Electric Power Steering System Market Trends

Introduction

By the time we reach 2024, the market for electric power steering systems is expected to have undergone a significant change, which will be driven by a combination of macroeconomic factors. Technological developments, in particular automation and the integration of electric drive systems, will reshape steering systems to optimize vehicle performance and safety. Regulations to reduce emissions and improve fuel economy are also driving manufacturers to develop new, more sustainable products. In addition, changes in consumer behavior towards a greater emphasis on driver assistance systems and connected vehicles are influencing product development and market dynamics. These are all key trends for industry players, as they not only affect their own competitive strategies but also align with the wider industry trends of increased vehicle performance and improved driver experience.

Top Trends

1. Increased Adoption of Advanced Driver Assistance Systems (ADAS)
   In the electric power steering systems, the integration of ADAS is increasingly being driven by regulations in the EU and other countries, which require more and more advanced safety features. For example, JTEKT has developed an EPS system that has been improved with lane-keeping assistance. This will improve the safety of vehicles, which will affect consumers' purchase decisions and increase the demand for EPS.
2. Focus on Energy Efficiency and Sustainability
   EPS is a system of materials that are being developed in order to comply with the international requirements of sustainable development. Energy-saving EPS solutions from Hyundai Mobis have been proven to reduce energy consumption by up to 30 percent. This shift in development strategy not only meets the regulatory requirements but also makes it possible to attract the attention of environmentally conscious consumers.
3. Integration with Electric and Hybrid Vehicles
   The market for electric and hybrid vehicles is expanding, and EPS is being developed to meet their special requirements. The precise steering of electric vehicles is in demand, and the demand for EPS in electric vehicles is rising. This trend will lead to innovation in EPS technology, which will further enhance the performance and comfort of future vehicle models.
4. Enhanced Connectivity and Smart Features
   The trend towards smart vehicles is pushing EPS to include a greater number of features. ZF Friedrichshafen AG is developing EPS systems which communicate with other vehicle systems to optimize performance. This will lead to better performance and a more integrated vehicle.
5. Customization and Modular Design
   The demand for EPS systems with the capacity to be adapted to the different types of vehicles and the preferences of the consumers is growing. Nexteer Automotive has introduced a new generation of EPS systems that can be adapted to various applications. The trend towards adaptability is a way to optimize production and reduce costs while meeting the needs of the market.
6. Regulatory Compliance and Safety Standards
   Governments are more and more imposing strict safety regulations on EPS design and operation. In the United States, for example, the National Highway Traffic Safety Administration (NHTSA) has set new guidelines for steering systems. These regulations affect the choices that vehicle manufacturers make and may increase the operating costs in the short term.
7. Advancements in Sensor Technology
   The EPS is a system that has the function of guiding a vehicle. Its steering is precise and responsive. Showa's EPS is a world-class system that uses a number of sensors to obtain precise data and to control the vehicle's movement. The new EPS will enhance driving comfort and will influence the market.
8. Collaboration with Tech Companies
   There are more and more cooperation between car makers and IT companies to develop EPS. Robert Bosch, for example, works with the software industry to integrate EPS with artificial intelligence. This trend is likely to speed up the development of EPS, leading to solutions that adapt to driving conditions and driver behavior.
9. Cost Reduction through Automation
   The automation of the production process is becoming increasingly important to reduce the costs of the EPS systems. In the case of the Thyssen-Krupp AG, for example, a fully automatic assembly line was used which reduced the assembly time by 20 per cent. This not only increases the profitability of the enterprise, but also makes it possible to price competitively in the price-sensitive market.
10. Focus on User Experience and Ergonomics
    The EPS design has been focused on a new approach to the esthetic experience, with an emphasis on ease of use and ergonomics. The Hyundai Mobis EPS design is based on the results of a comprehensive survey of the users of the EPS, based on the esthetic experience. This approach is expected to have a significant impact on the future of the automobile industry in terms of customer satisfaction and loyalty.

Conclusion: Navigating the Electric Power Steering Landscape

The market for electric power steering in 2024 will be characterized by a high degree of competition and a large degree of fragmentation, with both old and new players fighting for market share. The regional trends are characterized by an increasing focus on the environment and on new technology, which will force suppliers to develop quickly. The established players use their established reputation and integrate artificial intelligence and automation to strengthen their position, while the new players are focusing on flexibility and new solutions to disrupt the established order. The market is evolving and the suppliers' competences in artificial intelligence, automation, environmentalism and flexibility are becoming more and more important for the leadership, and therefore all suppliers are forced to review their strategic positions and investment priorities in order to remain competitive in this dynamic environment.