Global Automotive Steering Systems Market – Industry Trends and Forecast to 2029

Automotive Steering Systems Market Analysis and Size

The global automotive steering systems market is expected to witness significant growth during the forecast period due to the growing demand for vehicles overall the globe. The increasing popularity of comfort driving vehicles is expected to increase the integration of electric power steering systems in vehicles across the globe, which are expected to boost the demand for the automotive steering systems. Moreover, the “dual pinion” is the fastest growing pinion type segment because it provides better steering feel and better fuel economy over the forecast period. Furthermore, growing investments by governments to introduce advanced technology strengthen the global market. The growing sales of electric vehicles is another major factor that is contributing to the global automotive steering systems market growth globally.

Data Bridge Market Research analyses that the automotive steering systems market was valued at USD 35, 832.98 million in 2021 and is expected to reach USD 53,143.66 million by 2029, registering a CAGR of 5.05 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Automotive Steering Systems Market Scope and Segmentation

Market Definition

Automotive steering systems involve a circular gear or the steering pinion that locks the teeth on a bar or the rack. In addition, it changes the big rotations of the steering wheel into small rotations, providing accurate turns of the steering wheels, giving a direct and solid feel to the steering.

Automotive Steering Systems Market Dynamics

Drivers

• Growing adoption of power steering system in automotive sector

The automotive trade has developed from manual steering systems to power steering systems, which use especially mechanical linkages such as pinion and rack. The manual steering system has some limitations relating to fuel potency and auto mobility. However, the ability of power steering system has electronic and mechanics element which helps in comfortable driving and at the same time increase the potency of the automotive. Hence, the ability of power steering system has been extensive and diverse all over the globe. Therefore, an increase in the power steering system is accountable for increasing the demand for the automotive steering system and are expected to drive the market growth rate.

• Stringent fuel efficiency norms

Many governments have introduced strict energy frugality regulations and emigration for vehicles across the globe. Regulatory authorities such as the International Council on Clean Transportation (ICCT) in Europe and National Highway Traffic and Safety Administration (NHTSA) in U.S. and other associations have imposed line- position regulations. These regulations indicate an emission limit which requires to be maintained by automotive OEMs. Thus, all these factors regulate the electrically supported power steering systems.

Opportunities

• Use of electric power steering systems (EPS) in commercial vehicles

Electric power steering is currently used in light marketable vehicles and passenger vehicles and has a limited presence in the heavy vehicles. With the technological advancements, EPS (Electric power steering) systems could have a superior load bearing capacity due to this it is used in both commercial and marketable vehicle which will create immense opportunities for the market growth rate in upcoming years.

Also, Robert Bosch, the manufacturer of steering system, has introduced a new Servotwin electro-hydraulic steering system for heavy commercial vehicles. These developments are anticipated to create immense opportunities for EPS systems in the commercial vehicle section in the upcoming years.

Restraints/ Challenges

• Failure of electric power steering system subcomponents

Several vehicles have configured with electric power steering which can endured a failure in their steering system. When the steering wheel gets disengages or struck from the electric motor than malfunctioning in EPS (Electric power steering) occurs. Most of the time, it has caused due to the failure of several electrical factors, such as the failure in the performing of further steering sweats by the motorist, failure of steering control modules and necklace detector blights. These are some factors which may lead to accidents and affect the market.

Furthermore, the low penetration of power steering in low segment vehicles and increased cost associated with the power steering system are also some major factors that act as market restraints, and will further challenge the automotive steering systems.

This automotive steering systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive steering systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Automotive Steering Systems Market

The outbreak of COVID-19 pandemic has continued to impact the growth of the vehicles sector across the globe. Major OEMs, such as Ford, Toyota and General Motors, recorded a decrease  in product manufacturing due to factory closures caused by this epidemic. This pandemic is expected to negatively affect the automotive steering system which is directly related to the vehicles products. The ongoing COVID-19 pandemic can be a limitation for many businesses together with the automotive business.

However, high demand is predicted to occur within the for coming years that is predicted to recover the business output performance, growth consumption and the expansion of automotive steering systems market.

Recent Development

• In September 2020, Schaeffler Group has announced a partnership with Robert Bosch Automotive Steering GmbH which is a subsidiary of Robert Bosch GmbH, to increase its intelligent rear wheel steering portfolio. In this partnership, Robert Bosch Automotive Steering will provide software and electronics in the form of steering control units for the introduction of advanced steering and Schaeffler will offer mechatronic iRWS systems.
•  In May 2020, Koyo Canada Inc. Which is a consolidated subsidiary of JTEKT Corporation had acquired the assets of a Halifax that is Nova Scotia R&D facility previously which has owned by a Canadian company, KSR International Inc. (KSR). This acquisition strengthened JTEKT’s ECU for the development of driveline products and vehicle steering.

Global Automotive Steering Systems Market Scope

The automotive steering systems market is segmented on the basis of type, vehicle type, components, technology, pinion type and mechanism. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Hydraulic Power Steering
• Electronic Power Steering
• Electro-Hydraulic Power Steering System

 Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

 Components

• Hydraulic Pump
• Steering Sensor
• Column Electric Motor

 Technology

• Electric power steering (EPS)
• Electrically assisted hydraulic power steering (EHPS)
• Hydraulic power steering (HPS)

Pinion Type

• Single
• Dual

Mechanism

• Collapsible
• Rigid

Automotive Steering Systems Market Regional Analysis/Insights

The automotive steering systems market is analysed and market size insights and trends are provided by country, type, vehicle type, components, technology, pinion type and mechanism as referenced above.

The countries covered in the automotive winches system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the automotive steering systems market in terms of market share and market revenue. This is due to development of new technology and increased research and development in the automotive steering system in this region.

Asia-Pacific is expected to be the fastest developing regions in the forecast period 2022-2029 due to the high range of automotive producers which has contributed to a big worth of the global automotive steering column market.in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Steering Systems Market Share Analysis

The automotive steering systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive steering systems market.

Some of the major players operating in the automotive steering systems market are:

• Mando Corp. (South Korea)
• ZF Friedrichshafen AG (Germany)
• Robert Bosch GmbH (Germany)
• MAHLE GmbH (Germany)
• Hanon Systems (South Korea)
• Schaeffler AG (Germany)
• JTEKT Corporation. (Japan)
• thyssenkrupp AG (Germany)
• COBO (China)
• DENSO CORPORATION. (Japan)
• Eaton. (Ireland)
• HELLA GmbH & Co. KGaA (Germany)
• Kongsberg Automotive (Switzerland)
• Leopold Kostal GmbH & Co. KG (U.S.)
• NSK Ltd. (Japan)
• Pailton Engineering (U.S.)

 

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