The increasing vehicle fleet worldwide has fueled the demand growth of the automotive steering system market. Automakers are relying on next-gen automotive components to boost the overall capabilities of their vehicles. This scenario has translated into proliferating opportunities for the automotive steering system market players. Companies operating in the automotive steering system market are implementing key strategies to gain profitability associated with the robust demand for the automotive steering system.
Notable Progress Witnessed in the Supply Landscape
As the automotive steering system market creates steady demand, companies operating in the automotive steering system market are making headway with promising developments centered at the supply of automotive steering systems.
A leading supplier of braking control systems and other advanced technologies that enhance efficiency, safety, and connectivity of commercial vehicles, WABCO Holding Inc. recently announced that its subsidiary—R. H. Sheppard—a developer and manufacturer of steering systems for commercial vehicles recently entered into a long-term extension agreement with a world-leading OEM, valuing $180 million. The agreement was aimed at supplying power steering gears for the OEM’s truck brands in the US. Apart from this, WABCO had previously entered into a supply agreement with India’s Tata Motors as an initial milestone for delivering prominent steering solutions to international customers.
A globally recognized provider of braking systems and a supplier of other commercial vehicle subsystems, Knorr-Bremse completed the acquisition of the commercial vehicle steering business of Hitachi Automotive Systems, Ltd. in Japan. Officials believe that the acquisition of the commercial vehicle steering domain from Hitachi Automotive would expand Knorr-Bremse’s portfolio of the automotive steering system. Moreover, it would improve the latter’s future potential as a supplier for driver assistance and highly automated driving solutions worldwide. With this move, Knorr-Bremse laid the foundation of becoming a global supplier of CVS steering systems for TOS (torque overlay steering) and RCB (recirculating ball).
Innovations Focused on Futuristic Mobility
It comes as no surprise that electric mobility is the future of the automotive sector. Electric mobility is, therefore, a considerable avenue for the automotive steering market players, so much so that certain innovations in the automotive steering market are centered at the electric vehicle segment.
Against the increasing vehicle automation and electrification worldwide. Schaeffler, an automotive supplier together with several project partners is working towards developing prototypes and concepts for novel steering systems. OmniSteer group project which is a part of the SHARE (Schaeffler Hub for Automotive Research in E-Mobility) research cooperation that received a 1.9 million euro subsidy from the German Federal Ministry of Education and Research is set to complete successfully. This project has generated valued knowledge for the company, which would be used for developing products for automated driving.
Bosch, a prominent player in the automotive steering system market recently announced that the Nikola trucks would feature key products designed by Bosch, which include Perfectly Keyless, Servotwin Steering System, and mirror cam system. Bosch’s steering system would enable driver assistance systems to enhance driving comfort and improve safety.
Key developments, details pertaining to new launches, and other strategies implemented by prominent automotive steering system market players are encompassed in a detailed market study. Readers can avail key market insights by clicking here.