Automotive Steering Systems Market: Rigid Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems

Automotive Steering Systems Market was valued at USD 30.68 Billion in 2021, and is expected to reach USD 44.30 Billion by 2029, exhibiting a CAGR of 4.7 % during the forecast period (2022-2029) Constant technical innovations in the automotive sector, as well as the creation of novel solutions to enhance the entire travelling experience, have substantially enhanced the quality of vehicles produced two decades ago. Automotive OEMs (Original Equipment Manufacturers) have implemented a number of innovative technologies that improve vehicle visual attractiveness and efficiency, among other performance metrics. Automotive steering systems are precisely engineered to avoid the need for a pump, a drive belt, and a hose linked to the engine to employ different quantities of power. These factors are contributing in the increasing demand of automotive steering systems and further driving the growth of automotive steering systems market. Furthermore, IoT (Internet of Things) integration in automobiles is the next major digital breakthrough in the automotive sector. The introduction of self-driving automobiles will usher in yet another revolution in the automotive sector. The integration of an EPS (Electronic Power Steering) technology into self-driving cars/autonomous vehicles would improve the driver's driving experience. The rapid growth of linked automobiles presents potential for both the automotive and technology industries. The development of self-driving vehicles will encourage the usage of EPS in automobiles, helping to the growth of the automotive steering system market during the forecast period. Automotive Steering Systems MarketTo know about the Research Methodology :- Request Free Sample Report

Automotive Steering Systems Market Trends

Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS) To meet the demand for lower emissions, the car industry has accelerated the electrification of various normally mechanical systems. From supercharging to power steering, everything has been electrified to reduce emissions while also boosting safety, streamlining operations, and giving a better driving experience. Electronic power steering systems provide several advantages over hydraulic power steering systems, including lower weight, maintenance, and fuel usage, as well as enhanced variable steering response at different speeds. Simultaneously, the ease of incorporating technology such as electronic stability control and self-parking is increasing their popularity. Because of EPS's adaptability, several automotive steering manufacturers are striving to integrate it with other smart technologies already in use in ADAS to improve vehicle safety and the driving experience. Maserati upgraded its Ghibli, Quattroporte, and Levante models to electronic power steering in 2018, enabling for additional driver aid technologies. Similarly, Nexteer Automotive Corporation created EPS, which provides driver assistance through the combination of ADAS systems with electronic power steering systems. Thus, integration of EPS and ADAS is trending in automotive steering systems market worldwide and further is estimated to drive the growth of automotive steering systems industry. Automotive Steering Systems Market Drivers Rigid Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems in North America Automotive Steering Systems Market Several countries throughout the world have passed stringent car pollution and fuel economy laws. Regulatory authorities such as the National Highway Traffic and Safety Administration in the United States have implemented fleet-level requirements. The average emission cap established by these standards must be followed by automobile manufacturers. These rules have compelled automotive steering manufacturers to invest more in fuel-efficient steering technologies, such as electronic power steering. Electrically assisted power steering systems are lower in weight and have a simpler construction than traditional hydraulic steering systems. EPS (Electronic Power Steering) systems can enhance fuel efficiency by 2% to 4%, cut fuel consumption by up to 6%, and reduce CO2 emissions by 8 grammes per kilometre under optimum conditions. Unlike hydraulic systems, which continually pump fluid while the engine is running, these systems consume power only when the wheels are spun. The European area has the most electrically assisted power steering penetration, followed by North America and Asia Pacific. Thus, the many strict government regulations aimed at ensuring fuel-efficient automobiles on the road are expected to affect demand for EPS, driving the automotive steering systems market growth over the forecast period. Automotive Steering Systems MarketEscalating Demand for Electrification in Vehicles in Asia Pacific Automotive Steering Systems Market The usage of buses and trucks is increasing globally, particularly for logistics and public transportation. As the metropolitan population grows, there is a greater need for improved public transportation, and the present transportation infrastructure is increasingly insufficient. OEMs throughout the world are increasingly focusing on cutting carbon emissions, which is increasing the adoption of electric vehicles. As demand grows, passenger automobiles and taxis are focusing more on introducing cleaner technology. Manufacturers are focusing their efforts on electrifying vehicles, particularly passenger automobiles. Several countries throughout the world are working hard to develop green transportation. Furthermore, the government will continue to strengthen public transportation and information systems that support environmentally friendly mobility. Governments all across the globe are trying a variety of measures to reduce CO2 emissions. Tax breaks and incentives are being offered to encourage the use of electric vehicles in public transportation, such as e-trucks and e-buses. Electric vehicle models include the BYD K9, Mercedes Benz electric lorry, and Tata Starbus Hybrid e-buses. Electric buses have recently been introduced by certain commercial vehicle manufacturers, while others have declared intentions to convert full-size vehicles and pickup trucks to battery-electric platforms. As a result, increased demand for electric vehicles is fueling growth in the APAC automotive steering system market.

