September 2023: Titan has announced the launch of an innovative electric steering system suitable for everything from commercial vehicles to hypercars for specialized low-volume vehicle makers. The high-tech steer-by-wire system is the outcome of research and development at the company's Cambridgeshire, UK location. Titan, which began manufacturing race vehicles in the 1960s, claims that the new technology was planned, established, and manufactured entirely in-house, with the business holding much of the intellectual property essential.
April 2023: Nexteer Automotive has unveiled its Modular rack-assisted electric Power Steering (mREPS) system, enhancing the company's low-cost, modular EPS options. Nexteer's mREPS delivers the versatility needed to suit OEMs' diverse requirements for improved steering systems in heavier cars such as EVs and light commercial vehicles. The mREPS from Nexteer also has a full-cylindrical integrated powerpack that delivers superior safety and dependability in small packaging for SAE ADAS Levels 3 to 5.
Increasing adoption of electric steering systems and rising demand for vehicle safety are the major factors driving the market growth.
The market size of smart automotive steering system is anticipated to attain a CAGR of around 5% over the forecast period, i.e., 2024-2036.
The major players in the market are Titan, Nexteer Automotive Group Limited, Schaeffler AG, Singular XYZ, NSL Ltd., Hyundai Mobis Co., Ltd, Magna International, Robert Bosch GmbH, Continent AG, HELLA GmbH & Co., KgaA.
The RADAR segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.
The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.