Automotive Steering System Market Growth Size to hit USD 30.87 Billion by 2028

The stringent fuel efficiency norms and rising demand for electrification in vehicles are the potential factors attributed to the market expansion.

Several governments across the world have adopted some concrete automotive emission norms and fuel economy legislation. Various regulatory bodies such as National Highway Traffic and Safety Administration in the US and International Council of Clean Transportation in Europe have laid down fleet-level regulations. Such stringent laws and regulations compelled automakers to spend more on electronic power steering (EPS) instead of conventional hydraulic steering systems. In ideal conditions, an electronic power steering system improves fuel efficiency by 2-4%, reduces fuel consumption by 6%, and lowers CO2 emission by 8gm/km.

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According to The Insight Partners' research, the global automotive steering system market was valued at US$ 22,501.0 million in 2020 and is likely to hit US$ 30,875.8 million by 2028 to rise at a CAGR of 4.3% from 2021 to 2028. The stringent fuel efficiency norms and rising demand for electrification in vehicles are the potential factors attributed to the market expansion.

Strategic Insights :
Key players dominating the global automotive steering system market are 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; and ThyssenKrupp AG, among others.

• In March 2021, China Automotive Systems launched a new EPS product to empower advanced driver-assistance system (ADAS). This new product is based on proprietary technology developed by CAAS research & development team. The company started mass production of the product for Great Wall Motors, a leading Chinese automaker.

• In February 2019, Nexteer Automotive announced its production milestone of 60 million electronic power steering (EPS) systems globally. The system is used in vehicles ranging from small cars to heavy-duty trucks.

• In October 2019, Hitachi Automotive Systems merged with three affiliates of Honda, namely, Keihin, Showa, and Nissin Kogyo, to become a global mega-supplier and expand the business. With this merger, the company would manufacture electrified vehicle drivetrains, electronic control units, chassis parts, engine components, shock absorbers, brakes, and steering systems.

• In July 2018, Hyundai Mobis developed an electronic power steering system that takes advantage of two electronic circuits during autonomous driving to maintain normal steering capabilities under any circumstances.

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On the other hand, the high cost of electronic power steering systems and difficulties associated with their maintenance hinder the growth of global automotive steering system market.

Based on type, the market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. The electronic power steering segment held 73.4% market share in 2020. It amassed US$ 16,521.6 million in 2020 and is speculated to garner US$ 23,230.0 million by 2028 to expand at 4.6% CAGR during 2021-2028.

According to type of vehicle, the global automotive steering system market is split into passenger cars and commercial vehicles. The passenger cars comprises class A, class B, class C, class D, class E, class F, SUV, and MPV sub-segments. The commercial vehicles segment include light commercial vehicles (LCV), medium commercial vehicles (MCV), and heavy commercial vehicles (HCV). With 70.6% market share, the passenger cars segment led the business in 2020. It generated US$ 15,885.6 million in 2020 and is projected to be worth US$ 20,912.2 million by 2028 to grow at 3.8% CAGR throughout the forecast period.

Oure regional analysis states that the Asia Pacific market captured 50.9% share of the domain in 2020. It was evaluated at US$ 11,448.3 million in 2020 and is predicted to reach US$ 16,429.0 million by 2028 to elevate at the highest CAGR of 4.9% over the forecast period.

The logistics and transportation (public and private) are expanding worldwide. Public transportation is preferred more in Asia and Europe. While in North America, private cars serve as the primary mode of transportation. However, as the urban population is increasing, this current transportation medium is proving inadequate. Hence, the automobile manufacturers are focusing on electrification of vehicles, especially passenger cars. Major countries across the world are striving hard to create green transportation ecosystem. Governments around the world are providing tax deductions and incentives to promote the use of e-trucks and e-buses in public transport. Thus, the rising demand for electric vehicles and the rigid fuel norms drive the global automotive steering system market.

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This release was published on openPR.