Automotive Steering Systems Market Opportunity

Integration of Technologically Advanced EPS Systems in Commercial Vehicles EPS is mostly found in passenger automobiles and light commercial vehicles, with just a little presence in heavier vehicles. EPS systems may now bear more weight and be employed in commercial cars because to technical advancements. HPS (Hydraulic Power Steering) systems now dominate the commercial vehicle market because to their superior load-bearing capabilities than EPS systems. HPS systems rely on engine control, which reduces fuel economy. Because it pulls power from the tank, the EPS system is more fuel-efficient and dependable than HPS systems. Because of its increased load-bearing capacity, this technology will be able to be employed in commercial vehicles as well. Volvo has created Volvo Dynamic Steering, which employs an electric motor. The engine controls the steering 2,000 times every second. This technology was built using the Torque Overlay platform. Nexteer Automotive has developed a rack-assisted electronic power steering system for the pickup truck sector. Robert Bosch, another top steering system manufacturer, launched the Servotwin electro-hydraulic steering system for big commercial vehicles. Similarly, Nexteer Automotive Corporation will offer EPS systems for commercial cars in October 2020. Such advancements are expected to create profitable prospects for EPS systems in the commercial vehicle industry during the forecast period.

Automotive Steering Systems Market Trends

Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS) To meet the demand for lower emissions, the car industry has accelerated the electrification of various normally mechanical systems. From supercharging to power steering, everything has been electrified to reduce emissions while also boosting safety, streamlining operations, and giving a better driving experience. Electronic power steering systems provide several advantages over hydraulic power steering systems, including lower weight, maintenance, and fuel usage, as well as enhanced variable steering response at different speeds. Simultaneously, the ease of incorporating technology such as electronic stability control and self-parking is increasing their popularity. Because of EPS's adaptability, several manufacturers are striving to integrate it with other smart technologies already in use in ADAS to improve vehicle safety and the driving experience. Maserati, for example, upgraded its Ghibli, Quattroporte, and Levante models to electronic power steering in 2018, enabling for additional driver aid technologies. Similarly, Nexteer Automotive Corporation created EPS, which provides driver assistance through the combination of ADAS systems with electronic power steering systems.

Automotive Steering Systems Market Segment Analysis

Based on Vehicle Type, the automotive steering system market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car category is expected to dominate the automotive steering system market during the forecast period, thanks to the rising sales and production in Asia Pacific emerging nations. The increasing use of electric power steering systems in passenger vehicles is also expected to boost growth in this section of the automotive steering system market. The automotive steering system market is also expected to grow in the light commercial vehicle segment. Hydraulic power steering systems are commonly seen in light commercial vehicles. Furthermore, rising need for logistical operations for trade activities is expected to fuel the automotive steering systems market growth in this segment. The heavy commercial vehicle segment is expected to grow gradually in the market in the near future, thanks to lower commercial vehicle sales and manufacturing volume when compared to passenger automobiles. Based on Technology, the automotive steering system market is segmented into electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). Because automakers are increasingly incorporating electric power steering into all vehicle models, the electric power steering sector is expected to dominate the automotive steering system market over the forecast period. Advances in electric power steering to steer-by-wire technology are also expected to boost growth in this section of the automobile steering system market. Because of its widespread use in commercial vehicles, the hydraulic power steering category is expected to grow in the market over the forecast period. Because of its restricted load-bearing capability, electric power steering does not operate in commercial vehicles. Furthermore, hydraulic power steering can attenuate road vibrations. Automotive Steering Systems MarketBased on Pinion-Type, the dual pinion segment is expected to dominate the automotive steering systems market because to its improved fuel economy and steering feel. Dual pinion allows more design options in locating the motor and controller, as well as assisting the mechanism opposite the driver side, lowering the danger of leg damage in the event of a collision. Furthermore, the growing penetration of the C and D vehicle sectors is likely to drive the growth of the dual pinion segment in the automotive steering systems industry during the forecast period. Based on EPS Type, R-EPS can steer vehicle types ranging from mid-sized automobiles to full-sized trucks, thus, it is expected to be the fastest-growing EPS type sector. Customers' shifting preferences from passenger cars to compact SUVs and higher-end vehicles are also likely to promote R-EPS category growth. R-EPS also saves critical space in engine compartments and is easily adaptable to various vehicle platforms. R-EPS accounts for more than 90% of the North American full-size truck industry, according to Nexteer Automotive Group Limited, a prominent steering producer in North America. The high demand for powerful light commercial vehicles in the United States is expected to drive the growth of the R-EPS segment in the automotive steering systems market during the forecast period.

