A set of parts called an automotive steering system is used to steer the vehicle in the right direction and assist the driver in adjusting its course as needed. The steering column, universal joints, rack & pinion mechanism, and hand-operated steering wheel are all parts of the vehicle steering system. The move from a manual steering system to a power assist steering system was brought about by the advancement. The automotive steering system is regarded as an essential part of vehicles due it is not interchangeable and is responsible for safe and efficient handling of the vehicle. As a steering system is a need for all vehicles, the market for them is extremely competitive. The market's expansion is primarily driven by an increase in demand for automobiles brought on by rising consumer disposable income.
A further factor driving this market's expansion is the use of power steering systems in automobiles. Increased fuel efficiency of the vehicle is due to the steering system's effectiveness. As a result, the demand for steering systems rises along with the desire for vehicles that are more fuel-efficient. The ease of driving and maneuverability of the vehicle are other factors that customers value when choosing a vehicle for themselves. Use of an efficient steering system, which increases demand for steering systems and propels this market's expansion, results in more comfortable driving. Nonetheless, it is projected that the expensive price of a power steering system will restrain the market's expansion. Drive-by-wire technology is anticipated to be used in upcoming vehicles, accelerating the market's growth in the near term.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion) (Thousand Units) |
| Segmentation | By Type, By Vehicle type, By Region |
| By Type
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| By Vehicle type
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| By Region
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If there is a market for vehicles, it is noted that the global automotive industry would continue to expand. The most demanding nations for the automotive industry include growing nations like Brazil, China, and India. The world's largest auto market, China, is anticipated to expand over the next few years as a result of significant investments being made in this industry by most OEMs. Since every automobile requires a steering system to manage vehicle direction, the rising demand for vehicles in the automotive industry directly causes a rise in demand for steering systems. Furthermore, the change in the steering system or a component as a result of the accident may raise demand for steering systems in the aftermarket.
The vehicle steering system industry has been significantly impacted by the COVID-19 outbreak, which has resulted in the closure of numerous manufacturing facilities throughout the world. The pandemic consequently caused the global vehicle sector to suffer enormous financial losses. Also, it compelled the suspension of the production of several components and essential natural resources, raising the price of vehicle steering systems. On the other hand, the lockdown restrictions are progressively being relaxed, which is helping the vehicle steering system industry pick up speed. Creative industry leaders have started to actively look for new uses for the increasingly common vehicle steering systems.
The automotive steering systems sales market is expected to grow at 4.5% CAGR from 2022 to 2029. It is expected to reach above USD 42.23 billion by 2029 from USD 28.42 billion in 2020.
Asia Pacific held more than 39% of the automotive steering systems sales market revenue share in 2021 and will witness expansion in the forecast period.
The market for automotive steering systems is expected to grow as consumers want more fuel-efficient vehicles with good steering systems. The global market for automotive steering systems is projected to grow as a result of an increase in mergers and acquisitions among automobile manufacturers working to provide high-quality goods.
The Market research report covers the analysis of Market players. Key companies profiled in the report include Nexteer, NSK, Ltd., Showa Corporation, Thyssenkrupp AG, JTEKT Corporation, Hyundai Mobis, Robert Bosch GmbH, Hitachi Automotive System, Mando Corporation, Magna International
Over the course of the forecast, Asia Pacific is anticipated to rule the automobile steering system market. The automobile steering system market is anticipated to increase in this area due to the rising sales and production of automakers from developing nations. This region's market is expected to rise as a result of customer demand for high-end luxury vehicles and rising disposable income in developing nations.
Based on type, Due to the rising adoption of electric power steering by automakers across all vehicle types, the electric power steering category is predicted to dominate the market over the forecast period. This is due to the growing use of EPS systems in cars and light trucks, as well as to their improved performance and efficiency as compared to hydraulic power steering (HPS) systems.
While HPS systems use hydraulic pressure, EPS systems use an electric motor to assist with steering. Since EPS systems use less engine power than HPS systems, they are more effective and offer superior fuel economy. Additionally, especially at higher speeds, they offer better control and response. Due to of these benefits, they have been widely used in both passenger cars and light trucks, which has fueled the expansion of the market for automotive steering systems. Additionally, EPS systems provide a few other advantages, including decreased emissions, enhanced vehicle safety features, and improved driver comfort. Incorporating them with other car systems, such as driver assistance and automated driving systems, is also simpler. Overall, it is anticipated that the EPS category would continue to dominate the market for vehicle steering systems in the years to come.
Based on vehicle type, Due to rising sales and production in Asia-Pacific developing nations, the passenger vehicle category is anticipated to dominate the market during the upcoming period. Power steering systems are often necessary for passenger vehicles, such as cars and SUVs, to facilitate easy steering and increase driver comfort. Power steering systems aid in lowering the amount of effort needed to turn the steering wheel, simplifying vehicle maneuvering for drivers. This resulted in their widespread use in passenger cars, which in turn fueled the expansion of the market for automotive steering systems.
Additionally, the demand for steering systems is being fueled by the growing use of cutting-edge steering technologies in the passenger vehicle market, such as electric power steering (EPS) and steer-by-wire systems. Numerous advantages are provided by these cutting-edge systems, including increased vehicle safety features, decreased emissions, and better fuel efficiency. This has helped the market for automotive steering systems in the passenger car category to grow even further.
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The Market research report covers the analysis of Market players. Key companies profiled in the report include Nexteer, NSK, Ltd., Showa Corporation, Thyssenkrupp AG, JTEKT Corporation, Hyundai Mobis, Robert Bosch GmbH, Hitachi Automotive System, Mando Corporation, Magna International
Industry DevelopmentsThe greatest revenue share in 2021 over 39% was accounted for by Asia Pacific. Asia Pacific is experiencing rapid growth in the global market for automobile steering systems. Market leaders in the automotive steering system market, like Bosch, are investing heavily in electric mobility solutions, which is a key development driver. Also, as a result of increased per capita income and improved road infrastructure in China and India, the market for vehicle steering systems is also expanding.
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