According to TechSci Research report, “Automotive Steering Systems Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Steering Systems Market stood at USD 22.74 Billion in 2022 and is anticipated to grow with a CAGR of 7.44% in the forecast period, 2024-2028. The global automotive steering systems market is a dynamic and rapidly evolving industry that plays a crucial role in the automotive sector.
Steering systems are essential components of vehicles, enabling drivers to control the direction and maneuverability of their vehicles. This market encompasses the production, distribution, and sale of various types of steering systems used in automobiles. The market for automotive steering systems is influenced by various factors, including the overall growth of the automotive industry, technological advancements, government regulations, and consumer preferences.
The demand for steering systems is directly linked to the production and sales of vehicles worldwide. Key players in the global automotive steering systems market include major automotive manufacturers, suppliers, and technology providers. These companies develop and supply various types of steering systems, such as hydraulic power steering, electric power steering, and electro-hydraulic power steering.
The market is also witnessing a shift towards advanced steering technologies, such as steer-by-wire systems and autonomous driving capabilities. These technologies aim to enhance vehicle safety, improve fuel efficiency, and provide a better driving experience. Regional factors, such as economic growth, infrastructure development, and government initiatives, also play a significant role in shaping the global automotive steering systems market. Emerging markets, such as China, India, and Brazil, are experiencing rapid growth in the automotive sector, which is driving the demand for steering systems. Overall, the global automotive steering systems market is expected to grow steadily in the coming years, driven by factors such as the increasing demand for vehicles, advancements in steering technology, and the focus on safety and efficiency in the automotive industry. Manufacturers and suppliers in this market will continue to innovate and develop new steering systems to meet the evolving needs of the automotive sector.
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North America is a significant market for automotive steering systems, driven by the presence of major automotive manufacturers and technological advancements in the region. The United States, in particular, has a well-established automotive industry and a high demand for vehicles. The market in North America is characterized by a growing focus on electric power steering (EPS) systems, driven by the need for fuel efficiency and the integration of advanced driver-assistance systems (ADAS). Additionally, government regulations promoting vehicle safety and emission reduction further drive the adoption of advanced steering technologies.
Europe: Europe is another prominent region in the global automotive steering systems market. The region is home to several leading automotive manufacturers and has a strong emphasis on vehicle safety and performance. European countries have stringent safety regulations, which drive the adoption of advanced steering systems. The market in Europe is witnessing a shift towards electric power steering (EPS) systems, driven by the need for energy efficiency and the integration of ADAS. Additionally, the growing demand for electric vehicles (EVs) in Europe contributes to the adoption of electric steering systems.
Asia Pacific: Asia Pacific is a rapidly growing market for automotive steering systems, driven by the increasing production and sales of vehicles in countries such as China, India, and Japan. The region has emerged as a manufacturing hub for the automotive industry, attracting investments from global automotive manufacturers. The market in Asia Pacific is characterized by a high demand for cost-effective steering systems, which has led to the dominance of hydraulic power steering (HPS) systems. However, there is a growing shift towards electric power steering (EPS) systems due to their energy efficiency and compatibility with advanced technologies. The increasing adoption of electric vehicles (EVs) in countries like China further drives the demand for electric steering systems.
Latin America: Latin America is an emerging market for automotive steering systems, with countries like Brazil and Mexico witnessing significant growth in the automotive sector. The market in Latin America is driven by factors such as economic growth, infrastructure development, and increasing consumer purchasing power. The demand for steering systems in the region is influenced by the production and sales of vehicles, with a preference for cost-effective solutions. However, there is a growing trend towards the adoption of advanced steering technologies, including electric power steering (EPS), driven by the need for improved fuel efficiency and safety.
Middle East and Africa: The Middle East and Africa region have a smaller share in the global automotive steering systems market. The market dynamics in this region are influenced by factors such as economic development, infrastructure projects, and government initiatives. The demand for steering systems is driven by the production and sales of vehicles in countries like Saudi Arabia, South Africa, and the United Arab Emirates. The market in this region is witnessing a gradual shift towards advanced steering technologies, including electric power steering (EPS), to meet the growing demand for fuel-efficient and safer vehicles.
In summary, regional insights into the global automotive steering systems market highlight the varying market dynamics and trends across different regions. Factors such as vehicle production, government regulations, consumer preferences, and technological advancements shape the regional trends in the automotive steering systems market.
Major companies operating in the Global Automotive Steering Systems Market are:
- TRW Automotive Holdings
- Mitsubishi Electric Corporation
- Sona Koyo Steering System Ltd
- JTEKT Corporation
- Nexteer Automotive
- Thyssenkrupp Presta
- Robert Bosch Automotive Steering Gmbh
- China Automotive System Inc.
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“The global automotive steering systems market is poised for steady growth due to factors such as increasing vehicle production, advancements in steering technology, and the focus on safety and efficiency. The shift towards electric power steering (EPS) systems and the integration of advanced driver-assistance systems (ADAS) are expected to drive market demand. Additionally, emerging markets like China and India will play a significant role in shaping the market’s growth trajectory,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Automotive Steering Systems Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, and Hydraulic Powered), By Component (Hydraulic Pump, Steering Sensor & Column, Electric Motor, and Others), By Sales Channel (OEM and Aftermarket), By Region, Competition, 2018-2028”, has evaluated the future growth potential of Global Automotive Steering Systems Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Steering Systems Market.
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Table of Content-Automotive Steering Systems Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Automotive Steering Systems Market
- Global Automotive Steering Systems Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Steering System Market Share Analysis (Manual, Electrically Powered, Electro-hydraulic Powered, and Hydraulic Powered)
5.2.2. By Component Market Share Analysis (Hydraulic Pump, Steering Sensor & Column, Electric Motor, and Others)
5.2.3. By Sales Channel Market Share Analysis (OEM and Aftermarket)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
5.3. Global Automotive Steering Systems Market Mapping & Opportunity Assessment
5.3.1. By Steering System Market Mapping & Opportunity Assessment
5.3.2. By Component Market Mapping & Opportunity Assessment
5.3.3. By Sales Channel Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Automotive Steering Systems Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Steering System Market Share Analysis
6.2.2. By Component Market Share Analysis
6.2.3. By Sales Channel Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