Automotive Steering Systems Market Regional Insights

Europe region dominated the global automotive steering systems market in 2021 and held the largest market share. In Europe, the automotive sector is crucial for the region’s prosperity. The region's industrial solutions have been greatly enhanced, and it has been designated as Industry 4.0. The European Commission is concentrating on R&D investment to strengthen the competitiveness of the automobile sector and maintain its technical leadership. The area is the major producer of passenger automobiles and commercial vehicles, including Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automobile industry is critical to the region's growth. In 2020, 16,921,311 units of commercial and passenger vehicles were produced. Germany is one of the largest automotive markets in the region. The country comprises major automotive manufacturers such as Daimler AG, BMW, VW, Opel, and Audi. The growing automobile production in Germany, as well as Europe is driving the automotive steering system market. Asia Pacific region is estimated to grow at a fastest-rate and hold the largest revenue share of the global automotive steering systems industry by 2029. APAC's economy is doing well as a result of many infrastructure and technology advances. It boasts a thriving automotive sector, which is supported by the growing automobile manufacturing industries in China and India. China, India, South Korea, and Japan are among the world's major automotive production countries. In 2020, India manufactured 3,394,446 automobiles. In the same year, China was the world's greatest vehicle producer, producing 25,225,242 passenger cars and commercial vehicles. The region's automotive steering system market is being driven by a robust automotive industry and an increase in the number of passenger car and commercial vehicle manufacturers. Continuous growth in the economies of China and India, as well as the availability of large disposable incomes in countries such as South Korea and Japan, have supported the rapid growth of the APAC automotive steering systems market. To attract a large client base and produce more cash, car manufacturers seek to incorporate cutting-edge innovations in their vehicles. As a result, the APAC automotive steering system industry is benefiting from a thriving automotive sector and an increase in people's disposable income. Electronic power steering systems are widely used by automakers in the region to improve steering performance on uneven roads and improve driving experience. The COVID19 pandemic has brought various hurdles to the automotive steering systems market in APAC. China, the region's worst-affected country, has resulted in the closing of car manufacturing. The country has lost millions of automobiles in manufacturing, which has directly hampered sales of automotive steering systems, further affecting the growth of the automotive steering systems market.

Automotive Steering Systems Market Scope: Inquire before buying

Automotive Steering Systems Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 30.68 Bn.
Forecast Period 2022 to 2029 CAGR: 4.7% Market Size in 2029: US $ 44.30 Bn.
Segments Covered: by Component ● Hydraulic Pump ● Steering Column ● Electric Motor ● Steering Wheel Speed Sensor
by Technology ● Electric power steering (EPS) ● Electrically assisted hydraulic power steering (EHPS) ● Hydraulic power steering (HPS)
by EPS Type ● Column-EPS (C-EPS) ● Pinion-EPS (P-EPS) ● Rack-EPS (R-EPS)
by Pinion-Type ● Single ● Dual
by Mechanism ● Collapsible EPS ● Rigid EPS
by Vehicle Type ● Passenger Car (PC) ● Light Commercial Vehicle (LCV) ● Heavy Commercial Vehicle (HCV)

