Technavio's latest report on the global bus steering system marketprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global bus steering system market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global bus steering system market for 2017-2021 provides a detailed industry analysis based on the technology (power steering systems and manual steering systems) and geography (APAC, EMEA, and the Americas).
| Technological advances in the global bus industry, especially, developments in steering system technologies such as the integration of driver assistance systems and steer-by-wire steering systems will contribute to the growth of the market. Technavio analysts forecast the global bus steering system market is expected to reach 439.39 thousand units by 2021, growing at a CAGR of more than 5% over the forecast period. |
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The top three emerging trends driving the global bus steering system market according to Technavio automotive research analysts are:
- Increased adoption of electric power steering (EPS) in buses
- Increased popularity of steer-by-wire
- Enhanced bus steering system to reduce fuel consumption
Increased adoption of electric power steering (EPS) in buses
Vehicular steering systems have evolved from conventional hydraulic steering systems to the latest steer-by-wire, which have no mechanical linkages and are purely controlled by ECU. Recent advances to enhance the ease of driving, bolster on-road safety, and increase fuel economy has resulted in the development of EPS.
"Electric power steering uses a motor that helps push the steering rack when wheels turn, by using the energy generated by the engine. This aids in the reduction of vehicular emissions and achieve better fuel economy, leading to the widespread adoption of the system in modern vehiclessays Siddharth Jaiswal, a lead analyst at Technavio for automotive components research.
Increased popularity of steer-by-wire
Consumers and bus manufacturers are gradually shifting their focus toward efficient, safer, smarter, smaller, and lightweight steering systems, leading to the adoption of steer-by-wire systems. Rapid advances in technology and growing demand for safe driving are prompting bus steering system manufacturers to develop steer-by-wire technologies, which electronically steers the vehicle. The vehicles equipped with steer-by-wire technology provide improved performance at lower cost and helps improve the functionality of a vehicle.
Enhanced bus steering system to reduce fuel consumption
Currently, many buses are consciously shifting towards intelligent steering systems, which reduce the fuel consumption by a great extent. The introduction of electric-powered hydraulic power steering (EHPS), which gets powered by the demand-based actuation of electric power steering pump is the present rising trend in the market.
"Hydraulic pumps in single housing enables simple visual inspection of the fluid reservoir and its fill level, which reduces the length of the hydraulic pipes and decrease the frictional losses in the pipe. This trend of using intelligent steering systems for buses is expected to grow during the forecast periodsays Siddharth.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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