Global Automotive Steering Systems Market Analysis, Size, Share, Growth, Trends and Forecast to 2021

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Global automotive steering system market is estimated to be valued at US$ 33,700 Mn in the year 2017 and is poised to reach a value of US$ 51,270 Mn by the end of the year 2027, exhibiting a CAGR of 4.3% during the period of assessment (2017-2027). The volume sales of global automotive steering system were estimated to be pegged at 93,850 ‘000 units in the year 2016 and this is forecasted to reach a figure of 135,570 ‘000 units by the end of the year 2027, exhibiting a CAGR of 3.5% during the period of assessment.

Increasing Automotive Production and Vehicle Parc are Surging Demand for Steering Systems in the APEJ Region

The steering system market in the APEJ region is significantly connected to automotive production and vehicle parc. Even though the conditions were unstable in the market during the recent past, the APEJ automotive industry has witnessed steady growth. Automotive production is expected to be significant in developing countries as compared to that in developed countries. This can be primarily attributed to increasing urbanization, per-capita income growth and rising living standards in developing regions. During the forecast period, the fleet on road is also expected to rise with a modest CAGR, thus providing opportunities for growth of the steering system market.

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Established Players Facing Stiff Competition from Regional Players in the APEJ Region

Manufacturers of steering systems in the APEJ region are facing various challenges in the market, one of them being the intense competition from regionally active players. Also, various technological firms, such as Apple are entering the market with advanced automotive technology, such as driverless cars and electric cars. The introduction of self-driving cars in the market will hamper the demand for steering systems in the market and thus, hinder growth of the APEJ steering systems market over the forecast period.

Manufacturers are Focussing on Facility Expansions to Cater to a Wider Customer Base

Steering system OEMs are strongly focusing on the expansion of their production facilities in developing economies in order to supply components to automotive manufacturers across the region. For example, in December 2016, ThyssenKrupp Presta announced that they will centralise electric power-assisted steering system production activities at a new, around US$ 230 Mn, manufacturing plant in Changzhou, Jiangsu province in China. In April 2012, ZF Lenksysteme invested about US$ 479 Mn for the setup of a production facility in Pune, India.

APEJ Automotive Steering System Market Analysis by Country

China will dominate the APEJ Steering System market in terms of value share and will be followed by Rest of APEJ, which will hold a significant market share. China is estimated to account for a value share of 66.4% by the end of the forecast period. However, over the forecast period, ASEAN is expected to lose basis points and account for a share of 9.1% by the end of the forecast period. Year-on-year growth of China is expected to increase significantly over the second half of the forecast period.

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