Steering systems in the automotive industry have been recording continuous advances. They have evolved from purely mechanical hydraulic steering to completely electronic steer-by-wire systems. The market has witnessed recent advances help in enhancing the ease of driving and bolstering on-road safety. Apart from these, the demand for high fuel economy is one of the major drivers for technology advances, which has resulted in the development of EPS. The growing need for improving driver safety, comfort, convenience, and fuel efficiency has brought about many developments in the automotive industry. In EPS, the motor is mounted on the rack and pinion type steering gear while torque is applied to the steering column, which assists the driver to turn the steering wheel. The power to assist the steering wheel is obtained from the steering motor and not from the engine that helps in improving the fuel efficiency of the vehicle. analysts have predicted that the automotive steering column market will register a CAGR of over 6% by 2023.
Increasing global automobile sales
Emerging economies such as Brazil, China, and India have been registering rising demand for passenger cars. This is due to the increasing purchasing power of consumers and significant economic growth.
Increasing penetration of steer-by-wire technology
The steer-by-Wire technology helps to remove the physical connection between the steering wheel and the steering system with the help of electricity connected motors. It also helps to change the direction of the wheels. The increasing popularity of the steer-by-wirete chnology in the automotive industry would be a challenge for the growth of the global automotive steering column market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the automotive steering column market during the 2019-2023, view our report.
The market appears to be fairly concentrated and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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