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Automotive Steering System Market by Steering System Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System) and Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle and, Passenger Vehicle) - Global Opportunity Analysis and Industry Forecasts, 2014-2022

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AU_172317
Pages: 100
Jun 2017 | 3366 Views
 
Author's : Sheetanshu Upadhyay
Tables: 50
Charts: 20
 

Automotive Steering System Market Overview:

Automotive Steering System Market comprises hand-operated steering wheel, steering column, universal joints, and rack & pinion mechanism. It maneuvers and controls the direction of the vehicle. The steering system has evolved from manual steering to power assist steering. Moreover, effective steering system increases the fuel efficiency of the vehicle. The global automotive steering systems market size is expected to grow at a CAGR of 6.2% to reach $41,190 million by 2022.

The automotive steering system market is projected to hold potential growth opportunities in the future. The automobiles having power steering system are expected to witness high demand. The electric and hybrid electric vehicles with new technologies such as drive-by-wire are anticipated to increase the demand of steering systems during the forecast period. However, the high cost associated with power steering system could hamper the market growth.

Around 12% companies adopted merger & acquisition as one of their key strategies to strengthen their foothold in the market. For instance, Hitachi Automotive Systems Steering, Ltd. and Hitachi Automotive Systems Kyushu, Ltd., subsidiaries of Hitachi Automotive Systems, Ltd. underwent a merger on April 1, 2016.

Automotive Steering System Market Segment Review

Automotive Steering System Market Segment Review

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The steering system type segments, namely electronic power steering, hydraulic power steering, and electro-hydraulic power steering are covered under the scope of this report. The vehicle type segment includes heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Based on geography, it is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Global Automotive Steering System Market : Top Impacting Factors

GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET: TOP IMPACTING FACTORS

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Increase in Demand of Fuel Efficient Vehicle

The environmental and economic factors such as pollution control and cost effectiveness of vehicles, influence the consumers buying decision, and have proliferated the demand for fuel-efficient vehicles. The effective steering system increases the fuel efficiency of the vehicle by making the turn accurate and reducing the engine power loss while turning.

Growth in Automotive Market

The automotive market is anticipated to grow due to the surge in demand for vehicles, especially in the developing countries. Since, the steering system is a non-replaceable part in vehicles, the increase in the automotive sector is directly proportional to the growth of this market.

Cost of Power Steering System

The power steering system comprises steering column, universal joints, and hydraulic cylinder or electric motor, depending upon the type of the system. The components such as hydraulic cylinder and electric motor are costly and increase the effective price of the steering system. The high cost associated with power steering system limits the implementation of such systems in low-cost vehicles. Moreover, the increase in the cost of steering system increases the cost of the vehicle. Hence, this factor could restrain the market growth.

Advanced Technologies Such as Drive-by-Wire

Advanced technologies such as drive-by-wire steering system uses electrical cables to reduce the lag in steering system and increase its efficiency. Though, the system is not commonly installed in the vehicles, it is anticipated to be implemented in future.

Most of the companies operating in automotive steering system market have focused on product launch to satisfy the emerging market requirements and maintain competition. In-depth understanding of market needs, competition, and communication & promotional efforts are the key factors that determine the success of the new product in the market.

The key players profiled in the report are JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, ZF Friedrichshafen AG, Sona Koyo Steering Systems Ltd, and Hyundai Mobis Co. Ltd.

Key Benefits

  • The report provides an extensive analysis of the current and emerging automotive steering system market trends
  • It offers quantitative analysis, which assists in identifying the prevailing market opportunities
  • Comprehensive analysis of factors that drive and restrict the market growth are provided in the report
  • Competitive intelligence of leading players of automotive steering system helps understand the competitive scenario across geographies

Automotive Steering System Market Key Segments:

By Steering System Type

  • Hydraulic Power Steering
  • Electronic Power Steering
  • Electro-Hydraulic Power Steering System

By Vehicle Type

  • Heavy Commercial Vehicle
  • Light Commercial Vehicle
  • Passenger Vehicle

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

Chapter: 1 INTRODUCTION

1.1 Report Description
1.2 Key Benefits for Stakeholders
1.3 Key Market Segments:
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1 Market Snapshot
2.2 CXO perspective

Chapter: 3 MARKET OVERVIEW

3.1 Market definition and scope
3.2 Key Findings

3.2.1 Top impacting factor
3.2.2 Top winning strategies
3.2.3 Top investment pockets

3.3 Porter’s five forces analysis

3.3.1 Low bargaining power of suppliers due to large number of suppliers and low switching cost
3.3.2 Moderate bargaining power of buyer due to large number of buyers and huge purchase quantity
3.3.3 Low threat of substitutes due to non-availability of substitutes
3.3.4 Low threat of new entrants due to high entry barrier
3.3.5 High competition among rivalries due to large number of competitors & high exit barrier

