Automotive Steering System Market Global Analysis & Report 2028

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Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering) and Vehicle Type (Passenger Cars and Commercial Vehicles)

Publication Month: Mar 2021 | Report Code: TIPAT100001344 | No. of Pages: 179 | Category: Automotive and Transportation | Status: Published

The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.

There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. In Asia, Oceania, and Europe, public transportation is preferred over private transportation, while in North America, private cars are the primary mode of transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. For example, in May 2019, China's Ministry of Transport and other ministries jointly released the Green Travel Action Plan for 2019–2022, which encourages the use of green vehicles. In addition, the country will continue to improve public transportation and information systems that promote green transportation.

Governments across the world are taking several steps to minimize CO2 emissions. They are providing tax cuts and incentives to promote the use of electric vehicles in public transportation, such as e-trucks and e-buses. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few examples of electric vehicle models. Some commercial vehicle manufacturers have recently unveiled electric buses, and others have announced plans to convert full-size trucks and pickup trucks to battery-electric platforms. Thus, the rising demand for electric vehicles is contributing to the growth of the global  automotive steering system market

Impact of COVID-19 Pandemic on Automotive Steering System Market 

As of March 2021, the US is the worst-hit country in North America, with around 30.5 million confirmed cases of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut, municipalities are functioning slowly as compared to past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the automotive steering system market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market. The COVID-19 outbreak would have a limited but negative short-term impact on the global market.

Lucrative Regions for Automotive Steering System Market

Lucrative Regions for Automotive Steering System Market

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Market Insights–Automotive Steering System Market

Stringent Fuel Efficiency Norms Compel Demand for Automotive Steering Systems

Several governments across the world have enacted strict automotive emission and fuel economy legislations. Fleet-level regulations have been enforced by regulatory bodies such as the National Highway Traffic and Safety Administration in the US and the International Council on Clean Transportation in Europe. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically assisted power steering systems are lighter in weight and have a simpler structure.

According to the US Department of Energy, in ideal conditions, electronic power steering (EPS) systems can improve fuel efficiency by 2 to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 grams per kilometer. As per the estimates by Nexteer Automotive Corporation, EPS systems have saved nearly 3 billion gallons of gas since 1999. Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. Europe has the highest penetration of electrically assisted power steering, followed by North America and Asia Pacific. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.

Type Segment Insights

Based on type, the automotive steering system market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. The electronic power steering accounted for the largest share in the global market in 2020. In the event of an accident, the collapsible steering column is a mechanism consisting of an upper column and a lower shaft, with the lower shaft going into a housing. In passenger cars and light commercial vehicles, this column is mounted. The primary factors driving the growth of collapsible steering columns in EPS systems are the growing development of passenger cars and light commercial vehicles, and increasing government mandates on road safety.

Vehicle Type Segment Insights

Based on vehicle type, the automotive steering system market is bifurcated into passenger vehicles and commercial vehicles. In 2020, the passenger vehicle segment accounted for a larger share in the global market. Because of the improved economic situation and increase in consumers' disposable incomes, the global automotive industry has seen steady growth in demand for and sales of passenger cars. From transportation to comfortable/convenient transportation, and from convenient transportation to luxurious and secure transportation, the world has seen a gradual change.

Automotive Steering System Market, by Vehicle Type (% Share)

Automotive Steering System Market, by Vehicle Type (% Share)

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Source: The Insight Partners Analysis, Primary Interviews, Magazines and Journals, and Secondary Sources

Strategic Insights

Report Coverage - Automotive Steering System Market
Report CoverageDetails
Market Size Value inUS$ 22,501.01 Million in 2020
Market Size Value byUS$ 30,875.8 Million by 2028
Growth rateCAGR of 4.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages179
No. of Tables100
No. of Charts & Figures67
Historical data availableYes
Segments coveredType and Vehicle Type
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

In 2021, China Automotive Systems, Inc. launched a new EPS product to empower ADAS. This new EPS product is based upon proprietary technologies developed by CAAS' research & development team. The company had begun mass production of this product for new vehicle models of the leading Chinese automaker, Great Wall Motors. Seamlessly connected with vehicle data, CAAS' new EPS system enables drivers to adapt to different road conditions and significantly enhances user experiences.

In 2019, JTEKT Corporation was in an exhibition at the 46th Tokyo Motor Show 2019 held at Tokyo big sight from October 24 to November 4. The company showcased its electronic power steering systems.

The Global Automotive Steering System Market has been Segmented as Follows:

Automotive Steering System Market – by Type

  • Electronic Power Steering
  • Hydraulic Power Steering
  • Electro-Hydraulic Power Steering

Automotive Steering System Market – by Vehicle Type

  • Passenger Cars
    • Class A
    • Class B
    • Class C 
    • Class D
    • Class E
    • Class F
    • SUV
    • MPV
  • Commercial Vehicles  
    • LCVs
    • MCVs
    • HCVs

Automotive Steering System Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM  

Automotive Steering System Market – Companies Profiles

  • China Automotive Systems, Inc.
  • Nexteer Automotive
  • Hitachi Automotive Systems Americas, Inc.
  • Hyundai Mobis
  • JTEKT Corporation
  • The Mando Corporation
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • ThyssenKrupp AG

Frequently Asked Questions

Asia Pacific has a robust automotive industry, which is supported by the mounting automotive manufacturing industry in countries such as China and India. China, India, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. Presence of a strong automotive sector and rise in number of passenger car and commercial vehicle manufacturers are among the major factors driving the automotive steering system market in the region. Continuous development in the economies of China and India and presence of huge disposable incomes in countries such as South Korea and Japan, have facilitated the swift growth of the automotive sector in APAC. The automotive manufacturers prefer incorporating cutting-edge solutions in their vehicles to attract a huge customer base and generate more revenues. Hence, robust automotive sector and surge in disposable incomes of people are supporting the growth of the automotive steering system market in APAC.
Several governments across the world have enacted strict automotive emission and fuel economy legislations. Fleet-level regulations have been enforced by regulatory bodies such as the National Highway Traffic and Safety Administration in the US and the International Council on Clean Transportation in Europe. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. The European region has the highest penetration of electrically assisted power steering, followed by North America and Asia Pacific. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.
The electronic power system (EPS) led the market share in 2020 in the global market. Traditional steering systems, such as hydraulic and electro-hydraulic systems, are being replaced by an electronic power steering (EPS) system. The global demand for electronic power steering systems is being fueled by the growing popularity of self-driving vehicles. Vehicles with electronic power steering have a lower total weight while also improving fuel efficiency.

The List of Companies - Automotive Steering System Market

  1. China Automotive Systems, Inc.
  2. Nexteer Automotive
  3. Hitachi Automotive Systems Americas, Inc.
  4. Hyundai Mobis
  5. JTEKT Corporation
  6. The Mando Corporation
  7. NSK Ltd.
  8. Robert Bosch GmbH
  9. Showa Corporation
  10. ThyssenKrupp AG
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive steering system market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the automotive steering system market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to component, application and vertical.
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