Acumen research and consulting estimates that the global steering market is anticipated to reach market size of around US$ 48,000 Mn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027. The market report on automotive steering systems includes the increasing demand worldwide for advanced steering systems, the latest product innovations for the steering system, market shares of different steering systems in passenger cars and commercial vehicles and the competitive market environment of players.
Market Insights
The rising demand is expected to fuel growth in the global steering market during the prevision period for steering systems in order to regulate the course of the vehicle. In addition, the through acceptance, by advanced vehicle steering system systems, of steering-by?wire (SBW), electronic power steering (EPS), and rear-axle steering or full-wheel-steering (AWS) innovations. This is among the most significant factors that the global market is expected to grow. In addition, increased awareness and adherence to fuel-efficiency standards contribute to the strong adoption of heavy duty electronic assisted steering systems. It is primarily because of the lower volume, which is supposed to drive future demand growth in turn. This adoption is due. However, the expense and reliability of smart steering systems are projected to decline to some degree with a high maintenance and complicated balance. Moreover, some other challenging factors are expected to halt the potential market in future with high costs associated with the assisted power steering and the limitation on load-bearing capacity of electric power steering systems.
High cost associated with power steering system
The power steering system is widely used in various types for passenger cars, light-duty and heavy-duty vehicles. Based on the mechanism used in the car in contrast to the manual steering system, the steering system has both an electric engine and hydraulic piston. These components are more costly and raise the steering system size. The increase in vehicle sales is caused by the high cost of the steering system. Therefore, the growth of the demand for power steers is likely to be hampered by the high cost associated with power steering.
Adoption of power steering system
By manual control mechanisms using mechanical connections such as racks and pinions, the automotive sector has explored to a power management system. There are restrictions in the manual steering system with regard to mobility and vehicle fuel efficiency. Yet hydraulics and electronic modules are available on the power steering system that help driving and increase the performance of the vehicle at the same time. The power steering mechanism is now generally known globally. The increase in the use of power-assisted steering means that a steering system demand in the automotive industry is increased.
Global production of vehicles has had a positive impact on the automotive control system market, particularly in the Asia Pacific region. The market for automotive control is totally dependent on the automotive sector. The increase or decrease in automotive demand has a direct impact on the market for automotive steering systems. One of the major drivers of automotive steering, along with the prevalence in recent times in steering systems, technological developments and consumer awareness, is the booming automotive industry. The growth of the automotive direction market therefore is expected to correlate with the auto market. Another major automotive steering system market area of North America. Presence of multiple producers in this region paves the way for research and development in the market of automotive control systems and the development of new technology. The developed auto industry in this area also offers a chance to experience substantial growth during the forecast for the automotive steering system market.
Key Players
Major players included in this report are JTEKT Corporation, China Automotive Systems Inc., Nexteer Automotive, Mando Corporation, Robert Bosch Automotive Steering GmbH, ThyssenKrupp Presta AG, Showa Corporation, NSK Ltd, Sona Koyo Steering Systems Ltd., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., and others.
The global steering market is segmented as below:
Market Segmentation
Steering Market By Component
Electric motor
Hydraulic Pump
Steering Column
Steering Wheel Speed Sensor
Steering Market By Technology
Manual
Hydraulic Power Steering (HPS)
Electro-Hydraulic Power Steering (EHPS)
Electronic Power Steering (EPS)
C-EPS
P-EPS
R-EPS
Steering Market By Vehicle Type
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle
Steering Market By Geography
North America
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 of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content:
CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Steering
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Steering Market By Component
1.2.2.1. Global Steering Market Revenue and Growth Rate Comparison By Component(2020-2027)
1.2.2.2. Global Steering Market Revenue Share By Component in 2019
1.2.2.3. Electric motor
1.2.2.4. Hydraulic Pump
1.2.2.5. Steering Column
1.2.2.6. Steering Wheel Speed Sensor
1.2.3. Steering Market By Technology
1.2.3.1. Global Steering Market Revenue and Growth Rate Comparison By Technology (2020-2027)
1.2.3.2. Global Steering Market Revenue Share By Technology in 2019
1.2.3.2.1. Manual
1.2.3.2.2. Hydraulic Power Steering (HPS)
1.2.3.2.3. Electro-Hydraulic Power Steering (EHPS)
1.2.3.2.4. Electronic Power Steering (EPS)
1.2.3.2.5. C-EPS
1.2.3.2.6. P-EPS
1.2.3.2.7. R-EPS
1.2.4. Steering Market By Vehicle Type
1.2.4.1. Global Steering Market Revenue and Growth Rate Comparison By Vehicle Type(2020-2027)
1.2.4.2. Global Steering Market Revenue Share By Vehicle Type in 2019
1.2.4.2.1. Passenger Car
1.2.4.2.2. Light Commercial Vehicle
1.2.4.2.3. Heavy Commercial Vehicle
1.2.5. Steering Market By Geography
1.2.5.1. Global Steering Market Revenue and Growth Rate Comparison by Geography (2020-2027)
1.2.5.2. North America Steering Market Revenue and Growth Rate(2020-2027)
1.2.5.3. Europe Steering Market Revenue and Growth Rate(2020-2027)
1.2.5.4. Asia-Pacific Steering Market Revenue and Growth Rate(2020-2027)
1.2.5.5. Latin America Steering Market Revenue and Growth Rate(2020-2027)
1.2.5.6. Middle East and Africa (MEA) Steering Market Revenue and Growth Rate(2020-2027)
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2019
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players
CHAPTER 3. MANUFACTURING Steering ANALYSIS
3.1. Capacity and Commercial Production Date of Global Steering Major Manufacturers in 2019
3.2. Manufacturing Plants Distribution of Global Steering Major Manufacturers in 2019
3.3. R&D Status and Manufacturing End-User of Global Steering Major Manufacturers in 2019
3.4. Raw Materials End-Users Analysis of Global Steering Major Manufacturers in 2019
CHAPTER 4. Steering MARKET By Component
4.1. Global Steering Revenue By Component
4.2. Electric motor
4.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.3. Hydraulic Pump
4.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.4. Steering Column
4.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.5. Steering Wheel Speed Sensor
4.5.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.5.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 5. Steering MARKET By Technology
5.1. Global Steering Revenue By Technology
5.2. Manual
5.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.3. Hydraulic Power Steering (HPS)
5.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.4. Electro-Hydraulic Power Steering (EHPS)
5.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.5. Electronic Power Steering (EPS)
5.5.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.5.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.6. C-EPS
5.6.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.6.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.7. P-EPS
5.7.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.7.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.8. R-EPS
5.8.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.8.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 6. Steering MARKET By Vehicle Type
6.1. Global Steering Revenue By Vehicle Type
6.2. Passenger Car
6.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
6.3. Light Commercial Vehicle
6.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
6.4. Heavy Commercial Vehicle
6.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 7. NORTH AMERICA Steering MARKET BY COUNTRY
