According to the latest research report, the Global Automotive Steering System Market size is predicted to see exponential sales growth by 2023, with a compound annual growth rate of a CAGR of nearly 5.1 percent throughout the forecast timeframe of between 2018-2023. The automobile steering system offers drivers total control over their vehicles' steering. The technology reduces mechanical links in the vicinity of the steering mechanism and improves the car's overall stability. The automobile steering system regulates the wheel's motion by the use of an electric motor, which gets input from the operator through the use of electronic control units.
Steering is the method for guiding a vehicle by rotating it about its vertical axis via a sequence of linkages, rods, pivots, and gears in order to follow a predetermined path. It is anticipated that the global automotive steering systems market will maintain its stability in the face of a number of hurdles, including the latest COVID 19 issues. As a result of the rapid expansion of the vehicle industry, there is a tremendous need for automotive steering systems. In addition, the rising per capita income, efficient advertising by the automobile sector, and other factors are contributing to the industry's expansion.
This report contains all the information on the global Automotive Steering System Market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Automotive Steering System Market forecast for 2030 is also included in the report.
The spread of COVID-19 has had a significant impact on the automobile steering system business, leading to the closure of various production plants throughout the globe as a consequence. As a result, the outbreak resulted in massive financial losses for the automobile industry throughout the globe. Furthermore, it forced the suspension of manufacturing of various components and crucial natural resources, resulting in a spike in the cost of car steering systems.
The vehicle steering system industry, on the other hand, is recovering its speed as the lockdown restrictions are gradually loosened. Innovative industry leaders have begun to aggressively search for new applications for vehicle steering systems that are becoming more widespread. Moreover, after the lifting of the shutdown in a number of nations, it is possible that product demand may increase.
The high level of demand, particularly in emerging countries, is the key driver of the market's rapid expansion. According to predictions, a product innovation initiative such as the establishment of automobile electronic power steering would likely result in the largest market penetration. Furthermore, variables such as the desire of the middle-class group to purchase a car and the successful marketing of corporations contribute to the market's expansion. The rise in automobile loans due to low borrowing costs, which results in higher in vehicle sales, and the rise in automotive manufacturing are driving the market's expansion.
There is a growing trend for environmentally friendly autos that have a lower carbon impact. Electric cars are becoming more popular, presenting considerable prospects for the automotive steering system industry. Electric vehicles are zero-emission cars that are widely thought to be the transport system of tomorrow. Many governments throughout the globe have been concentrating on the development and adoption of electric vehicles (EVs) in order to minimize vehicular pollution. According to estimates, the accelerating expansion of the electric car industry will provide considerable prospects for automotive steering system market growth.
The expensive upfront cost of automobile steering systems, as well as the introduction of completely driverless vehicles, are major market barriers for the industry.
A drop in car manufacturing has been blamed on the pandemic's rapid spread throughout the world. Big manufacturing enterprises were severely affected by the COVID-19 outbreak because industrial and assembly operations were stopped down due to the epidemic. This might be a problem for the worldwide automobile steering system industry.
The global automotive market is expected to develop at a steady pace as long as there is a demand for automobiles on the market. In the automobile industry, emerging nations such as China, India, and Brazil, among many others, are the most demanding markets in the world. China, which is already the world's biggest market for automobiles, is likely to expand much more in the next years as the majority of automobile manufacturers make significant expenditures in this industry.
The demand for automobiles in the automotive industry is directly correlated with the rise in the need for steering systems since every automobile requires a steering system to regulate the direction of the vehicle in which it is driven. A traffic collision may also result in a modification to the steering system, increasing the need for steering systems on the aftermarket. As a result, it is projected that the growth in demand for automobiles will raise the need for steering systems in the coming years.
According to the reports, To categorize the automotive steering system market is divided into four segments: sales channel, vehicle type, components, steering system, and regional segment. The vehicle type category is further subdivided into two sub-segments: commercial trucks and passenger cars. The steering system category is further divided into manual, electro-hydraulic powered, electrically powered, and hydraulically powered steering systems. The three sub-segments are the steering sensor and column, hydraulic pump, and electric motor.
The market is segmented based on sales channel, vehicle type, components, steering system, and regional segment. The global automotive steering system market trends are expected to witness decent growth during the forecast period.
The application is segmented into manual, electro-hydraulic powered, electrically powered, and hydraulically powered steering systems, among others based on the application.
The market is segmented into commercial trucks and passenger cars categories based on the propulsion types.
According to the reports, on the basis of region, the global automotive steering system market is divided into North America, Europe, Asia Pacific, and the rest of the world. However, the North American market for vehicle steering systems is expected to be very appealing during the review process. The enormous rise in the market may be attributed to the high rate of owning a vehicle and income per capita in the United States, as well as the fact that cars are a way of life for many Americans. In addition, the automotive steering systems industry in North America is propelled by the presence of well-established automakers and suppliers of parts and services.
The vehicle steering system market in Europe is second only to the United States in terms of overall market share. The expansion of the market sector is fueled by variables such as a well-established automotive industry and automobile manufacturing businesses. There is also expected to be considerable market development potential in the light and fuel-efficient automobile sector in the area due to the expanding consumer buying power and higher expenditure on luxury automobiles.
The worldwide market for automobile steering systems is expanding quickly in the Asia Pacific. Industry players in the automotive steering system market, such as Bosch, are substantially spending on electric mobility solutions, a major driver of development. In addition, the automotive steering system market is also developing due to rising per income per capita and improved road infrastructure in China and India.
A large number of well-established producers and suppliers are present in the worldwide automotive steering system market value, which gives the impression of being tremendously fragmented. By concentrating on R&D expenditures, growth, and mergers and acquisitions, the automotive steering system market players are looking for possibilities to consolidate throughout the extended supply chain. With high margins, new competitors join the market, intending to undercut the existing suppliers and gain a presence in foreign marketplaces.
The following report comprises of –
|Market Size||2030: Significant Value|
|CAGR||5.1% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Steering System, components, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TRW Automotive Holdings (US), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering System Ltd. (India), JTEKT Corporation (Japan), Nexteer Automotive (US), Thyssenkrupp Presta (US), Robert Bosch Automotive Steering Gmbh (Germany), and China Automotive System Inc. (China)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Driver assistance systems are expected to have a positive impact on the vehicle industry in the near future.
A 5.1 % CAGR is expected to become evident in the market.
USD 5,500 Million in revenues is expected to be gained by the market.
A few of the rivals in the market are Sona Koyo Steering System Ltd. (India), TRW Automotive Holdings (U.S.), and JTEKT Corporation (Japan).
The North American region is estimated to take the lead in the market due to the presence of major manufacturers.
The capital-intensive nature of the product is expected to impede the overall market growth.
The segments of electro-hydraulic powered, electrically powered, manual, & hydraulic-powered are included in the market.