Electric Steering System Companies

Electric Steering System Market Competitive Landscape

The competitive environment of the Global Electric Steering System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.

Top Player’s Company Profiles

Robert Bosch GmbH (Germany)

JTEKT Corporation (Japan)

Nexteer Automotive (US)

ZF Friedrichshafen AG (Germany)

NSK Ltd. (Japan)

Denso Corporation (Japan)

Valeo S.A. (France)

Continental AG (Germany)

Infineon Technologies AG (Germany)

Honeywell International Inc. (US)

HELLA GmbH & Co. KGaA (Germany)

Sensata Technologies, Inc. (US)

TT Electronics Plc (UK)

NXP Semiconductors N.V. (Netherlands)

Mando Corp. (South Korea)

Hyundai Mobis (South Korea)

Magna International Inc. (Canada)

Aisin Seiki Co., Ltd. (Japan)

Thyssenkrupp AG (Germany)

TRW Automotive (US)

FAQs

Electric Steering System Market size was valued at USD 26.19 Billion in 2022 and is poised to grow from USD 27.7 Billion in 2023 to USD 43.32 Billion by 2031, growing at a CAGR of 5.75% in the forecast period (2024-2031).

The competitive environment of the Electric Steering System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Robert Bosch GmbH (Germany)', 'JTEKT Corporation (Japan)', 'Nexteer Automotive (US)', 'ZF Friedrichshafen AG (Germany)', 'NSK Ltd. (Japan)', 'Denso Corporation (Japan)', 'Valeo S.A. (France)', 'Continental AG (Germany)', 'Infineon Technologies AG (Germany)', 'Honeywell International Inc. (US)', 'HELLA GmbH & Co. KGaA (Germany)', 'Sensata Technologies, Inc. (US)', 'TT Electronics Plc (UK)', 'NXP Semiconductors N.V. (Netherlands)', 'Mando Corp. (South Korea)', 'Hyundai Mobis (South Korea)', 'Magna International Inc. (Canada)', 'Aisin Seiki Co., Ltd. (Japan)', 'Thyssenkrupp AG (Germany)', 'TRW Automotive (US)'

The integration of Advanced Driver Force Assistance Structures (ADAS) with EPS, enforces the safety function of road maintenance and parking assistance strengthen their own establishment. The company is witnessing a shift towards using cables through the steering wheel, moving away from touch devices between the steering wheel and wheels, largely due to the flexibility and customizability of the vehicle system.

Improvements in Power-power Steering: Improvement in electrification is driving the market CAGR for electric steering. EPS systems are more energy efficient, provide better information to drivers, and are more efficient, improving control and safety. In addition, EPS systems require less maintenance, reducing customer costs over the life of the vehicle. As a result, the demand for EPS systems is expected to increase, especially in emerging markets such as Japan, China and India where demand for affordable and fuel-efficient vehicles is on the rise. In addition, Steer-by-wire (SBW) systems, which are gaining widespread adoption, are electric steering that eliminate the connection between the steering wheel and the wheels of the vehicle and instead the SBW system uses electronic signals to control the steering so, and is more automotive gains flexibility, reduces weight and complexity. The SBW system also offers advanced safety features such as automatic collision avoidance and mechanically adjustable left- and right-hand control.

Asia Pacific has every potential to dominate the electric steering system market. The region is a major hub for automobile manufacturing, with major players from countries such as China, Japan and South Korea. The massive expansion of automotive production contributes to the high demand for EPS systems. The Asia Pacific region in the market is expected to dominate the market from 2024 to 2031. Increasing disposable income, rapid urbanization and growing purchasing power drive the demand for electric steering systems of this region in addition to vehicle weight reduction, Focusing on increasing fuel efficiency and complying with stringent emissions regulations for carmakers with Asia has increasingly adopted electric steering system Furthermore, China had the largest market share in the electric steering market and Indian electric steering was an important growing market in Asia Pacific.

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Electric Steering System Market Competitive Landscape

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