7.1. North America Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
7.2. North America Steering Market Revenue Share Comparison, 2020 & 2027 (%)
7.3. U.S.
7.3.1. U.S. Steering Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
7.3.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
7.3.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
7.4. Canada
7.4.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
7.4.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
7.4.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 8. EUROPE SMART REFRIGERATOR MARKET BY COUNTRY
8.1. Europe Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
8.2. Europe Steering Market Revenue Share Comparison, 2020 & 2027 (%)
8.3. UK
8.3.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
8.3.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
8.3.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
8.4. Germany
8.4.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
8.4.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
8.4.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
8.5. France
8.5.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
8.5.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
8.5.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
8.6. Spain
8.6.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
8.6.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
8.6.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
8.7. Rest of Europe
8.7.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
8.7.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
8.7.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 9. ASIA-PACIFIC Steering MARKET BY COUNTRY
9.1. Asia-Pacific Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
9.2. Asia-Pacific Steering Market Revenue Share Comparison, 2020 & 2027 (%)
9.3. China
9.3.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.3.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.3.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.4. Japan
9.4.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.4.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.4.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.5. India
9.5.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.5.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.5.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.6. Australia
9.6.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.6.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.6.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.7. South Korea
9.7.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.7.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.7.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.8. Rest of Asia-Pacific
9.8.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
9.8.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
9.8.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 10. LATIN AMERICA Steering MARKET BY COUNTRY
10.1. Latin America Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
10.2. Latin America Steering Market Revenue Share Comparison, 2020 & 2027 (%)
10.3. Brazil
10.3.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
10.3.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
10.3.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.4. Mexico
10.4.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
10.4.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
10.4.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.5. Rest of Latin America
10.5.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
10.5.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
10.5.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 11. MIDDLE EAST & AFRICA Steering MARKET BY COUNTRY
11.1. Middle East & Africa Steering Market Revenue and Growth Rate, 2020 - 2027 ($Million)
11.2. Middle East & Africa Steering Market Revenue Share Comparison, 2020 & 2027 (%)
11.3. GCC
11.3.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
11.3.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
11.3.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
11.4. South Africa
11.4.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
11.4.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
11.4.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
11.5. Rest of Middle East & Africa
11.5.1. Market Revenue and Forecast By Component, 2020 - 2027 ($Million)
11.5.2. Market Revenue and Forecast By Technology, 2020 - 2027 ($Million)
11.5.3. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 12. COMPANY PROFILE
12.1. JTEKT Corporation
12.1.1. Company Snapshot
12.1.2. Overview
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. Key Developments
12.1.6. Strategies
12.2. China Automotive Systems Inc.
12.2.1. Company Snapshot
12.2.2. Overview
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. Key Developments
12.2.6. Strategies
12.3. Nexteer Automotive
12.3.1. Company Snapshot
12.3.2. Overview
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. Key Developments
12.3.6. Strategies
12.4. Mando Corporation
12.4.1. Company Snapshot
12.4.2. Overview
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. Key Developments
12.4.6. Strategies
12.5. Robert Bosch Automotive Steering GmbH
12.5.1. Company Snapshot
12.5.2. Overview
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. Key Developments
12.5.6. Strategies
12.6. ThyssenKrupp Presta AG
12.6.1. Company Snapshot
12.6.2. Overview
12.6.3. Financial Overview
12.6.4. Product Portfolio
12.6.5. Key Developments
12.6.6. StrategiesTorpedo Inc.
12.7. Showa Corporation
12.7.1. Company Snapshot
12.7.2. Overview
12.7.3. Financial Overview
12.7.4. Product Portfolio
12.7.5. Key Developments
12.7.6. Strategies
12.8. NSK Ltd
12.8.1. Company Snapshot
12.8.2. Overview
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. Key Developments
12.8.6. Strategies
12.9. Sona Koyo Steering Systems Ltd.
12.9.1. Company Snapshot
12.9.2. Overview
12.9.3. Financial Overview
12.9.4. Product Portfolioa
12.9.5. Key Developments
12.9.6. Strategies
12.10. Mitsubishi Electric Corporation
12.10.1. Company Snapshot
12.10.2. Overview
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. Key Developments
12.10.6. Strategies
12.11. Others
12.11.1. Company Snapshot
12.11.2. Overview
12.11.3. Financial Overview
12.11.4. Product Portfolio
12.11.5. Key Developments
12.11.6. Strategies
CHAPTER 13. RESEARCH APPROACH
13.1. Research Methodology
13.1.1. Initial Data Search
13.1.2. Secondary Research
13.1.3. Primary Research
13.2. Assumptions and Scope
