Market Overview:
The global steering 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%. The growth of the global steering market can be attributed to the increasing demand for passenger cars and commercial vehicles. The electro-hydraulic power steering segment is expected to account for a major share of the global steering market during the forecast period. This can be attributed to its high efficiency and low maintenance requirements. The hydraulic power steering segment is projected to grow at a higher CAGR than other segments during the forecast period.
Product Definition:
The definition of Steering is the use of a wheel or other device to control the direction in which a vehicle moves. The importance of steering is that it allows drivers to navigate their vehicles in specific directions.
Electro-Hydraulic Power Steering (EHPS):
Electro-hydraulic power steering (EHPS) is a combination of hydraulic assist and electric power steering. It uses electrical energy generated by the battery to provide assistance to the hydraulic system, which in turn increases driver control over vehicle maneuvering. EHPS offers increased comfort, better fuel economy and performance along with improved safety features such as traction control and anti-lock braking systems (ABS).
Hydraulic Power Steering (HPS):
Hydraulic power steering (HPS) is a type of power steering system in which the assistance of hydraulic mechanism is used to provide directional control and manual effort required for the driver to steer the vehicle. The hydraulic mechanism operates on the principle of pressure imbalance in an attempt to provide directional control and manual effort required for driving.
Application Insights:
Passenger cars segment is expected to emerge as the fastest-growing application, registering a CAGR of XX% over the forecast period owing to increasing demand for passenger vehicles in emerging economies including China, India and Brazil. The Light Commercial Vehicle (LCV) segment also holds promising growth opportunities due to rising demand from developing countries such as Indonesia and Malaysia. In addition, technological advancements in steering systems coupled with growing LCV sales are anticipated to boost industry growth over the coming years.
The Heavy Commercial Vehicle (HCV) application segment accounted for a significant market share in 2017 owing to increased production of heavy commercial vehicles by major players including Volvo, Ford Motor Company and Mercedes Benz among others globally since past few years which has resulted in high product demand globally especially from developed regions such as North America.
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 demand for automobiles and rising disposable income of consumers. Furthermore, supportive government regulations aimed at promoting manufacturing activities are anticipated to drive industry growth over the coming years.
Europe accounted for a significant share in terms of both volume and revenue, which can be attributed to growing automotive production across countries such as Germany, France and Italy among others. Moreover, stringent emission norms laid down by governments across European countries are expected to boost product demand further over the next eight years or so.
Latin America is projected to witness steady growth on account of increasing automobile production coupled with rising consumer disposable income levels within economies such as Brazil and Mexico among others will drive regional market development during the forecast period to 2030 or so).
Growth Factors:
- Increasing demand for electric vehicles
- Growing popularity of advanced driver assistance systems (ADAS)
- Proliferation of autonomous driving technology
- Rising demand for luxury cars
- Increasing number of mergers and acquisitions in the steering market
Scope Of The Report
Report Attributes
Report Details
Report Title
Steering Market Research Report
By Type
Electro-Hydraulic Power Steering (EHPS), Hydraulic Power Steering (HPS), Manual
By Application
Passenger cars, Light Commercial Vehicle, Heavy Commercial Vehicle
By Companies
Jtekt, Robert Bosch Automotive Steering, ZF TRW Automotive Holdings, NSK, Nexteer Automotive, Mando, Thyssenkrupp, Hyundai Mobis, Showa, China Automotive Systems, Jtekt
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
172
Number of Tables & Figures
121
Customization Available
Yes, the report can be customized as per your need.
Global Steering Market Report Segments:
The global Steering market is segmented on the basis of:
Types
Electro-Hydraulic Power Steering (EHPS), Hydraulic Power Steering (HPS), Manual
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 cars, Light Commercial Vehicle, Heavy Commercial Vehicle
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
- Robert Bosch Automotive Steering
- ZF TRW Automotive Holdings
- NSK
- Nexteer Automotive
- Mando
- Thyssenkrupp
- Hyundai Mobis
- Showa
- China Automotive Systems
- Jtekt
Highlights of The Steering 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:
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic Power Steering (HPS)
- Manual
- By Application:
- Passenger cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- 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 Steering 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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?
Steering is the process of turning a vehicle or vessel by means of a wheel.
Some of the major players in the steering market are Jtekt, Robert Bosch Automotive Steering, ZF TRW Automotive Holdings, NSK, Nexteer Automotive, Mando, Thyssenkrupp, Hyundai Mobis, Showa, China Automotive Systems, Jtekt.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Steering 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 Steering Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Steering 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 Steering 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 Steering Market Size & Forecast, 2020-2028
4.5.1 Steering Market Size and Y-o-Y Growth
4.5.2 Steering 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 Electro-Hydraulic Power Steering (EHPS)
5.2.2 Hydraulic Power Steering (HPS)
5.2.3 Manual
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 cars
6.2.2 Light Commercial Vehicle
6.2.3 Heavy Commercial Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Steering 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 Steering 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 Electro-Hydraulic Power Steering (EHPS)
9.6.2 Hydraulic Power Steering (HPS)
9.6.3 Manual
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 cars
9.10.2 Light Commercial Vehicle
9.10.3 Heavy Commercial Vehicle
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 Electro-Hydraulic Power Steering (EHPS)
10.6.2 Hydraulic Power Steering (HPS)
10.6.3 Manual
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 cars
10.10.2 Light Commercial Vehicle
10.10.3 Heavy Commercial Vehicle
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 Electro-Hydraulic Power Steering (EHPS)
11.6.2 Hydraulic Power Steering (HPS)
11.6.3 Manual
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 cars
11.10.2 Light Commercial Vehicle
11.10.3 Heavy Commercial Vehicle
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 Electro-Hydraulic Power Steering (EHPS)
12.6.2 Hydraulic Power Steering (HPS)
12.6.3 Manual
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 cars
12.10.2 Light Commercial Vehicle
12.10.3 Heavy Commercial Vehicle
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 Electro-Hydraulic Power Steering (EHPS)
13.6.2 Hydraulic Power Steering (HPS)
13.6.3 Manual
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 cars
13.10.2 Light Commercial Vehicle
13.10.3 Heavy Commercial Vehicle
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 Steering Market: Competitive Dashboard
14.2 Global Steering Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Jtekt
14.3.2 Robert Bosch Automotive Steering
14.3.3 ZF TRW Automotive Holdings
14.3.4 NSK
14.3.5 Nexteer Automotive
14.3.6 Mando
14.3.7 Thyssenkrupp
14.3.8 Hyundai Mobis
14.3.9 Showa
14.3.10 China Automotive Systems
14.3.11 Jtekt
