Automotive Steering System market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- November 20, 2021
- AUTOMOTIVE, NEWS
- Automotive Steering System market, Automotive Steering System market growth, Automotive Steering System market share, Automotive Steering System market size, Automotive Steering System market trends
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Automotive Steering System Market was valued at around US$ 24.8 billion in 2019. The market is expected to grow at a CAGR of around 5.0% during the forecast period 2021-2027. Increasing demand of vehicles owing to the overall increase in disposable income of consumers is the major factor driving the demand for steering system. Furthermore, growing adoption of power steering system in vehicles has also helped the market to grow at a reasonable rate. It is said that effective steering system or steering system in the ideal situation increases fuel efficiency of the vehicle, hence, with the overall increasing demand for fuel efficient vehicle is expected to further propel the growth of automotive steering system.
Increasing disposable income has improved lifestyle of individuals, the trend has increased the overall demand for personal passenger cars. To add on, automotive manufacturers around the world are focusing more on luxury passenger vehicles equipped with advanced features such as advanced driver assistance systems, advanced infotainment systems, enhanced body control and comfort, among others. Growing per capita income in China and India, paired with road network development increase would provide growth opportunity for automotive sales in the Asia-Pacific region paired with Significant demand for lightweight and fuel-efficient vehicles in the European region would provide ample growth opportunity for the companies operating in the market to cater to the increasing demand for personal vehicles.
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Based on Component, the Automotive Steering System Market is segmented into Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, Electric Motor. Based on Technology, the market is bifurcated into Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), Hydraulic power steering (HPS), Manual Steering. In 2020, Electric Power Steering (EPS) dominated the market and is expected to witness significant growth during the forecast period. Although hydraulics is considered ideal for amplified steering efforts for parking and moving the vehicles through heavy traffic, they tend to undermine both engine power and fuel economy. In such cases Electric automotive steering systems help to achieve high fuel efficiency.
Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle. Owing to high production volume the Passenger Vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Global all vehicle sales in 2020 accounted to 77.98 million, compared to 90.4 million sales in 2019. Based on Sales Channel, the market is segmented into Supplies to OEM, Aftermarket. Automotive Steering System is majorly supplied to the OEMs. European, Japanese, American, Korean, and Chinese car manufacturers dominated the global dominate the automobile industry.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. In 2020, Asia-Pacific dominated the market. Growing per capita income in China and India, paired with road network development increase would provide growth opportunity for automotive sales in the Asia-Pacific region. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally. Some of the major players operating in the market include 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., Mando Corporation etc.
Automotive Steering System Market Segmentation
Market Insight, by Component
- Hydraulic Pump
- Steering Column
- Steering Wheel Speed Sensor
- Electric Motor
Market Insight, by Technology
- Electric Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic power steering (HPS)
- Manual Steering
Market Insight, by Vehicle Type
- Passenger Vehicle
- Light commercial vehicle
- Heavy commercial vehicle
Market Insight, by Sales Channel
- Supplies to OEM
Market Insight, by Region
- North America Automotive Steering System Market
- Rest of North America
- Europe Automotive Steering System Market
- Rest of Europe
- Asia-Pacific Automotive Steering System Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Steering System Market
Top Company Profiles
- 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.
- Mando Corporation