The automotive industry has hastened the electrification of many typical mechanical systems to meet the demand for lower emissions. Many things have been electrified—from supercharging to power steering—to cut emissions while also improving safety, streamlining processes, and the driving experience.Additionally, combining electronic power steering with other fuel-efficient technology can improve a vehicle’s fuel efficiency. Against this backdrop, the automotive steering systems market is forecast to register a compound annual growth rate (CAGR) of 2.7% in Asia-Pacific (APAC) over 2023-28, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Global Sector Overview & Forecast – Automotive Steering Systems,” reveals that the APAC automotive steering systems market is estimated to reach 48.1 million units in 2023 and 54.9 million units in 2028. Battery electric vehicles (BEVs) dominate the market for electric vehicle steering systems.
Lucy Tripathi, Senior Automotive Analyst at GlobalData, said, “Steer-by-wire steering and electric power steering (EPS) systems are in high demand due to the global deployment of electric vehicles (EVs). Manufacturers in the passenger car segment have largely switched to EPS systems, whereas commercial vehicle EPS systems are still in their early stages. The market for commercial EVs will see a large increase in the demand for EPS as more of these cars are released. Advanced driver assistance systems (ADAS) are currently being embraced by many vehicle sectors all over the world, and EPS has emerged as one of its essential enablers.”
Consumers are drawn to the features of some cutting-edge intelligent steering systems, such as their ability to operate using voice commands and hand gestures. Furthermore, due to the growing demand for automatic systems and the inclination of the younger generation for automatic systems in cars, demand for intelligent steering systems is anticipated to increase during the forecast period. The idea of an intelligent steering system has been put out to lower the number of traffic accidents that are caused by insignificant driver errors.
Increasing acceptance of electro-hydraulic power steering systems produces a more natural steering feel by supplying power assistance via hydraulic pressure, and it provides improved steering power qualities due to the ease of control made possible by electric power.
“The advantages of both hydraulic and electronic power are combined in the electro-hydraulic power steering, which is growing in popularity in the market for vehicle steering systems. The increased comfort offered by electro-hydraulic power steering is a benefit. The steering is easy to control when manoeuvring. Although steering is firm at high speeds. As a result of the power uptake adjusting as needed, overall fuel efficiency is improved.” Tripathi said.
The automotive steering systems market still exerts significant pressure on the automotive industry and the direction of mobility. These systems have developed to match the demands of contemporary automobiles and drivers, from conventional hydraulic power steering to cutting-edge steer-by-wire technology.
“The steering systems market will be essential in facilitating the automotive industry’s transition to safer and more environmentally friendly transportation options with continuing innovation. Future automobile steering systems will help guide us into an exciting new phase of mobility as technology develops,” Tripathi added.
