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Key Insights on Global Automotive Steering System Market Examines Market Share, Trends, Growth, Sales, Competition and Demand till 2022
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Automotive steering systems are a collection of components that allow drivers to direct their vehicle’s motion to follow the desired trajectory. These systems are developed to allow drivers guide their vehicles more effortlessly. Front wheels, hand-operated steering wheel, steering column, clutches and brakes are key components of automotive steering systems. Earliest steering systems in automobiles were rigid, arduous to maneuver, and manual, but today’s automotive steering systems are more urbane with steering flexibility and automatic assistance. Manufacturers of heavy commercial vehicles, in particular, are focusing towards improving vehicle stability with advanced steering systems. Hydraulic and electro-hydraulic assisted steering systems are gaining traction among automakers by facilitating fuel efficiency and reducing the steering control force applied by driver. Through technological advancements, car manufacturers are successfully producing automotive steering systems that can integrate features such as anti-lock braking system or electronic stability program. Moreover, automotive steering systems are comfortably adapting to ongoing innovation in the field of power consuming technologies and advanced driver-assistance systems.
New Technologies to Play Critical Role in Automotive Steering System Market
For a component as vital as the automotive steering system, continuous innovation is not an afterthought but an absolute necessity that major carmakers will have to include in their strategic plans. It remains to be seen how new advancements could impact the automotive steering system market that should witness a steady CAGR and grow to just under US$ 40 billion in 2022.
Electric Power Steering Most Attractive in Automotive Steering System Market
The electric power steering segment is estimated to account for a dominant revenue share by the end of 2017 and will record a relatively high CAGR from 2017-2022 as compared to other segments in the automotive steering system market. From a value of slightly over US$ 12.1 billion in 2017, the EPS segment should touch multi-billion value market by the end of the forecast period. The manual segment, while declining, is still procuring significant share in terms of revenue share for the year 2017. The manual segment might only grow by US$ 2 billion over the course of the forecast period and be worth heavy valuation by 2022, with a moderate CAGR. Manufacturers are advised to direct their energy towards the APEJ region as it accounts for more than 1/3rd of the regional contribution for both electric as well as manual steering in the automotive steering system market.
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Spotlight on Passenger Cars in the Automotive Steering System Market
With a dominant revenue share for the year 2017, passenger cars are anticipated to be more lucrative than both LCV and HCV. The passenger car segment of the automotive steering system market is estimated to grow to approx. US$ 24 billion in 2022– recording a steady CAGR. LCV have a comparatively lower share of the vehicle type segment but a market projected to be multi-billion at the end of the forecast period can hardly be ignored. The focus on fuel-efficiency and price-sensitivity seems to have taken a toll on HCV as this segment has the smallest revenue share in the automotive steering system market. The dynamic, fast-growing APEJ region should provide some relief to key stakeholders in the automotive steering system market as it alone represents a miniscule market value by 2022-end.
OEM’s Twice the Size of Aftermarket in Automotive Steering System Market
The OEM segment in the automotive steering system market is poised to grow to US$ 26.5 billion in 2022 with a stable CAGR. The OEM segment is nearly twice the size of the aftermarket channel with a large revenue share of at the end of 2017. On the other hand, the aftermarket segment has a revenue share of only menial percentage in the same timeframe and the aftermarket segment is likely to be half the size of the OEM segment in 2022, at US$ 13.5 billion.
Competition Tracking
The leading companies in the market include JTEKT Corporation, ZF Friedrichshafen AG, ThyssenKrupp AG, NSK Ltd., Nexteer Automotive Group Limited, Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd, China Automotive Systems, Inc, Sona Koyo Steering Systems Limited, and Robert Bosch Limited.
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