PSS market players focus on parallel growth in technology and production
Steering system manufacturers focus on improved technology base and production expansion in low-cost regions through investments and M&As
Positive global automotive market conditions, alongside technology and regulatory changes are pushing developments in the global power steering sector. IHS Markit expects the global power steering systems (PSS) market to grow at a CAGR of 1.8% from 2016 to 2023, to reach a market size of more than USD26 billion by 2023. The change is more prominent in the dominant electronic power steering (EPS) market, with an expected rise of 3.8% (CAGR) for the forecast period. The growing demand for driving comfort from consumers, with additional movement in active safety measures, has created great potential in the global power steering market. In the recent past, the global PSS market has been marked with joint ventures and acquisitions, indicating further potential to grow. The majority of these ventures have come on the back of automakers’ needs to make their vehicles autonomous-ready.