New Year and Chrismas Offer
Automotive Steering Systems Market

Automotive Steering Systems Market Size, Share and Segmentation 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)), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1050 | May 2022 | Region: Global | 130 Pages

Report Scope & Overview:

Automotive Steering Systems Market Size was valued at USD 30.04 billion in 2021 and is expected to reach USD 41.93 billion by 2028 and grow at a CAGR of 4.9% over the forecast period 2022-2028.

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 automobile industry. Furthermore, rising per capita income, successful vehicle advertising, and other factors are all contributing to the industry's expansion.

Automotive Steering Systems Market Revenue Graph

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.

MARKET DYNAMICS: 

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.

IMPACT OF COVID-19:

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.

KEY PLAYERS:

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.

MARKET SEGMENTATION : 

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)

Automotive Steering Systems Market Segment Chart

REGIONAL ANALYSIS:

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

    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
Automotive Steering Systems Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 30.04   Billion
Market Size by 2028 US$ 41.93  Billion
CAGR CAGR of 4.9% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.


Frequently Asked Questions (FAQ) :


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 the Ukraine-Russia War

 

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

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.