Market Overview:
The global automotive power steering systems market is estimated to be valued at US$ XX Mn in 2018 and is projected to reach US$ XX Mn by 2030, exhibiting a CAGR of X.X% during the forecast period. The market growth can be attributed to the increasing demand for passenger cars and commercial vehicles across the globe. The global automotive power steering systems market has been segmented on the basis of type, application and region. On the basis of type, the market has been segmented into electronic power steering (EPS), hydraulic power steering (HPS) and electronic & hydraulic power steering (EHPS). EPS is expected to account for a major share of the global automotive power steering systems market owing to its advantages such as fuel efficiency and low weight over HPS. On the basis of application, OEMs are expected to account for a major share of the global automotive power steering systems market in 2018 followed by aftermarket players. The Asia Pacific region is anticipated to witness high growth rates duringthe forecast period dueto rising demand from countries such as Chinaand India .
Product Definition:
An automotive power steering system is a mechanism used to assist the driver of a motor vehicle in steering by directing some of the engine's power to hydraulic actuators that help turn the wheels.
Electronic Power Steering (EPS):
Electronic power steering (EPS) is a system that provides increased safety and comfort by enabling the driver to adjust the steering wheel without moving his or her hands from the grip of the steering wheel. The EPS system consists of an electric motor, a battery, control modules and sensors.
The increasing demand for automobiles globally has led to growth in automotive production; however, there is still room for improvement in terms of efficiency across various aspects such as cost reduction through reduced manufacturing costs.
Hydraulic Power Steering (HPS):
The hydraulic power steering (HPS) system is used in automotive power steering systems. In these systems, the manual effort required to steer the vehicle is reduced by using hydraulic assist. The HPS system consists of a pump, reservoir, and pressure-regulating valve that are installed within the vehicle’s steering wheel hub.
Application Insights:
OEMs dominated the global automotive power steering systems market in 2017, accounting for a share of over 60.0% by revenue. The dominance is attributed to the high product adoption rate among OEMs as compared to aftermarket vehicles across various regions. OEMs are widely adopting these systems owing to their cost-effectiveness and ability to improve vehicle maneuverability in tight spaces, which helps drivers steer with less effort and improves fuel efficiency.
The use of power steering has increased significantly among all types of vehicles including passenger cars, light commercial vehicles (LCVs), heavy commercial trucks (HCVs).
Regional Analysis:
Asia Pacific is expected to be the largest as well as the fastest-growing regional market over the forecast period. The presence of key automotive manufacturers in countries, such as China and Japan, has resulted in increased production of power steering systems. Moreover, rising demand for high-performance vehicles with enhanced safety features is anticipated to drive product adoption across this region.
The North American market accounted for a revenue share of more than 20% in 2017 owing to increasing demand from OEMs and aftermarket customers for advanced HVAC solutions coupled with stringent government regulations regarding fuel economy ratio. The U.S.
Growth Factors:
- Increasing demand for luxury and comfort in vehicles
- Growing automotive industry in developing countries
- Technological advancements in power steering systems
- Stringent government regulations for safety of passengers and drivers
- Rising consumer awareness about the benefits of power steering systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive Power Steering Systems Market Research Report
By Type
Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electronic & Hydraulic Power Steering (EHPS)
By Application
Original Equipment Manufacturers (OEMS), Aftermarket
By Companies
Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, JTEKT Corporation, ThyssenKrupp Presta AG, Autoliv, Daimler AG
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Automotive Power Steering Systems Market Report Segments:
The global Automotive Power Steering Systems market is segmented on the basis of:
Types
Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electronic & Hydraulic Power Steering (EHPS)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Original Equipment Manufacturers (OEMS), Aftermarket
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Robert Bosch Automotive Steering GmbH
- Mitsubishi Electric Corporation
- JTEKT Corporation
- ThyssenKrupp Presta AG
- Autoliv
- Daimler AG
Highlights of The Automotive Power Steering Systems Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Electronic Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electronic & Hydraulic Power Steering (EHPS)
- By Application:
- Original Equipment Manufacturers (OEMS)
- Aftermarket
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Automotive Power Steering Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Automotive power steering systems are used in cars and trucks to help the driver steer the vehicle. The system uses a motor and gearbox to turn a shaft that connects the steering wheel to the car's axle. This system helps keep drivers on track by providing feedback about how much force they need to use to turn the wheel.
