USD 31.04 billion
Automotive Steering System Market Size, Share, Growth Analysis, By Vehicle Type(Passenger cars, light commercial vehicles, heavy commercial vehicles), By Technology(Electronic Steering, Hydraulic steering, Manual Steering, Electric-hydraulic steering), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25D2010 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
64
|Figures:
73
Automotive Steering System Market Insights
Global Automotive Steering System Market size was valued at USD 31.04 billion in 2019 and is poised to grow from USD 32.44 billion in 2023 to USD 46.13 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2024-2031).
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.
US Automotive Steering System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
light commercial vehicle
Fastest Growth
light commercial vehicle
Growth Rate
4.5% CAGR
Global Automotive Steering System Market ($ Bn)
Country Share for North America Region (%)
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Automotive Steering System Market Segmental Analysis
The global automotive steering system market is segmented on the basis of vehicle type, technology, and region. Based on vehicle type, the automotive steering system market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on technology, the automotive steering system 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.
Automotive Steering System Market 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.
Automotive Steering System Market 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.
Global Automotive Steering System Market By Vehicle type
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Automotive Steering System Market Regional Insights
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.
Global Automotive Steering System Market By Region
- Largest
- Fastest
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Automotive Steering System Market Dynamics
Automotive Steering System Market Driver
- The adoption of strict pollution regulations all over the world is expected to raise the market for electric vehicles, which would lead to a rise in demand for automotive steering systems. The automotive steering system market is also being driven forward by an increasing customer trend toward enhanced drive aid systems in cars.
- Due to increased consumer disposable income, there is an increase in demand for automobiles, which is the key factor driving the market's expansion. The introduction of power steering systems in automobiles is another factor contributing to the expansion of this industry. The vehicle's strong steering system is to blame for its higher fuel economy. As a result, demand for steering systems rises along with the market for fuel-efficient cars. Additionally, buyers place high importance on their vehicles' ease of use and manoeuvrability.
- Over the anticipated period, it is anticipated that rising auto production in developing nations like China and India will enhance the global Automotive Steering System market. The automobile steering system market is expanding due to the easy availability of labor and raw materials at lower prices. As a result, the market for automotive steering systems is expected to increase rapidly. Vehicles' capacity for lightness and fuel efficiency is becoming more important in driving the market. Due to rising disposable income and a large population, the market is growing as a result of rising automotive sales.
Automotive Steering System Market Restraint
- Due to their increased domination over passenger automobiles and superior fuel economy, EPS systems. There is little doubt that the limited load-bearing capacity has contributed to a rise in demand for passenger cars and a drop in demand for commercial vehicles. The expansion of the car industry is anticipated to be hampered by the high cost of a power steering system. Additionally, the development of driverless vehicles and low prices could impede the expansion of the automobile industry.
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Automotive Steering System Market Competitive Landscape
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
- Robert Bosch GmbH
- JTEKT Corporation
- Nexteer Automotive Group Limited
- NSK Ltd.
- ThyssenKrupp AG
- ZF Friedrichshafen AG
- TRW Automotive
- China Automotive Systems Inc.
- Mitsubishi Electric Corporation
- Hyundai Mobis Co. Ltd.
- Mando Corporation
- Federal-Mogul Corporation
- NSK Ltd.
- NSK-RHP Europe Ltd.
- Showa Corporation
- China Automotive Systems Inc.
- Federal-Mogul Corporation
- Robert Bosch Automotive Steering GmbH
Automotive Steering System Market Recent Developments
- In January 2022, IMUZAK, a leading developer of molding technology-based products headquartered in Japan, unveiled a 3D floating display for automated vehicles at CES 2022. It can project visual driver notifications from behind the steering wheel. The novel technology utilizes a proprietary microlens system for producing free-standing notifications that notify drivers of several highway features, key distances, and oncoming challenges.
- In October 2021, Nexteer Automotive, an automotive parts supplier based in the U.S., launched its latest Modular Column-Assist EPS System (mCEPS) to broaden its Electric Power Steering (EPS) portfolio. The company aims to make drivers feel more connected to the road by introducing high-performance, custom-developed rotation and torque angle sensors for providing an accurate and smooth steering feel.
Automotive Steering System Key Market Trends
- One of the main factors influencing the industry is the rising demand for cars around the world. Power steering systems are also being used in more cars since they provide superior control over the vehicle. This in turn is accelerating the market's expansion. Additionally, efficient steering systems aid in boosting a vehicle's fuel efficiency. As a result, the market is expanding due to the increasing demand for fuel-efficient cars around the world. In addition, governments in a number of nations are putting fleet-level laws into place to cut down on vehicle carbon emissions. The market is expanding as a result of this, along with the rising demand for electric power steering (EPS) systems to enhance driving safety and convenience. Additionally, the industry is being positively impacted by the growing usage of sensors in car steering systems.
- The advanced driver assistance systems (ADAS) and electronic control units (ECU) in cars are expanding, and these are all factors that encourage growth. Drive-by-wire technology is also being introduced by major market participants to do away with mechanical linkages and lighten the weight of the vehicle, which is anticipated to support the industry's growth.
Automotive Steering System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 31.04 billion |
| Market size value in 2031 | USD 46.13 billion |
| Growth Rate | 4.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Steering System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Steering System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Steering System 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 Automotive Steering System 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Steering System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Steering System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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