New Product Launches Accounted for A Significant Share 0f all the Growth Strategies Adopted by Companies in the Automotive Steering System Market
The global automotive steering system market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7%. The growth is primarily driven by increasing vehicle production around the globe. Moreover, Electric Power Steering (EPS) has penetrated the global steering market rapidly, and will likely become the predominant
New product launches accounted for a significant share of all the growth strategies adopted by companies in the automotive steering system market. For instance, Nexteer launched High-Output Electric Power Steering (EPS) that delivers advanced safety and comfort features as well as enhanced fuel efficiency for heavy-duty trucks and light commercial vehicles.
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The automotive steering system market is led by globally established players such as Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany). These companies adopted several strategies to gain traction in the growing automotive steering system market. For instance, Bosch India, a subsidiary of Robert Bosch GmbH, announced incorporating a new wholly-owned subsidiary company, Robert Bosch India Manufacturing and Technology Private Limited. This wholly-owned subsidiary company in India will carry out business in the field of automotive products for mobility solutions.
JTEKT Corporation (Japan) is another leading player in the automotive steering system market. The company invests in R&D activities. JTEKT believes in innovation and developing new products and, hence, has increased its R&D expenditure over the past years. It invested around 4.6% of its total revenue in R&D activities for the fiscal year 2019. High R&D investment resulted in the recent development of Rack Parallel type Electric Power Steering (RP-EPS), Dual Pinion type Electric Power Steering (DP-EPS), and Column type Electric Power Steering (C-EPS) systems.
Related Reports:
Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion Type (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE & Aftermarket), Vehicle Type and Region - Global Forecast to 2025
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