Introduction: Navigating the Future of Electric Steering: Competitive Dynamics and Strategic Insights
The electric steering market is experiencing unprecedented growth, driven by the speed with which the technology is adopted, the evolution of regulations, and the growing demand for safety and comfort in vehicles. A number of key players, including the original equipment manufacturers, system integrators, and AI start-ups, are using advanced technology such as machine learning, IoT, and automation to differentiate their offerings. The original equipment manufacturers are integrating smart steering solutions that enhance the customer experience, while IT system integrators are developing robust platforms that enable the sharing of data. Biometrics and green technology are enabling new players to attract consumers who are concerned about the environment. The prospects for 2024–2025 are mainly positive in Asia-Pacific and North America, where strategic deployment of electric steering systems is in line with local regulatory incentives and consumers’ demand for green vehicles. In this fast-moving market, a thorough understanding of the technological developments and the positioning of the players is essential to capture market opportunities.
Competitive Positioning
Full-Suite Integrators
These suppliers offer comprehensive electric steering solutions that combine different technical features to enhance vehicle performance.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| JTEKT Corporation |
Innovative steering technology |
Electric power steering systems |
Global |
| Robert Bosch GmbH |
Strong R&D capabilities |
Steering and control systems |
Global |
| ZF TRW Automotive Holdings Corp. |
Advanced safety features |
Electric steering and safety systems |
Global |
| Hyundai Mobis Co. Ltd. |
Integration with vehicle systems |
Electric steering and chassis systems |
Asia, Global |
Specialized Technology Vendors
They have specialized in a particular technology and have developed a specific product.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| Nexteer Automotive Group Limited |
Expertise in steering systems |
Electric power steering |
North America, Europe, Asia |
| Mando Corporation |
Innovative design and engineering |
Electric steering and braking systems |
Asia, Global |
| Showa Corporation |
Focus on performance and comfort |
Electric steering systems |
Asia, Global |
Infrastructure & Equipment Providers
These suppliers are the pillars of the electric steering industry, which also supports the whole of the automobile industry.
| Vendor | Competitive Edge | Solution Focus | Regional Focus |
|---|
| NSK Ltd. |
Precision engineering |
Steering components and systems |
Global |
| ThyssenKrupp Ag |
Diverse engineering solutions |
Automotive steering systems |
Global |
| China Automotive System |
Cost-effective solutions |
Steering systems and components |
China, Asia |
Emerging Players & Regional Champions
- STEERTECH (USA) - A specialist in steer-by-wire systems, a contract for the next generation of electric vehicles from a major manufacturer, a challenger to the established market players with more flexible solutions.
- German manufacturer of electric steering systems with built-in safety features. Recently introduced its technology in a popular European EV model, enhancing its safety and efficiency.
- E-Drive (South Korea): The company provides electric power steering systems that are able to perform real-time data analysis. The company has teamed up with a local automaker to develop smart steering solutions. It has positioned itself as a challenger to the established systems.
- GreenSteer (China) develops eco-friendly electric power steering systems for the fast-growing EV market. Its recent pilot project was with a Chinese EV start-up. GreenSteer is a sustainable alternative to established players.
Regional Trends: By 2023, the number of electric steering systems in Europe and North America has increased considerably. This is mainly due to the spread of electric vehicles and the stricter exhaust gas regulations. Asia-Pacific is emerging as a key region for innovations, especially in terms of integrating smart technology and sustainability into electric steering systems. There are also a growing number of suppliers who focus on the specialist field of steer-by-wire technology and on safety-related innovations, thus challenging the established car suppliers.
Collaborations & M&A Movements
- The new electric steering systems from Bosch and ZF are to increase the safety and efficiency of motor cars, and thus further improve their market position.
- Nexteer Automotive has acquired the electric steering division of a smaller competitor in order to extend its product range and to gain a larger share of the growing electric vehicle market.
- To develop electric power steering as a sustainable car solution, Toyota and Denso entered into a joint development agreement.
Competitive Summary Table
| Capability | Leading Players | Remarks |
|---|
| Precision Control |
Bosch, ZF Friedrichshafen |
The improved steering precision, in turn, increases the vehicle's agility. The superior responsiveness of ZF's steer-by-wire system has been demonstrated by the collaboration between ZF and a major manufacturer of electric vehicles. |
| Integration with Autonomous Systems |
Continental, Nexteer Automotive |
Continental’s electric power steering systems are designed to operate in harmony with the latest driverless technology, as demonstrated by Continental’s cooperation with several companies developing self-driving cars. Nexteer has developed a unique system architecture that can operate in both manual and self-driving modes. |
| Energy Efficiency |
Mando Corporation, Thyssenkrupp |
The electric power steering system of the Mando Company is designed to optimize the consumption of energy and to contribute to the overall vehicle efficiency. In its systems, ThyssenKrupp uses light materials, which reduce the energy loss during operation. |
| Customization and Adaptability |
JTEKT Corporation, Aisin Seiki |
The steering gears are available in different specifications to suit different car models, and thus enhance the driving experience. The Adaptive Steering System is able to adapt to various road conditions, and thus provides unique advantages in different road conditions. |
| Safety Features |
Denso, Valeo |
Electric steering systems, such as those made by Denso, are equipped with a variety of safety features, including a mechanism for avoiding collisions. Valeo’s systems also have safety features that increase their effectiveness in critical driving situations, as shown by the certification of these systems. |
Conclusion: Navigating the Electric Steering Landscape
The electric steering market in 2023 is characterised by high competition and substantial fragmentation. Both established and new players are competing for market share. The regional trends show an increasing focus on sustainability and advanced technology. This is pushing the suppliers to introduce new products. Competition is fierce, with the established players using their brand names and distribution networks to their advantage, while the newer players are concentrating on agility and advanced features such as artificial intelligence and automation. In the future, the ability to integrate flexibility and sustainability into the product portfolio will be the key to leadership. Suppliers must be able to act strategically to ensure that they can take advantage of this potential in a market that is increasingly characterised by technological development and by the consumers’ demand for sustainable solutions.