3.4 Market share analysis, 2015
3.5 Drivers

3.5.1 Increasing demand of automotive
3.5.2 Adoption of power steering system
3.5.3 Increase in demand of fuel efficient vehicle
3.5.4 Consumer preference towards driving comfort

3.6 Restraints

3.6.1 High cost associated with power steering system

3.7 Opportunities

3.7.1 Introduction of Drive-by-wire

Chapter: 4 GLOBAL AUTOMOTIVE STEERING SYTSTEM MARKET, BY TYPE

4.1 Introduction
4.2 Electronic Power Steering

4.2.1 Key Market Trends
4.2.2 Key Growth Factors and Opportunities
4.2.3 Market Size and Forecast
4.2.4 North America Automotive Steering System Market for Electronic Power Steering, ($Million), Growth (%) 2014-2022
4.2.5 Europe Automotive Steering System Market for Electronic Power Steering, ($Million), Growth (%) 2014-2022
4.2.6 Asia-Pacific Automotive Steering System Market for Electronic Power Steering, ($Million), Growth (%) 2014-2022
4.2.7 LAMEA Automotive Steering System Market for Electronic Power Steering, ($Million), Growth (%) 2014-2022

4.3 Hydraulic Power Steering

4.3.1 Key Market Trends
4.3.2 Key Growth Factors and Opportunities
4.3.3 Market Size and Forecast
4.3.4 North America Automotive Steering System Market for Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.3.5 Europe Automotive Steering System Market for Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.3.6 Asia-Pacific Automotive Steering System Market for Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.3.7 LAMEA Automotive Steering System Market for Hydraulic Power Steering, ($Million), Growth (%) 2014-2022

4.4 Electro-Hydraulic Power Steering

4.4.1 Key Market Trends
4.4.2 Key Growth Factors and Opportunities
4.4.3 Market Size and Forecast
4.4.4 North America Automotive Steering System Market for Electro-Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.4.5 Europe Automotive Steering System Market for Electro-Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.4.6 Asia-Pacific Automotive Steering System Market for Electro-Hydraulic Power Steering, ($Million), Growth (%) 2014-2022
4.4.7 LAMEA Automotive Steering System Market for Electro-Hydraulic Power Steering, ($Million), Growth (%) 2014-2022

Chapter: 5 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE

5.1 Introduction
5.2 Heavy Commercial Vehicle

5.2.1 Key Market Trends
5.2.2 Key Growth Factors and Opportunities
5.2.3 Market Size and Forecast
5.2.4 North America Automotive Steering System Market for Heavy Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.2.5 Europe Automotive Steering System Market for Heavy Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.2.6 Asia-Pacific Automotive Steering System Market for Heavy Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.2.7 LAMEA Automotive Steering System Market for Heavy Commercial Vehicle, ($Million), Growth (%) 2014-2022

5.3 Light Commercial Vehicle

5.3.1 Key Market Trends
5.3.2 Key Growth Factors and Opportunities
5.3.3 Market Size and Forecast
5.3.4 North America Automotive Steering System Market for Light Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.3.5 Europe Automotive Steering System Market for Light Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.3.6 Asia-Pacific Automotive Steering System Market for Light Commercial Vehicle, ($Million), Growth (%) 2014-2022
5.3.7 LAMEA Automotive Steering System Market for Light Commercial Vehicle, ($Million), Growth (%) 2014-2022

5.4 Passenger Vehicles

5.4.1 Key Market Trends
5.4.2 Key Growth Factors and Opportunities
5.4.3 Market Size and Forecast
5.4.4 North America Automotive Steering System market for Passenger Vehicles, ($Million), Growth (%) 2014-2022
5.4.5 Europe Automotive Steering System market for Passenger Vehicles, ($Million), Growth (%) 2014-2022
5.4.6 Asia-Pacific Automotive Steering System market for Passenger Vehicles, ($Million), Growth (%) 2014-2022
5.4.7 LAMEA Automotive Steering System market for Passenger Vehicles, ($Million), Growth (%) 2014-2022

Chapter: 6 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET, BY GEOGRAPHY

6.1 Introduction
6.2 North America

6.2.1 Key Market Trends
6.2.2 Key Growth Factors and Opportunities
6.2.3 Market Size and Forecast
6.2.4 U.S. Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.2.5 Canada Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.2.6 Mexico Automotive Steering System Market, ($Million), Growth (%) 2014-2022

6.3 Europe

6.3.1 Key Market Trends
6.3.2 Key Growth Factors and Opportunities
6.3.3 Market Size and Forecast
6.3.4 Germany Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.3.5 UK Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.3.6 Italy Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.3.7 France Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.3.8 Rest of Europe Automotive Steering System Market, ($Million), Growth (%) 2014-2022

6.4 Asia-Pacific

6.4.1 Key Market Trends
6.4.2 Key Growth Factors and Opportunities
6.4.3 Market Size and Forecast
6.4.4 China Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.4.5 India Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.4.6 South Korea Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.4.7 Japan Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.4.8 Rest of Asia-Pacific Automotive Steering System Market, ($Million), Growth (%) 2014-2022

