Market Overview:
The global light vehicle steering market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for SUVs and sedans across the globe. Additionally, factors such as rising disposable income and technological advancements are also contributing to the growth of this market. The electric powered hydraulic steering segment is expected to grow at a CAGR of 6% during the forecast period from 2018 to 2030, owing to its advantages such as fuel efficiency and low emissions. The electric powered steering systems segment is projected to grow at a CAGR of 5% during the same period, due its growing demand for luxury cars.
Product Definition:
A light vehicle steering is a mechanism that enables the driver to turn the wheels of a car in order to change its direction. It consists of a column, shaft and gears that transmit rotational motion from the steering wheel to the wheels. The importance of light vehicle steering is evident in its ability to provide control and stability for vehicles while driving.
Electric Powered Hydraulic Steering:
Electric powered hydraulic steering is a type of steering system which uses electric power for the movement of the steering wheel. The hydraulic assist that is used in this system does not require any additional pressure, as it directly controls the valve that controls the flow of oil to provide assistance. This eliminates hydraulic fluid losses due to low pressure and increases efficiency making it an attractive option for automotive manufacturers.
The global light vehicle steerings market was valued at USD 27,500 million in 2016.
Electric Powered Steering Systems:
Electric powered steering systems are used in passenger cars, LCVs and HCVs. The electric power steering system is a manual hydraulic hybrid system that uses electrical energy generated by the battery to assist the hydraulic flow. It has been replacing conventional hydraulics systems since it offers improved driving experience due to its characteristics such as lightweight, less noise & vibration and high efficiency.
Application Insights:
The others segment includes passenger cars, light commercial vehicles and heavy trucks. The other segment held around 40.0% of the overall revenue share in 2017 and is expected to witness significant growth over the forecast period owing to rising demand for electric power steering systems in various types of vehicles such as sedans, SUVs and others.
In terms of revenue, sedans dominated the overall market with a share of over 45.0% in 2017 owing to increasing sales volumes for passenger cars across developing countries such as China, India and Brazil which are majorly influenced by Eastern Culture Values (family-oriented society).
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 light commercial vehicles and passenger cars. China, India, Japan, South Korea and Taiwan are some of the major markets that contributed significantly toward regional growth.
The European market was valued at USD X million in 2017 and is anticipated to witness significant growth over the forecast period on account rising demand for electric power steering systems from luxury car manufacturers such as BMW AG and Mercedes-Benz AG among others due to stringent government regulations regarding carbon emissions from vehicles coupled with consumer preferences for fuel efficiency coupled with improved safety features associated with electric power steering systems which reduce noise pollution while improving vehicle stability during cornering situations are a few factors driving this industry growth within Europe’s borders.
North America accounted for more than 20% share of global revenue in 2017 owing to growing demand from U.S.
Growth Factors:
- Increasing demand for passenger cars and commercial vehicles
- Rising disposable income of consumers in developing countries
- Technological advancements in steering systems
- Stringent government regulations for safety and emissions control
- Growing popularity of electric and hybrid vehicles
Scope Of The Report
Report Attributes
Report Details
Report Title
Light Vehicle Steering Market Research Report
By Type
Electric Powered Hydraulic Steering, Electric Powered Steering Systems, Hydraulic Powered Steering, Manual Steering
By Application
Sedans, SUVs, Others
By Companies
JTEKT, Bosch, Nexteer, NSK, ThyssenKrupp, ZF, Showa, Mando, China Automotive Systems
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
245
Number of Tables & Figures
172
Customization Available
Yes, the report can be customized as per your need.
Global Light Vehicle Steering Market Report Segments:
The global Light Vehicle Steering market is segmented on the basis of:
Types
Electric Powered Hydraulic Steering, Electric Powered Steering Systems, Hydraulic Powered Steering, Manual 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
Sedans, SUVs, Others
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
- Bosch
- Nexteer
- NSK
- ThyssenKrupp
- ZF
- Showa
- Mando
- China Automotive Systems
Highlights of The Light Vehicle 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:
- Electric Powered Hydraulic Steering
- Electric Powered Steering Systems
- Hydraulic Powered Steering
- Manual Steering
- By Application:
- Sedans
- SUVs
- Others
- 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 Light Vehicle 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
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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?
