Market Overview:
The global automotive steering system 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 growth of the market can be attributed to the increasing demand for passenger cars and commercial vehicles across the globe. Additionally, technological advancements in steering systems are also expected to fuel the growth of this market over the forecast period. On basis of type, electronic steering systems are anticipated to account for a larger share of the global automotive steering system market during 2018-2030. This can be attributed to their growing popularity among OEMs on account of advantages such as improved fuel efficiency and low weight over hydraulic systems.
Product Definition:
The automotive steering system is a mechanism that allows the driver to steer the vehicle. It consists of a steering wheel, steering column, and linkage between the two that transmit motion from one to the other. The importance of an automotive steering system is clear - it allows drivers to control their vehicles and navigate them where they need to go.
Electronic Steering:
Electronic steering is a system that provides assistance to the driver in difficult situations. It uses various sensors and electronic components to analyze the road ahead and helps in providing directional control. The market for automotive steering systems includes two major product segments, namely, hydraulic power steering (HPS) and electric power steering (EPS).
Hydraulic Steering:
Hydraulic steering is a form of steerage used in manual and power-driven vehicles or mechanisms to provide directional control. The system comprises pump, valves, lines, and controls that are necessary for steering the vehicle. It is one of the most important components of a vehicle’s drivetrain as it provides stability while turning left/right or forward/backward movement.
Application Insights:
The passenger car segment accounted for the largest revenue share in 2016 and is anticipated to maintain its dominance over the forecast period. The increasing number of passenger vehicles on roads, growing middle-class population, and rising disposable income are expected to drive demand for automotive steering systems over the forecast period.
LCV segment is projected to be one of the fastest-growing segments during the study period owing to increased utilization of LCVs in various applications such as food & beverage, healthcare logistics, construction material handling among others. Growing demand for these types of vehicles from end users is also likely to contribute toward growth during this study period.
The heavy commercial vehicle (HCV) segment also has a significant share in terms of revenue generation within this market owing to increasing utilization rates across several industries including mining and quarrying, agriculture and forestry etc., globally.
Regional Analysis:
Asia Pacific dominated the global market in terms of revenue share in 2017. The region is expected to continue its dominance over the forecast period owing to increasing sales of passenger cars and LCVs. China, Japan, South Korea, India and Australia are some of the largest markets for automotive steering systems across this region.
The North American regional market captured a significant share in 2017 as U.S.-based companies have been consistently investing in R&D activities related to advanced driver assistance systems (ADAS) and active safety technologies such as autonomous emergency braking (AEB), lane departure warning system (LDWS), adaptive cruise control with stop & go functionality etc., which incorporate steer assist functions for improved vehicle handling capabilities under various driving conditions such as bad weather or road slope etc., thus contributing significantly towards regional growth over the forecast period.
Growth Factors:
- Increasing demand for luxury and performance cars
- Growing automotive industry in developing countries
- Rising demand for fuel-efficient vehicles
- Technological advancements in steering systems
- Stringent government regulations on emissions and safety
Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive Steering System Market Research Report
By Type
Electronic Steering, Hydraulic Steering
By Application
Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
By Companies
JTEKT Corporation, Nexteer Automotive Group, Showa, ThyssenKrupp, Hitachi Automotive System, Sona Koyo Steering System, Robert Bosch, NSK Steering System, Mando, ZF Friedrichshafen, JTEKT Corporation, ATS Automation Tooling System, Hyundai Mobis
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
206
Number of Tables & Figures
145
Customization Available
Yes, the report can be customized as per your need.
Global Automotive Steering System Market Report Segments:
The global Automotive Steering System market is segmented on the basis of:
Types
Electronic Steering, Hydraulic Steering
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
Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
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:
- JTEKT Corporation
- Nexteer Automotive Group
- Showa
- ThyssenKrupp
- Hitachi Automotive System
- Sona Koyo Steering System
- Robert Bosch
- NSK Steering System
- Mando
- ZF Friedrichshafen
- JTEKT Corporation
- ATS Automation Tooling System
- Hyundai Mobis
Highlights of The Automotive Steering System 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 Steering
- Hydraulic Steering
- By Application:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- 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 Steering System 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?
The automotive steering system is a set of components that allow a car to be steered. The system includes the steering wheel, the column, and the gearbox.
Some of the major companies in the automotive steering system market are JTEKT Corporation, Nexteer Automotive Group, Showa, ThyssenKrupp, Hitachi Automotive System, Sona Koyo Steering System, Robert Bosch, NSK Steering System, Mando, ZF Friedrichshafen, JTEKT Corporation, ATS Automation Tooling System, Hyundai Mobis.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Automotive Steering System 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 Steering System Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Automotive Steering System 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 Steering System 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 Steering System Market Size & Forecast, 2020-2028 4.5.1 Automotive Steering System Market Size and Y-o-Y Growth 4.5.2 Automotive Steering System Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Electronic Steering
5.2.2 Hydraulic Steering
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 Passenger Car
6.2.2 Light Commercial Vehicle (LCV)
6.2.3 Heavy Commercial Vehicle (HCV)
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Automotive Steering System 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 Steering System 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Electronic Steering
9.6.2 Hydraulic Steering
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 Market Size Forecast by Applications
9.10.1 Passenger Car
9.10.2 Light Commercial Vehicle (LCV)
9.10.3 Heavy Commercial Vehicle (HCV)
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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Electronic Steering
10.6.2 Hydraulic Steering
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 Market Size Forecast by Applications
10.10.1 Passenger Car
10.10.2 Light Commercial Vehicle (LCV)
10.10.3 Heavy Commercial Vehicle (HCV)
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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Electronic Steering
11.6.2 Hydraulic Steering
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 Market Size Forecast by Applications
11.10.1 Passenger Car
11.10.2 Light Commercial Vehicle (LCV)
11.10.3 Heavy Commercial Vehicle (HCV)
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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Electronic Steering
12.6.2 Hydraulic Steering
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 Market Size Forecast by Applications
12.10.1 Passenger Car
12.10.2 Light Commercial Vehicle (LCV)
12.10.3 Heavy Commercial Vehicle (HCV)
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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Electronic Steering
13.6.2 Hydraulic Steering
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) Market Size Forecast by Applications
13.10.1 Passenger Car
13.10.2 Light Commercial Vehicle (LCV)
13.10.3 Heavy Commercial Vehicle (HCV)
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 Steering System Market: Competitive Dashboard
14.2 Global Automotive Steering System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 JTEKT Corporation
14.3.2 Nexteer Automotive Group
14.3.3 Showa
14.3.4 ThyssenKrupp
14.3.5 Hitachi Automotive System
14.3.6 Sona Koyo Steering System
14.3.7 Robert Bosch
14.3.8 NSK Steering System
14.3.9 Mando
14.3.10 ZF Friedrichshafen
14.3.11 JTEKT Corporation
14.3.12 ATS Automation Tooling System
14.3.13 Hyundai Mobis