6.5 LAMEA

6.5.1 Key Market Trends
6.5.2 Key Growth Factors and Opportunities
6.5.3 Market Size and Forecast
6.5.4 Latin America Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.5.5 Middle East Automotive Steering System Market, ($Million), Growth (%) 2014-2022
6.5.6 Africa Automotive Steering System Market, ($Million), Growth (%) 2014-2022

List of Figures

FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES, 2014-2016
FIG. 3 TOP WINNING STRATEGIES (%), 2014-2016
FIG. 4 TOP INVESTMENT POCKETS
FIG. 5 PORTER’S FIVE FORCES ANALYSIS
FIG. 6 MARKET SHARE ANALYSIS OF GLOBAL AUTOMOTIVE STEERING SYETEM MARKET, TOP PLAYERS, 2015
FIG. 7 GLOBAL NUMBER OF PASSENGER VEHICLES SOLD (MILLION UNITS), 1990-2016
FIG. 8 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET REVENUE, BY TYPE (%), 2015
FIG. 9 AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, GROWTH (%) 2015-2022
FIG. 10 AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, GROWTH (%) 2015-2022
FIG. 11AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, GROWTH (%) 2015-2022
FIG. 12 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET REVENUE, BY VEHICLE TYPE (%), 2015
FIG. 13 AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, GROWTH (%) 2015-2022
FIG. 14 AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT COMMERCIAL VEHICLE, GROWTH (%) 2015-2022
FIG. 15 AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT PASSENGER VEHICLE, GROWTH (%) 2015-2022
FIG. 16 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET REVENUE, BY GEOGRAPHY (%), 2015
FIG. 17 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET GROWTH (%) 2015-2022
FIG. 18 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET GROWTH (%) 2015-2022
FIG. 19 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET GROWTH (%) 2015-2022
FIG. 20 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET GROWTH (%) 2015-2022

List of Tables

TABLE 1 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 2 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 3 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 4 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 5 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRONIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 6 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 7 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 8 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 9 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 10 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 11 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 12 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 13 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 14 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 15 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR ELECTRO-HYDRAULIC POWER STEERING, ($MILLION), GROWTH (%) 2014-2022
TABLE 16 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 17 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 18 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 19 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 20 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR HEAVY COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 21 GLOBAL AUTOMOTIVE STEERING SYSTEM FOR LIGHT COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 22 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 23 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 24 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 25 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR LIGHT COMMERCIAL VEHICLE, ($MILLION), GROWTH (%) 2014-2022
TABLE 26 GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FOR PASSENGER VEHICLES, ($MILLION), GROWTH (%) 2014-2022
TABLE 27 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET FOR PASSENGER VEHICLES, ($MILLION), GROWTH (%) 2014-2022
TABLE 28 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET FOR PASSENGER VEHICLES, ($MILLION), GROWTH (%) 2014-2022
TABLE 29 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET FOR PASSENGER VEHICLES, ($MILLION), GROWTH (%) 2014-2022
TABLE 30 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET FOR PASSENGER VEHICLES, ($MILLION), GROWTH (%) 2014-2022
TABLE 31 NORTH AMERICA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 32 U.S. AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 33 CANADA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 34 MEXICO AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 35 EUROPE AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 36 GERMANY AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 37 UK AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 38 ITALY AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 39 FRANCE AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 40 REST OF EUROPE AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 41 ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 42 CHINA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 43 INDIA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 44 SOUTH KOREA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 45 JAPAN AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 46 REST OF ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 47 LAMEA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 48 LATIN AMERICA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 49 MIDDLE EAST AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022
TABLE 50 AFRICA AUTOMOTIVE STEERING SYSTEM MARKET, ($MILLION), GROWTH (%) 2014-2022

 

The automotive steering system market offers significant growth opportunities in the upcoming years. The electric and hybrid electric vehicles with new technologies such as drive-by-wire are anticipated to increase the demand for automotive steering systems during the forecast period. High cost associated with power steering system could hamper the market growth and restrict the usage of technologies such as drive-by-wire in luxury and high-end vehicles. However, in the coming years technological advancement is expected to abate the cost of electronic control systems.

Presently, passenger vehicles exhibit highest penetration of Automotive Steering Systems. However, commercial vehicles used in transportation and mining & construction industries have emerged to be other potential users of automotive steering systems. Key players operating in this market have focused towards the development of steering systems with improved efficiency and user experience to strengthen their foothold in the market. For instance, in 2014, Nissan, the leading automobile manufacturer launched luxury car “Infiniti Q50”, which operates through steer-by-wire technology. Similarly, in February 2016, NSK Ltd (Japan) developed the world's lightest column-type electronic power steering (EPS) designed to manage the fuel efficiency in automobiles.

 

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