Automotive Steering Systems Market Key Players

● China Automotive Systems, Inc. ● Nexteer Automotive ● Hitachi Automotive Systems Americas, Inc. ● Hyundai Mobis ● JTEKT Corporation ● The Mando Corporation ● NSK Ltd. ● Robert Bosch GmbH ● Showa Corporation ● ThyssenKrupp AG ● Magna International ● Mitsubishi Electric Corporation ● Denso Corporation ● Sona Corporation ● Knorr-Bremse AG ● ZF Friedrichshafen AG ● Rollax GmbH & Co. KG Frequently Asked Questions: 1] What is the growth rate of the Global Automotive Steering Systems Market? Ans. The Global Automotive Steering Systems Market is growing at a significant rate of 4.7% during the forecast period. 2] Which region is expected to have the highest growth rate in the Global Automotive Steering Systems Market? Ans. The Asia Pacific region is expected to hold the highest growth rate in the Automotive Steering Systems Market during the forecast period. 3] What is the market size of the Global Automotive Steering Systems Market by 2029? Ans. The market size of the Automotive Steering Systems Market by 2029 is expected to reach USD 44.30 Bn. 4] What are the major key players of the Global Automotive Steering Systems Market? Ans. The major key players of the Global Automotive Steering Systems Market are China Automotive Systems, Inc., Nexteer Automotive, Hitachi Automotive Systems Americas, Inc., Hyundai Mobis, JTEKT Corporation, and The Mando Corporation. 5] What factors are driving the growth of the Global Automotive Steering Systems Market in 2021? Ans. The rigid fuel efficiency norms driving adoption of advanced automotive steering systems and escalating demand for electrification in vehicles are the major factors expected to drive the Global Automotive Steering Systems Market during the forecast period.
1. Global Automotive Steering Systems Market Size: Research Methodology 2. Global Automotive Steering Systems Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Automotive Steering Systems Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Automotive Steering Systems Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region ● North America ● Europe ● Asia Pacific ● The Middle East and Africa ● South America 3.12. COVID-19 Impact 4. Global Automotive Steering Systems Market Size Segmentation 4.1. Global Automotive Steering Systems Market Size, by Component (2021-2029) ● Hydraulic Pump ● Steering Column ● Electric Motor ● Steering Wheel Speed Sensor 4.2. Global Automotive Steering Systems Market Size, by Technology (2021-2029) ● Electric power steering (EPS) ● Electrically assisted hydraulic power steering (EHPS) ● Hydraulic power steering (HPS) 4.3. Global Automotive Steering Systems Market Size, by EPS Type (2021-2029) ● Column-EPS (C-EPS) ● Pinion-EPS (P-EPS) ● Rack-EPS (R-EPS) 4.4. Global Automotive Steering Systems Market Size, by Pinion-Type (2021-2029) ● Single ● Dual 4.5. Global Automotive Steering Systems Market Size, by Mechanism (2021-2029) ● Collapsible EPS ● Rigid EPS 4.6. Global Automotive Steering Systems Market Size, by Vehicle Type (2021-2029) ● Passenger Car (PC) ● Light Commercial Vehicle (LCV) ● Heavy Commercial Vehicle (HCV) 5. North America Automotive Steering Systems Market (2021-2029) 5.1. North America Automotive Steering Systems Market Size, by Component (2021-2029) ● Hydraulic Pump ● Steering Column ● Electric Motor ● Steering Wheel Speed Sensor 5.2. North America Automotive Steering Systems Market Size, by Technology (2021-2029) ● Electric power steering (EPS) ● Electrically assisted hydraulic power steering (EHPS) ● Hydraulic power steering (HPS) 5.3. North America Automotive Steering Systems Market Size, by EPS Type (2021-2029) ● Column-EPS (C-EPS) ● Pinion-EPS (P-EPS) ● Rack-EPS (R-EPS) 5.4. North America Automotive Steering Systems Market Size, by Pinion-Type (2021-2029) ● Single ● Dual 5.5. North America