Automotive Steering System Market (By Product Type: Electronic Power Steering, Hydraulic Power Steering, Electro Hydraulic Power Steering; By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global automotive steering system market is anticipated to grow at a CAGR of around 5.6% during the forecast period 2020 to 2027 and to reach around US$ 49.7 Bn by 2027.
Market Dynamics
High passenger vehicle sale in emerging economies and rising demand for technologically advanced steering system for better vehicle control is a major factor expected to drive the growth of global market. Consumers demand for electric steering system instead of manual system is gaining attraction. With the rising fuel efficiency approach manufacturers are deploying advanced steering system in passenger vehicles which also aid in providing better driving experience.
Players approach towards business expansion in order to enhance the revenue share is another factor expected to augment the growth of target market.
- In 2019, KNORR-BREMSE a global market leader for braking systems and other components acquired commercial vehicle steering business of Hitachi Automotive Systems, LTD. This is expected to help the company to expand the business presence and enhance the profit ration.
- In 2020, KNORR-BREMSE acquired R.H. SHEPPARD CO., INC. a leading manufacturer of heavy vehicle steering gears and related products. This is expected to help the company to strengthen its position in US and expand its customer base.
- In 2015, Bosch Group acquired ZF Friedrichshafen AG a leading manufacturer of modern, fuel-saving electric steering systems. This is expected to help the company to expand its customer base and increase the profit ratio.
- In 2019, Nexteer Automotive, a global leader in intuitive motion control introduced in joint venture with Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd., started a mass production of Single Pinion Assist Electric Power Steering (SPEPS) systems.
In addition, high spending by major players for R&D activities along with new product offerings is another major factor expected to support the growth of target market.
- In 2019 ZF Group a major component supplier launched its new automatic transmission soon will become available in North America. The driver-assist technology by the company ZF’s ReAx steering system provides automatic steering corrections to nudge the truck back into its lane when it starts to drift, and also uses vibration at the steering wheel to warn drivers when they start to move into a lane occupied by another vehicle. This is expected to strengthen its position in North America.
However, factor such as high cost of power steering is expected to hamper the growth of global automotive steering system market. In addition, challenge on the load-bearing capacity of the EPS systems is another factor expected to limit the growth of target market.
Rapid technological advancements in steering technology and rising automotive sale are factors expected to create new opportunities for players operating in the global market over the forecast period.
Automotive Steering System Market Segment Analysis, 2019
The global automotive steering system market further segmented in to product type and vehicle type. The product type segment is further bifurcated in to electronic power steering, hydraulic power steering, and electro hydraulic power steering. Among vehicle type the passenger vehicle segment is expected to account for significant revenue share in the global market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to rising demand for luxury vehicles with better driving experience. In addition, presence of major players operating in the country, coupled with introduction of innovative product in order to attract new customers is another factor expected to further support the growth of target market.
Asia Pacific is expected to witness faster growth in the near future owing to high passenger vehicle sale in developing countries. In addition, increasing spending capacity, favorable business policies is resulting in emergence of small and mid-size enterprises with innovative solutions this is expected to further support the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Automotive Steering System Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product Type, Vehicle Type and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Automotive Steering System Market (Product Type: Electronic Power Steering, Hydraulic Power Steering, and Electro Hydraulic Power Steering; Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global automotive steering system market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global automotive steering system market segment by product type, vehicle type and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global automotive steering system market size and segment markets by product type, vehicle type and geography along with the information on companies operating in the market. The automotive steering system market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd.
Market Segmentation
Market By Product Type
- Electronic Power Steering
- Hydraulic Power Steering
- Electro Hydraulic Power Steering
Market By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Which factor expected to drive the growth of automotive steering system market?
High passenger vehicle sale in emerging economies and rising demand for technologically advanced steering system for better vehicle control is a major factor expected to drive the growth of global market.
What will be the market value of automotive steering system in 2027?
The automotive steering system market value is anticipated to be worth around US$ 49.7 Bn in 2027.
What will be the growth rate of automotive steering system market?
The automotive steering system market is anticipated to grow around 5.6% CAGR amid the forecast period 2020-2027.
Who are the key players in the market?
The key players operating in automotive steering system market such as JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd.
Which region is projected to be the fastest growing region in the global automotive steering system market?
Asia Pacific is projected to be the fastest growing region in the global automotive steering system market.
Which insight provides on the automotive steering system market?
The report provides insights on global automotive steering system market segment by product type, vehicle type, and major geographic regions.
Which regions are included in the automotive steering system market study?
The automotive steering system market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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