Some of the major players in the automotive power steering systems market are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, JTEKT Corporation, ThyssenKrupp Presta AG, Autoliv, Daimler AG.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Automotive Power Steering Systems Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Automotive Power Steering Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Automotive Power Steering Systems Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Automotive Power Steering Systems Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Automotive Power Steering Systems Market Size & Forecast, 2018-2028
4.5.1 Automotive Power Steering Systems Market Size and Y-o-Y Growth
4.5.2 Automotive Power Steering Systems Market Absolute $ Opportunity
Chapter 5 Global Automotive Power Steering Systems Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Automotive Power Steering Systems Market Size Forecast by Type
5.2.1 Electronic Power Steering (EPS)
5.2.2 Hydraulic Power Steering (HPS)
5.2.3 Electronic & Hydraulic Power Steering (EHPS)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Automotive Power Steering Systems Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Automotive Power Steering Systems Market Size Forecast by Applications
6.2.1 Original Equipment Manufacturers (OEMS)
6.2.2 Aftermarket
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Automotive Power Steering Systems Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Automotive Power Steering Systems Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Automotive Power Steering Systems Analysis and Forecast
9.1 Introduction
9.2 North America Automotive Power Steering Systems Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Automotive Power Steering Systems Market Size Forecast by Type
9.6.1 Electronic Power Steering (EPS)
9.6.2 Hydraulic Power Steering (HPS)
9.6.3 Electronic & Hydraulic Power Steering (EHPS)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Automotive Power Steering Systems Market Size Forecast by Applications
9.10.1 Original Equipment Manufacturers (OEMS)
9.10.2 Aftermarket
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Automotive Power Steering Systems Analysis and Forecast
10.1 Introduction
10.2 Europe Automotive Power Steering Systems Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Automotive Power Steering Systems Market Size Forecast by Type
10.6.1 Electronic Power Steering (EPS)
10.6.2 Hydraulic Power Steering (HPS)
10.6.3 Electronic & Hydraulic Power Steering (EHPS)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Automotive Power Steering Systems Market Size Forecast by Applications
10.10.1 Original Equipment Manufacturers (OEMS)
10.10.2 Aftermarket
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Automotive Power Steering Systems Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Automotive Power Steering Systems Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Automotive Power Steering Systems Market Size Forecast by Type
11.6.1 Electronic Power Steering (EPS)
11.6.2 Hydraulic Power Steering (HPS)
11.6.3 Electronic & Hydraulic Power Steering (EHPS)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Automotive Power Steering Systems Market Size Forecast by Applications
11.10.1 Original Equipment Manufacturers (OEMS)
11.10.2 Aftermarket
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Automotive Power Steering Systems Analysis and Forecast
12.1 Introduction
12.2 Latin America Automotive Power Steering Systems Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Automotive Power Steering Systems Market Size Forecast by Type
12.6.1 Electronic Power Steering (EPS)
12.6.2 Hydraulic Power Steering (HPS)
12.6.3 Electronic & Hydraulic Power Steering (EHPS)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Automotive Power Steering Systems Market Size Forecast by Applications
12.10.1 Original Equipment Manufacturers (OEMS)
12.10.2 Aftermarket
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Automotive Power Steering Systems Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Automotive Power Steering Systems Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Automotive Power Steering Systems Market Size Forecast by Type
13.6.1 Electronic Power Steering (EPS)
13.6.2 Hydraulic Power Steering (HPS)
13.6.3 Electronic & Hydraulic Power Steering (EHPS)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Automotive Power Steering Systems Market Size Forecast by Applications
13.10.1 Original Equipment Manufacturers (OEMS)
13.10.2 Aftermarket
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Automotive Power Steering Systems Market: Competitive Dashboard
14.2 Global Automotive Power Steering Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Robert Bosch Automotive Steering GmbH
14.3.2 Mitsubishi Electric Corporation
14.3.3 JTEKT Corporation
14.3.4 ThyssenKrupp Presta AG
14.3.5 Autoliv
14.3.6 Daimler AG
