The Global Automotive Steering System Market to Reap $56619.69 Million by 2028

According to Triton’s report, the global automotive steering system market garnered $36921.71 million in 2020, and is set to showcase 5.28% CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Automotive Steering System Market,’ covers the Global Analysis and Forecasts by Vehicle Type (ICE-driven, Electric Vehicles {BEV (Battery Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), HEV (Hybrid Electric Vehicle), FCEV (Fuel Cell Electric Vehicle)}), by Type (Electric Steering System {Electric Power Steering System by Type [Pinion Assist Type (P-EPS), Column Assist Type (C-EPS), Rack Assist Type (R-EPS), Direct Drive Type (D-EPS)], Electric Power Steering System by Components [Steering Motor, Sensor, Steering Rack/Column, Other Component Types]}, Steer by Wire, Hydraulic Steering System, Electro-hydraulic), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton’s report predicts the global automotive steering system market to chart a CAGR of 5.28% during the forecast years 2021-2028, and generate a revenue of $56619.69 million by the year 2028.

Countries having policies in place with respect to fuel economy standards and purchase incentives experienced faster improvement than those without. This highlighted the need for strong policy frameworks, even mandating compliance and enforcement.

Such regulations have compelled automotive manufacturers to improve their fuel-efficient steering technologies, such as EPS. Electrically-assisted power steering systems weigh comparatively lesser and are less complex in structure than traditional steering systems. Such stringent fuel efficiency norms are thus aiding the market growth.

However, the prices of automotive parts are going up, which, in turn, increases the overall cost of the vehicle. There are also additional costs involved in labor and logistics. Thus, there are high costs involved in manufacturing automotive, which is majorly impeding the growth of the market studied.

The market for automotive steering systems is bifurcated mainly into vehicle type and type. On the basis of vehicle type, it is divided into ICE-driven and electric vehicles. Electric vehicles further consists of BEV (battery electric vehicle), PHEV (plug-in hybrid electric vehicle), HEV (hybrid electric vehicle), and FCEV (fuel cell electric vehicle).

Whereas, according to type, the industry is categorized into electric steering system, steer by wire, hydraulic steering system, and electro-hydraulic. Electric steering system is segmented further into electric power steering system by type and electric power steering system by components. Electric power steering system by type includes pinion assist type (P-EPS), column assist type (C-EPS), rack assist type (R-EPS), and direct drive type (D-EPS). Whereas, electric power steering system by components [steering motor, sensor, steering rack/column, and other component types.

The automotive steering system market in the Asia-Pacific region is anticipated to show the fastest growth rate worldwide, over the forecasted period. Many of the countries here, particularly China and India, are among the fastest-growing nations globally, in terms of population. Taking their growing population into consideration, Asian economies and industries are evolving. The automotive industry is one such industry, as the increased population creates increased demand for effective mobility. Such factors are driving the demand for advanced steering systems, which is expected to boost the growth of the studied market in the APAC.

China Automotive Systems Inc, Hitachi Astemo Ltd, Mando Corporation, Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation, JTEKT Corporation, NSK Ltd, Honda Motor Company, Thyssenkrupp AG, Robert Bosch GmbH, Hyundai Mobis, and Denso Corporation are the established players in this market.

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Question & Answer: Automotive Steering System Market

Question 1: What factors are aiding the automotive steering system market growth?
Answer: Countries having policies in place with respect to fuel economy standards and purchase incentives experienced faster improvement than those without. This highlighted the need for strong policy frameworks, even mandating compliance and enforcement.

Such regulations have compelled automotive manufacturers to improve their fuel-efficient steering technologies, such as EPS. Electrically-assisted power steering systems weigh comparatively lesser and are less complex in structure than traditional steering systems. Such stringent fuel efficiency norms are thus aiding the market growth.

Question 2: What is impeding the growth of the market?
Answer: The prices of automotive parts are going up, which, in turn, increases the overall cost of the vehicle. There are also additional costs involved in labor and logistics. Thus, there are high costs involved in manufacturing automotive, which is majorly impeding the growth of the market studied.

Question 3: How is the Asia-Pacific region influencing the growth of the automotive steering system market?
Answer: The automotive steering system market in the Asia-Pacific region is anticipated to show the fastest growth rate worldwide, over the forecasted period. Many of the countries here, particularly China and India, are among the fastest-growing nations globally, in terms of population.

Taking their growing population into consideration, Asian economies and industries are evolving. The automotive industry is one such industry, as the increased population creates increased demand for effective mobility. Such factors are driving the demand for advanced steering systems, which is expected to boost the growth of the studied market in the APAC.

Question 4: Which are the established players in the automotive steering system market?
Answer: China Automotive Systems Inc, Hitachi Astemo Ltd, Mando Corporation, Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation, JTEKT Corporation, NSK Ltd, Honda Motor Company, Thyssenkrupp AG, Robert Bosch GmbH, Hyundai Mobis, and Denso Corporation are the established players in this market.

Related Report:

Global Advanced Driver Assistance System (ADAS) Market

The global advanced driver assistance system (ADAS) market is estimated to witness growth at a CAGR of 19.46% and 21.66% in revenue and volume, respectively, over the forecast period 2019-2027.

ADAS refers to a system having efficient and advanced technologies that offer autonomy to vehicles. Moreover, these systems comprise sub-systems and features that work independently or together to assist.

The rise in road safety, along with stringent rules by government bodies, are supplementing the growth of the advanced driver assistance system market. For instance, the European Union passed a rule that regulates the installation of safety systems in heavy commercial vehicles.

Further, the surge in ADAS adoption in low-cost cars and the rise in concerns relating to passenger safety offer new opportunities to the ADAS market.

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