Automotive Steering Systems Market at 6% CAGR : Global Forecast to 2022

Automotive Steering Systems Market Information Report by Vehicle Type (Commercial Vehicle & Passenger Vehicle), by Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, & Hydraulic Powered), by components (Hydraulic pump, Steering Sensor & column, and Electric Motor) and by End Market (OEM & Aftermarket) and by Region - Global Forecast to 2022

Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), JTEKT Corporation (Japan), Robert Bosch Automotive Steering Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta AG Aktiengesellschaft (U.S.)., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global automotive steering market.

Automotive Steering Market Global Market – Overview

Automotive steering basically serves the purpose of enabling drivers to follow a desired course. Over time various types of power steering shave been developed such i.e. power steering, speed sensitive steering and four wheel steering among others. Hydraulic steering and Automotive Steering have portrayed immense potential in the automotive industry and are expected to acquire greater market share over time. According to a recent study report published by the Market Research Future, The global market of Automotive Steering is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).

Thus the Automotive Steering Systems market is expected to register a CAGR of about 6%.

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The increasing or decreasing demand of the automotive industry directly has an impact on the adaptive front light systems market. The total four wheeler production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2020. This results as a primary factor driving the Automotive Steering Systems market as the interiors of automobiles have gained prevalence in recent times with technological development and rapidly increasing disposable income among the consumers. Thus the growth of the Automotive Steering Systems market is expected to go hand in hand with the automotive industry. The automotive industry us one of the most competitive industries across the globe. The existence of major manufacturers across various continents often pits them against each other. Such cut throat competition results in high quality product being delivered to the customers. Manufacturers like Mercedes, BMW and Audi among others often try to one up each other with the aim to expand their customer base or gain a higher market share. The Automotive Steering Systems market significantly benefits from the intense competition in the automotive industry. Automotive Steering Systems have gained significance in recent times and with manufacturers pushing high end interiors in entry level automobiles, the Automotive Steering Systems market is expected to witness significant growth during the forecast period

The automotive industry as a whole is a capital intensive industry. The dynamic business environment and cut throat competition in the market constantly requires influx of capital to update their technology to cope with increasing incidence of customization by the by the consumers. Development of hybrid vehicles, aesthetic features and smart textiles require constant research & development support thus resulting in extensive capital investment at a constant rate. The high capital investment in the Automotive Steering Systems market is expected to act as a hurdle in the growth of the market due to significant entry barriers for new player which is expected to have a negative impact on the automotive steering systems market.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global Automotive Steering market are that of new product development.

On Jan 2017, Nexteer Automotive, a global leader in intuitive motion control, announced the expansion of its automated driving portfolio. Capitalizing on the enhanced safety and driver experience opportunities associated with the increasing automation of passenger vehicles, Nexteer unveiled two new steering technologies at the North American International Auto Show: Nexteer Steering on Demand System and Nexteer Quiet Wheel Steering.

On Feb 2017, JTEKT Corporation is acquired 51.12 per cent stake for around Rs 853 crore in its Indian joint venture, Sona Koyo Steering Systems Ltd (SKSSL).The Japanese firm will buy out its Indian partner Sona Autocomp Holding Ltd.’s 25.12 per cent in the JV in an all cash deal and it will be followed by an open offer for another 26 per cent stake.

On April 2017, ZF expands steering system portfolio offering in China with addition of dual pinion systems. ZF now has a significantly enhanced offering of electric power steering systems in China and globally with the introduction of its dual pinion system which is slated to launch in the Chinese market in 2018.

On Feb 2016, The technology group ThyssenKrupp is to build a new automotive components plant in Hungary. The company will invest around 100 million euros in a new production site for engine components and steering systems. Construction of the plant in Jászfényszaru, 70 kilometers east of Budapest, will start in spring 2016, with production of electronic power-assisted steering systems and cylinder head covers with integrated camshafts planned to commence in 2018.

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Automotive Steering Market – Segmentation

The global Automotive Steering market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Steering System: Comprises Manual, Electrically Powered, Electro-Hydraulic Powered, & Hydraulic Powered

Segmentation by Vehicle Type: Comprises Commercial Vehicle & Passenger Vehicle

Segmentation by Components: Comprises Hydraulic pump, Steering Sensor & column, and Electric Motor

Segmentation by End Market: Comprises OEM & Aftermarket

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Automotive Steering Market: Regional Analysis

Europe has accounted for the largest market in the automotive steering industry due to the growing demand for automotive steering in this region. The automotive manufacturers are moving towards the new technology for developing light weight components in order to increase the fuel efficiency of the car. The major emerging economies such as India, China, and Thailand are becoming the manufacturing hubs for the automotive OEM’s. The increase in the income level and rising disposable income have led to the growth of the market in this region. The currently booming automotive industry, combined with steadily increasing disposable income, is expected to contribute significantly in the growth of the market. The boom in the emerging countries will result in the growth of the automotive steering industry.

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