The global Automotive Steering System market gathered revenue around USD 26.9 Billion in 2020 and market is set to grow USD 26.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.4% during the prediction period 2021 to 2027. The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles. An automotive steering system is set of components used to control the direction of vehicle motion and help driver maneuver the vehicle as per the requirement. The hand-operated steering wheel, steering column, universal joints and rack & pinion mechanism contribute to the automotive steering system component. The development has led to change the steering system from manual steering to power assist steering system. The automotive steering system is considered as non-replaceable in automobiles and is responsible for effective control on vehicles making it a vital component in automobiles. The market for automotive steering system is highly demanding as the steering system is obligatory in automobiles.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Automotive Steering System market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Automotive Steering System market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Automotive Steering System market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Challenge: Failure of EPS system subcomponents
Many vehicles configured with electric power steering have experienced a failure in their steering system. When the steering wheel gets struck or disengages from the electric motor, EPS malfunctioning occurs. Most of the time, this is caused due to the failure of various electrical components, the failure of steering control modules, and torque sensor defects, resulting in the input of more steering efforts by the driver, which may lead to accidents, especially at low speeds.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Automotive Steering System Market are:
Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany) and Others.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Automotive Steering System Market, By Component
- Hydraulic pump,
- steering column
- Steering wheel speed sensor
- Electric motor
Automotive Steering System Market, By Technology
- Electric power steering (EPS),
- Electrically assisted hydraulic power steering (EHPS)
- Hydraulic power steering (HPS)
Electric Power Steering System Market, By Type
- Column-EPS (C-EPS)
- Pinion-EPS (P-EPS)
- Rack-EPS (R-EPS)
Electric Power Steering System Market, By Pinion-Type
Electric Power Steering System Market, By Mechanism
- Collapsible EPS
- Rigid EPS
Automotive Steering System Aftermarket, By Component
- Hydraulic pump
- Steering column
- Electric motor
Automotive Steering System Market, By Vehicle Type
- Passenger car (PC)
- Light commercial vehicle (LCV)
- Heavy commercial vehicle (HCV)
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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