The Automotive Steering Systems Market Size was valued at USD 31.51 billion in 2022 and is expected to reach USD 46.20 billion by 2030 and grow at a CAGR of 4.9% over the forecast period 2023-2030.
Steering is the process of rotating a vehicle around its vertical axis using a network of linkages, rods, pivots, and gears to direct it along a predetermined path. Car steering systems are in high demand due to the rapid growth of the automotive industry. Furthermore, rising per capita income, successful vehicle advertising, and other factors are all contributing to the industry's expansion.
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Automobile manufacturers in the aforementioned regions have been required to integrate the EPS system in their vehicle models due to fuel efficiency and emission restrictions in these regions. Increased eco-friendly measures in Asia Pacific are likely to play a key influence in the region's EPS system adoption. A significant price reduction is driving installation in a number of automobiles produced in poorer countries.
KEY DRIVERS:
The desire of the middle class to own an automobile, as well as successful corporate marketing, contribute to the market's growth
The industry is expanding due to an increase in automobile loans due to low borrowing prices, which results in increased vehicle sales
Demand for fuel-efficient vehicles with effective steering systems is increasing
An increase in global vehicle manufacturer mergers and acquisitions for the creation of high-quality products
RESTRAINTS:
The initial expense as well as the launch of fully autonomous vehicles are significant market barriers for the business
EPS systems have a limited load-bearing capacity
OPPORTUNITIES:
Electric vehicles are zero-emission automobiles that are commonly regarded as the mode of transportation of the future
Governments have been focusing on the development and deployment of electric vehicles (EVs)
The rapid rise of the electric vehicle sector will present significant opportunities for the automotive steering system market
CHALLENGES:
Accidents can occur if EPS system sub-components fail, especially at low speeds
Price of an automotive steering system is a key cause of concern for the industry
The proliferation of COVID-19 has had a considerable influence on the automotive steering system industry, resulting in the closure of several manufacturing factories throughout the world. As a result of the outbreak, the automobile industry suffered significant financial losses all around the world. It also required the suspension of production of numerous components and natural resources, resulting in an increase in the cost of automotive steering systems.
The vehicle steering system sector, on the other hand, is gaining ground as lockout constraints are increasingly eased. Innovative industry experts have begun scouring the globe for new uses for car steering systems, which are becoming more common.
By Technology:
Electrically assisted hydraulic power steering (EHPS)
Hydraulic power steering (HPS)
By Component:
Hydraulic Pump
Electric Motor
Steering Column
Steering Wheel Speed Sensor
By Type:
Column-EPS (C-EPS)
Rack-EPS (R-EPS)
Pinion-EPS (P-EPS)
By Vehicle Type:
Passenger car (PC)
Heavy commercial vehicle (HCV)
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The global automotive steering system market is classified into North America, Europe, Asia Pacific, and the rest of the world, according to the research. During the assessment process, however, the North American market for car steering systems is likely to be highly tempting. The massive increase in the market can be linked to the United States' high percentage of automobile ownership and per capita income, as well as the fact that cars are a way of life for many Americans. Furthermore, the presence of well-known manufacturers and providers of components and services propels the automobile steering systems business in North America.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Major players such as Nexteer Automobile Group Limited (US), JTEKT Corporation (Japan), NSK Ltd. (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering System Ltd. (India), TRW Automotive Holdings (US), Thyssenkrupp Presta (US), China Automotive System Inc. (China) and Robert Bosch GmbH dominate the global automotive steering system industry. To acquire momentum in the growing market, these companies used a variety of techniques.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 31.51 Billion |
| Market Size by 2030 | US$ 46.20 Billion |
| CAGR | CAGR of 4.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | by Technology (Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering (HPS)), by Component (Hydraulic Pump, Electric Motor, Steering Column, Steering Wheel Speed Sensor), by Type (Column-EPS (C-EPS), Rack-EPS (R-EPS), Pinion-EPS (P-EPS), by Vehicle Type (Passenger car (PC), Heavy commercial vehicle (HCV), Light commercial vehicle (LCV)) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Major players such as Nexteer Automobile Group Limited (US), JTEKT Corporation (Japan), NSK Ltd. (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering System Ltd. (India), TRW Automotive Holdings (US), Thyssenkrupp Presta (US), China Automotive System Inc. (China) and Robert Bosch GmbH dominate the global automotive steering system industry. To acquire momentum in the growing market, these companies used a variety of techniques. |
| Key Drivers | The desire of the middle class to own an automobile, as well as successful corporate marketing, contribute to the market's growth. The industry is expanding due to an increase in automobile loans due to low borrowing prices, which results in increased vehicle sales. |
| RESTRAINTS | The initial expense as well as the launch of fully autonomous vehicles are significant market barriers for the business. EPS systems have a limited load-bearing capacity. |
Automotive Steering Systems Market Size was valued at USD 31.51 billion in 2022.
The proliferation of COVID-19 has had a considerable influence on the automotive steering system industry, resulting in the closure of several manufacturing factories throughout the world.
The Automotive Steering Systems Market is segmented into four segments, By Technology, By Component, By Type, and By vehicle type.
North America region is dominating the Automotive Steering Systems Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Steering Systems Market Segmentation, by Technology
8.1 Electric power steering (EPS),
8.2 Electrically assisted hydraulic power steering (EHPS)
8.3 Hydraulic power steering (HPS)
9. Global Automotive Steering Systems Market Segmentation, by Component
9.1 Hydraulic Pump
9.2 Electric Motor
9.3 Steering Column
9.4 Steering Wheel Speed Sensor
10. Global Automotive Steering Systems Market Segmentation, by Type
10.1 Column-EPS (C-EPS)
10.2 Rack-EPS (R-EPS)
10.3 Pinion-EPS (P-EPS)
11. Global Automotive Steering Systems Market Segmentation, by Vehicle type
11.1 Passenger car (PC)
11.2 Heavy commercial vehicle (HCV)
11.3 Light commercial vehicle (LCV)
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 the USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 the UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Robert Bosch GmbH
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Nexteer Automobile Group Limited (US)
13.3 JTEKT Corporation (Japan)
13.4 NSK Ltd. (Japan)
13.5 Hyundai Mobis Co., Ltd. (South Korea)
13.6 Showa Corporation (Japan)
13.7 Mitsubishi Electric Corporation (Japan)
13.8 Sona Koyo Steering System Ltd. (India)
13.9 TRW Automotive Holdings (US)
13.10 Thyssenkrupp Presta (US)
13.11 China Automotive System Inc. (China)
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusio
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