Region: Global | Published Date: August, 2022 | Pages: 165
The global automotive steering system market was valued at USD 30.98 billion in 2021, and it is expected to reach a value of USD 42.1 billion by 2028, at a CAGR of 4.9% over the forecast period (2022–2028).
The global automotive steering system market is primarily driven by the increase in demand for automobiles on a global scale. Market companies are concentrating on raising the number of fuel-efficient cars being produced for easy mobility. The expansion of businesses engaged in the worldwide automobile steering systems market has been fueled by this. A vehicle's steering system is a crucial component because it provides the vehicle with direction, aids in avoiding obstructions, and facilitates turning. Due to the increasing demand for vehicles around the world, manufacturers in the global automotive steering system market may have growth prospects in the years to come. It is anticipated that the integration of electric power steering systems in automobiles would expand as comfort driving vehicles gain popularity around the world. To increase sales, major players in the automotive steering system market are concentrating on enhancing and diversifying their product offerings. Companies in the global automotive steering system market are working harder to take advantage of competitive advantages. The global market is strengthened by governments' escalating investments in cutting-edge steering system technology. Another significant element driving the expansion of the global market is the rising sales of electric vehicles across the globe.
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The global automotive steering system market is segmented on the basis of vehicle type, technology, and region. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on technology, the market is segmented into electronic steering, hydraulic steering, manual steering, and electric-hydraulic steering. Based on region, the global automotive steering market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Vehicle Type
Due to rising sales and production in Asia Pacific developing nations, the passenger car category is anticipated to dominate the market during the upcoming period. This market sector is projected to increase as a result of the increasing use of electric power steering systems in passenger cars. The industry is predicted to experience fantastic growth in the category of light commercial vehicles as well. Light commercial vehicles are where the hydraulic power steering system is most frequently found. The expansion of this market segment is also projected to be fueled by the rising need for logistics services for commercial activities. Due to lower commercial vehicle production and sales volume compared to passenger cars, the heavy commercial vehicle category is anticipated to experience consistent market expansion in the near future.
Analysis by Technology
Due to the rising use of electric power steering by automakers across all vehicle types, the electric power steering category is expected to dominate the market over the forecast period. This market category is expected to rise due to developments in electric power steering and steer-by-wire technology. Due to its widespread use in commercial vehicles, the hydraulic power steering category is anticipated to experience strong market expansion throughout the projection period. Due to its low load-bearing capability, the electric power steering does not function in commercial cars. Additionally, road shocks can be absorbed with hydraulic power steering. Due to its leaking, lack of durability, and vibration characteristics, the manual steering category is predicted to experience stable market expansion. The vehicle's steering wheel needs to be turned with a lot of human effort. During the anticipated period, the automotive steering market is anticipated to witness significant expansion in the electro-hydraulic power steering sector. Compared to traditional hydraulic power steering, it offers greater handling that is smooth. Utilizing electric power rather than engine-drawn power increases fuel efficiency as well.
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The region having the largest market share was North America. North America has the largest market share in the global automotive steering system market as a result of the significant presence of key industry players in the region. The automotive steering system market is expanding significantly due to North America's robust economic growth. North American enterprises can benefit from lucrative growth opportunities by focusing on expanding their market share through alliances, mergers, and acquisitions. The automotive steering system market in North America is being propelled by rising consumer spending power. A rise in vehicle production across all of North America is also having an impact on the automobile steering system market. The market is anticipated to expand in the Asia-Pacific during the forecasted period. The region's significant market growth is attributed to a number of factors, including a large capacity growth in both China and India, the presence of major market players investing heavily in electric mobility services, and the accessibility of cost-competitive labor and raw materials required for the production of automotive steering systems. Due to the implementation of tight regulations to minimize carbon emissions, automakers in countries like China and India are creating efficient vehicles. Vehicle steering systems are becoming more and more popular as a result.
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The global automotive steering system market is relatively fragmented, with a high level of competition. Few large players, like Amalgam Enterprises, Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Top Players in the Global Automotive Steering System Market
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According to our analysis, due to the increasing demand for vehicles around the world, manufacturers in the global automotive steering system market may have growth prospects in the years to come. It is anticipated that the integration of electric power steering systems in automobiles would expand as comfort driving vehicles gain popularity around the world. To increase sales, major players in the automotive steering system market are concentrating on enhancing and diversifying their product offerings. Companies in the global automotive steering system market are working harder to take advantage of competitive advantages. The global market is strengthened by governments' escalating investments in cutting-edge steering system technology. Another significant element boosting market expansion is the increasing sales of electric automobiles across the globe. The industry's main worry is the enormous sum of money needed for steering system research and development, which significantly raises the cost of an automobile steering system.
|Market size value in 2021||USD 30.98 billion|
|Market size value in 2028||USD 42.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automotive Steering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Steering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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