Automotive Steering Systems Market Size, by Mechanism (2021-2029) ● Collapsible EPS ● Rigid EPS 5.6. North America Automotive Steering Systems Market Size, by Vehicle Type (2021-2029) ● Passenger Car (PC) ● Light Commercial Vehicle (LCV) ● Heavy Commercial Vehicle (HCV) 5.7. North America Automotive Steering Systems Market, by Country (2021-2029) ● United States ● Canada ● Mexico 6. Europe Automotive Steering Systems Market (2021-2029) 6.1. Europe Automotive Steering Systems Market, by Component (2021-2029) 6.2. Europe Automotive Steering Systems Market, by Technology (2021-2029) 6.3. Europe Automotive Steering Systems Market, by EPS Type (2021-2029) 6.4. Europe Automotive Steering Systems Market, by Pinion-Type (2021-2029) 6.5. Europe Automotive Steering Systems Market, by Mechanism (2021-2029) 6.6. Europe Automotive Steering Systems Market, by Vehicle Type (2021-2029) 6.7. Europe Automotive Steering Systems Market, by Country (2021-2029) ● UK ● France ● Germany ● Italy ● Spain ● Sweden ● Austria ● Rest of Europe 7. Asia Pacific Automotive Steering Systems Market (2021-2029) 7.1. Asia Pacific Automotive Steering Systems Market, by Component (2021-2029) 7.2. Asia Pacific Automotive Steering Systems Market, by Technology (2021-2029) 7.3. Asia Pacific Automotive Steering Systems Market, by EPS Type (2021-2029) 7.4. Asia Pacific Automotive Steering Systems Market, by Pinion-Type (2021-2029) 7.5. Asia Pacific Automotive Steering Systems Market, by Mechanism (2021-2029) 7.6. Asia Pacific Automotive Steering Systems Market, by Vehicle Type (2021-2029) 7.7. Asia Pacific Automotive Steering Systems Market, by Country (2021-2029) ● China ● India ● Japan ● South Korea ● Australia ● ASEAN ● Rest of APAC 8. Middle East and Africa Automotive Steering Systems Market (2021-2029) 8.1. Middle East and Africa Automotive Steering Systems Market, by Component (2021-2029) 8.2. Middle East and Africa Automotive Steering Systems Market, by Technology (2021-2029) 8.3. Middle East and Africa Automotive Steering Systems Market, by EPS Type (2021-2029) 8.4. Middle East and Africa Automotive Steering Systems Market, by Pinion-Type (2021-2029) 8.5. Middle East and Africa Automotive Steering Systems Market, by Mechanism (2021-2029) 8.6. Middle East and Africa Automotive Steering Systems Market, by Vehicle Type (2021-2029) 8.7. Middle East and Africa Automotive Steering Systems Market, by Country (2021-2029) ● South Africa ● GCC ● Egypt ● Nigeria ● Rest of ME&A 9. South America Automotive Steering Systems Market (2021-2029) 9.1. South America Automotive Steering Systems Market, by Component (2021-2029) 9.2. South America Automotive Steering Systems Market, by Technology (2021-2029) 9.3. South America Automotive Steering Systems Market, by EPS Type (2021-2029) 9.4. South America Automotive Steering Systems Market, by Pinion-Type (2021-2029) 9.5. South America Automotive Steering Systems Market, by Mechanism (2021-2029) 9.6. South America Automotive Steering Systems Market, by Vehicle Type (2021-2029) 9.7. South America Automotive Steering Systems Market, by Country (2021-2029) ● Brazil ● Argentina ● Rest of South America 10. Company Profile: Key players 10.1. China Automotive Systems, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Nexteer Automotive 10.3. Hitachi Automotive Systems Americas, Inc. 10.4. Hyundai Mobis 10.5. JTEKT Corporation 10.6. The Mando Corporation 10.7. NSK Ltd. 10.8. Robert Bosch GmbH 10.9. Showa Corporation 10.10. ThyssenKrupp AG 10.11. Magna International 10.12. Mitsubishi Electric Corporation 10.13. Denso Corporation 10.14. Sona Corporation 10.15. Knorr-Bremse AG 10.16. ZF Friedrichshafen AG 10.17. Rollax GmbH & Co. KG

About This Report

Report ID 118519
Category Automotive and Transportation
Published Date Nov 2022
Updated Date
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