Light vehicle steering is the use of a small steering wheel and limited turning radius in a car or truck to make it easier for the driver to maneuver.
Some of the major companies in the light vehicle steering market are JTEKT, Bosch, Nexteer, NSK, ThyssenKrupp, ZF, Showa, Mando, China Automotive Systems.
The light vehicle steering market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Light Vehicle Steering Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Light Vehicle Steering Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Light Vehicle Steering Market - Supply Chain
4.5. Global Light Vehicle Steering Market Forecast
4.5.1. Light Vehicle Steering Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Light Vehicle Steering Market Size (000 Units) and Y-o-Y Growth
4.5.3. Light Vehicle Steering Market Absolute $ Opportunity
5. Global Light Vehicle Steering Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Light Vehicle Steering Market Size and Volume Forecast by Type
5.3.1. Electric Powered Hydraulic Steering
5.3.2. Electric Powered Steering Systems
5.3.3. Hydraulic Powered Steering
5.3.4. Manual Steering
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Light Vehicle Steering Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Light Vehicle Steering Market Size and Volume Forecast by Application
6.3.1. Sedans
6.3.2. SUVs
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Light Vehicle Steering Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Light Vehicle Steering Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Light Vehicle Steering Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Light Vehicle Steering Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Light Vehicle Steering Demand Share Forecast, 2019-2026
9. North America Light Vehicle Steering Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Light Vehicle Steering Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Light Vehicle Steering Market Size and Volume Forecast by Application
9.4.1. Sedans
9.4.2. SUVs
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Light Vehicle Steering Market Size and Volume Forecast by Type
9.7.1. Electric Powered Hydraulic Steering
9.7.2. Electric Powered Steering Systems
9.7.3. Hydraulic Powered Steering
9.7.4. Manual Steering
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Light Vehicle Steering Demand Share Forecast, 2019-2026
10. Latin America Light Vehicle Steering Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Light Vehicle Steering Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Light Vehicle Steering Market Size and Volume Forecast by Application
10.4.1. Sedans
10.4.2. SUVs
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Light Vehicle Steering Market Size and Volume Forecast by Type
10.7.1. Electric Powered Hydraulic Steering
10.7.2. Electric Powered Steering Systems
10.7.3. Hydraulic Powered Steering
10.7.4. Manual Steering
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Light Vehicle Steering Demand Share Forecast, 2019-2026
11. Europe Light Vehicle Steering Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Light Vehicle Steering Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Light Vehicle Steering Market Size and Volume Forecast by Application
11.4.1. Sedans
11.4.2. SUVs
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Light Vehicle Steering Market Size and Volume Forecast by Type
11.7.1. Electric Powered Hydraulic Steering
11.7.2. Electric Powered Steering Systems
11.7.3. Hydraulic Powered Steering
11.7.4. Manual Steering
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Light Vehicle Steering Demand Share, 2019-2026
12. Asia Pacific Light Vehicle Steering Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Light Vehicle Steering Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Light Vehicle Steering Market Size and Volume Forecast by Application
12.4.1. Sedans
12.4.2. SUVs
12.4.3. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Light Vehicle Steering Market Size and Volume Forecast by Type
12.7.1. Electric Powered Hydraulic Steering
12.7.2. Electric Powered Steering Systems
12.7.3. Hydraulic Powered Steering
12.7.4. Manual Steering
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Light Vehicle Steering Demand Share, 2019-2026
13. Middle East & Africa Light Vehicle Steering Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Light Vehicle Steering Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Light Vehicle Steering Market Size and Volume Forecast by Application
13.4.1. Sedans
13.4.2. SUVs
13.4.3. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Light Vehicle Steering Market Size and Volume Forecast by Type
13.7.1. Electric Powered Hydraulic Steering
13.7.2. Electric Powered Steering Systems
13.7.3. Hydraulic Powered Steering
13.7.4. Manual Steering
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Light Vehicle Steering Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Light Vehicle Steering Market: Market Share Analysis
14.2. Light Vehicle Steering Distributors and Customers
14.3. Light Vehicle Steering Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. JTEKT
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Bosch
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Nexteer
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. NSK
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. ThyssenKrupp
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. ZF
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Showa
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Mando
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. China Automotive Systems
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
