive segment in the global automotive steering system market through 2022.

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HCV Manufacturers Seeking Improved Vehicle Stability through Deployment of Advanced Automotive Steering System

Automakers are registering high demand for hydraulic as well as electro-hydraulic automotive steering systems for reduced steering control force and enhanced fuel efficiency. Several advanced technology automotive steering system designs also integrate features such as electronic stability program and anti-lock braking system. Moreover, manufacturers of automotive steering system are also investing their R&D efforts in innovations regarding advanced technology driver assistance and power consumption.

Competition Tracking: Global Automotive Steering System Market

Constant innovation will remain the key for leading automakers to maintain an edge over the competition in the global automotive steering system market landscape. Emergence of new technology innovations is expected to represent a predominant factor uplifting the global market for automotive steering system, estimated to reach around US$ 40 Bn towards the end of 2022.

Global Automotive Steering System Market: About the Report

The roughly US$ 30 billion market for automotive steering system will possibly surpass the valuation worth US$ 40 Bn by the end of 2022, as indicated by the global automotive steering system market report offered for the five-year assessment period – 2017-2022. The report provides valued actionable insights on the historic, current, and futuristic scenario of the global automotive steering system to help businesses in automotive components domain arrive at profitable decisions in the near future.

Additional Questions Answered by Automotive Steering System Market Report

To what extent will the cybersecurity concerns impact adoption and approvals of automotive steering system in connected and autonomous vehicles?
What is the take of industry experts on automotive steering system getting obsolete in next few decades, with visibly promising popularity of self-driving and connected vehicles?
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Table of Content Covered in the report are:

Chapter 1. Global Automotive Steering System Market - Executive Summary. 12

Chapter 2. Global Automotive Steering System Market Overview. 14
2.1. Introduction. 14
2.1.1. Global Automotive Steering System Market Taxonomy. 14
2.1.2. Global Automotive Steering System Market Definition. 14
2.2. Global Automotive Steering System Market Size (US$ Mn) and Forecast, 2012-2022. 14
2.2.1. Global Automotive Steering System Market Y-o-Y Growth. 14
2.3. Global Automotive Steering System Market Dynamics. 15
2.3.1. Drivers. 15
2.3.2. Restraints. 15
2.3.3. Trends. 15
2.4. Supply Chain. 16
2.5. Cost Structure. 16
2.6. Key Participants Market Presence (Intensity Map) By Region. 17

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Chapter 3. Global Automotive Steering System Market Analysis and Forecast By Product Type. 18
3.1. Global Automotive Steering System Market Size and Forecast By Product Type, 2012-2022. 18
3.1.1. Electrically Powered Steering ( EPS) Automotive Steering System Market Size and Forecast, 2012-2022. 18
3.1.1.1. Revenue (US$ Mn) Comparison, By Region. 18
3.1.1.2. Market Share Comparison, By Region. 20
3.1.1.3. Y-o-Y growth Comparison, By Region. 20
3.1.2. Manual Automotive Steering System Market Size and Forecast, 2012-2022. 21
3.1.2.1. Revenue (US$ Mn) Comparison, By Region. 21
3.1.2.2. Market Share Comparison, By Region. 23
3.1.2.3. Y-o-Y growth Comparison, By Region. 23
3.1.3. Hydraulic Power Steering ( HPS) Automotive Steering System Market Size and Forecast, 2012-2022. 24
3.1.3.1. Revenue (US$ Mn) Comparison, By Region. 24
3.1.3.2. Market Share Comparison, By Region. 26
3.1.3.3. Y-o-Y growth Comparison, By Region. 26
3.1.4. Electro-Hydraulic Power Steering (E HPS) Automotive Steering System Market Size and Forecast, 2012-2022. 27
3.1.4.1. Revenue (US$ Mn) Comparison, By Region. 27
3.1.4.2. Market Share Comparison, By Region. 29
3.1.4.3. 3.1.4.3. Y-o-Y growth Comparison, By Region. 30

Chapter 4. Global Automotive Steering System Market Analysis and Forecast By Vehicle Type. 31
4.1. Global Automotive Steering System Market Size and Forecast By Vehicle Type, 2012-2022. 31
4.1.1. Passenger car Automotive Steering System Market Size and Forecast, 2012-2022. 31
4.1.1.1. Revenue (US$ Mn) Comparison, By Region. 31
4.1.1.2. 4.1.1.2. Market Share Comparison, By Region. 32
4.1.1.3. Y-o-Y growth Comparison, By Region. 33
4.1.2. LCV Automotive Steering System Market Size and Forecast, 2012-2022. 34
4.1.2.1. Revenue (US$ Mn) Comparison, By Region. 34
4.1.2.2. Market Share Comparison, By Region. 35
4.1.2.3. Y-o-Y growth Comparison, By Region. 36
4.1.3. HCV Automotive Steering System Market Size and Forecast, 2012-2022. 36
4.1.3.1. Revenue (US$ Mn) Comparison, By Region. 36
4.1.3.2. Market Share Comparison, By Region. 38
4.1.3.3. Y-o-Y growth Comparison, By Region. 39

Chapter 5. Global Automotive Steering System Market Analysis and Forecast By Sales Channel. 40
5.1. Global Automotive Steering System Market Size and Forecast By Sales Channel, 2012-2022. 40
5.1.1. OEM Automotive Steering System Market Size and Forecast, 2012-2022. 40
5.1.1.1. Revenue (US$ Mn) Comparison, By Region. 40
5.1.1.2. Market Share Comparison, By Region. 41
5.1.1.3. Y-o-Y growth Comparison, By Region. 42
5.1.2. Aftermarket Automotive Steering System Market Size and Forecast, 2012-2022. 42
5.1.2.1. Revenue (US$ Mn) Comparison, By Region. 42
5.1.2.2. Market Share Comparison, By Region. 44
5.1.2.3. Y-o-Y growth Comparison, By Region. 45

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