Introduction: Navigating the Future of Electric Power Steering Systems
The competitive situation of the electric power steering market is rapidly changing, due to technological advancements, regulatory changes, and a shift in the expectations of consumers regarding vehicle performance and the environment. The market is dominated by a few players, including the major car manufacturers, IT companies, and AI startups. They all strive to offer the best steering solutions by deploying the latest AI-based data analysis, IoT, and automation technologies. These players are focusing on the integration of green and biometrics systems to meet the requirements of stricter regulatory frameworks and the need for more individualized driving experiences. IT integrators are working to improve system interoperability, while new players are introducing agile and technology-driven solutions that challenge the status quo. The regional markets, especially in Asia-Pacific and North America, have significant growth potential. In the coming years, strategic deployments will increasingly favor collaborations that combine the best of these technologically differentiated solutions with a focus on regulatory and consumer trends.
Competitive Positioning
Full-Suite Integrators
These vendors provide comprehensive solutions encompassing various aspects of electric power steering systems.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| JTEKT Corporation |
Advanced steering technology expertise |
Electric power steering systems |
Global |
| Hyundai Mobis |
Strong automotive integration capabilities |
Integrated steering solutions |
Asia, Europe, North America |
| ZF Friedrichshafen AG |
Innovative engineering and R&D |
Steering and suspension systems |
Global |
| Robert Bosch GmbH |
Diverse automotive technology portfolio |
Electric steering systems |
Global |
Specialized Technology Vendors
These vendors focus on niche technologies within the electric power steering market, offering specialized solutions.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Nexteer Automotive |
Expertise in steering and driveline systems |
Electric power steering technology |
North America, Europe, Asia |
Infrastructure & Equipment Providers
These vendors supply essential components and infrastructure for electric power steering systems.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Showa Corporation |
Focus on high-performance steering components |
Steering systems and components |
Japan, Asia |
| Thyssenkrupp AG |
Strong engineering and manufacturing capabilities |
Automotive steering solutions |
Europe, North America |
Emerging Players & Regional Champions
- SteerTech (USA) specializes in advanced steering algorithms and software integration for electric power steering systems. It recently won a contract from a major automobile manufacturer for its next-generation EVs, challenging the established suppliers with its more flexible and adaptable steering systems.
- NEXSTEER (Germany) – a specialist in light-weight components for steering and energy-saving systems, recently supplying their technology to a popular European light car. They complement established suppliers with new materials that reduce the weight of the whole vehicle.
- The Apex Steering Solution from India is a manufacturer of cost-effective electric power steering systems for small and mid-size cars. It has recently entered into a strategic partnership with a local automobile company and has become the partner of choice for developing and enhancing the steering systems of these vehicles. Apex has thus carved out a niche for itself among the big established players, thanks to its focus on local market needs and its cost-effective products.
- E-power steering Co., Ltd. (China): It has developed an intelligent steering system and has entered into a cooperative relationship with a leading Chinese electric vehicle manufacturer, and it is challenging the traditional suppliers by combining the Internet of Things and vehicle performance.
Regional Trends: In 2024, there is a marked trend towards the use of electric power steering in the emerging markets, particularly in Asia and Europe, owing to the growing demand for electric vehicles and stricter exhaust regulations. Companies are now specializing in the use of lightweight materials and smart technology to enhance performance and efficiency, while at the same time focusing on cost-effective solutions to cater for the needs of local manufacturers.
Collaborations & M&A Movements
- Bosch and ZF Friedrichshafen entered a partnership to develop next-generation electric power steering systems aimed at enhancing vehicle safety and efficiency, thereby strengthening their competitive positioning in the automotive market.
- Toyota acquired a minority stake in a startup specializing in advanced electric power steering technologies to accelerate innovation and maintain leadership in the electric vehicle sector.
- Continental and Hyundai have entered into an agreement to combine their respective systems for electric power steering with the respective systems for navigating the vehicles in autonomous driving. The goal of this cooperation is to enhance the driving experience of the passengers and to gain a larger share of the growing market for self-driving vehicles.
Competitive Summary Table
| Capability | Leading Players | Remarks |
|---|
| Adaptive Steering Control |
Bosch, ZF Friedrichshafen |
The steering of a car can be improved by the implementation of sophisticated steering control programs by Bosch. ZF's steer-by-wire technology offers unique flexibility in vehicle design, as shown by the recent collaboration with a major manufacturer of electric vehicles. |
| Integration with Autonomous Systems |
Continental, Nexteer Automotive |
Continental’s EPS systems are designed to be easily integrated with the systems of the new-generation driverless cars. Similarly, Nexteer has developed a sturdy EPS system which also supports ADAS, thereby demonstrating its commitment to the future of mobility. |
| Energy Efficiency |
Mando Corporation, JTEKT Corporation |
Mando's EPS is famous for its low energy consumption, contributing to the vehicle's overall efficiency. Recent models have been made with lightweight materials that not only reduce the weight but also increase the efficiency. |
| Customization and Tuning |
Thyssenkrupp, Hitachi Astemo |
STEERS AND STEERING SYSTEMS THIESSENKRUPP has a range of steering systems that can be tailored to suit the manufacturer’s brand. Hitachi Astemo’s EPS systems offer variable settings for different driving conditions, and are especially popular in the luxury car segment. |
| Safety Features |
Aisin Seiki, Valeo |
Aisin Seiki has added fail-safe mechanisms to its EPS to ensure that the vehicle remains safe even when the system fails. Valeo’s EPS also has an advanced safety feature, automatic steering adjustment, which has been successfully introduced on several new models. |
Conclusion: Navigating the Electric Power Steering Landscape
Electric power steering in 2024 is characterized by intense competition and a high degree of fragmentation, with both established and new players vying for market share. Depending on the region, a greater emphasis on sustainable and advanced technology will be imposed on suppliers, who are responding with rapid innovations. The more established players are able to exploit their long-standing reputations and established distribution networks, while new entrants are relying on agility and cutting-edge skills such as artificial intelligence and automation. The key to success in the evolving market will be the ability to integrate sustainable practices and to offer flexible solutions. Strategically, suppliers must adapt to the changing market in order to gain a competitive advantage.
