Automotive Steering Market: Information by Product Type (Hydraulic Power Steering), Vehicle Type (Passenger Vehicle), Sales Channel (Aftermarket), and Region — Forecast till 2029

Nov 24, 2020   Market Overview Automotive steering can be termed as an integral part of automobile assembly that is responsible for the control and driving performance of the vehicle. The emergence of performance-based and connected vehicles have increased the importance of steering system. The high initial price of the power steering systems and considerable increment in the pricing with more technologically powered electronic steering systems hampers the market growth. The automotive steering market is larg...
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Report Description

Market Overview

Automotive steering can be termed as an integral part of automobile assembly that is responsible for the control and driving performance of the vehicle. The emergence of performance-based and connected vehicles have increased the importance of steering system. The high initial price of the power steering systems and considerable increment in the pricing with more technologically powered electronic steering systems hampers the market growth. The automotive steering market is largely driven by the performance of automotive sales and production of OEM manufacturers. To reinforce their sales in the market, the automotive steering manufacturers are looking to venture into supply agreements with automotive OEM players.

The market is projected to witness decent traction due to the product innovation and keen interest of potential manufacturers to work on product diversification. The use of intelligent power systems in different vehicles is driving the consumer base and market growth.

The automotive steering market was valued at USD 43.68 billion and is estimated to progress grow with a CAGR of 4.7% during the forecast period.

The Advent of Electronic Power Steering to Drive the Market Growth

Electronic power steering provides intelligent steering assistance, better and effective automated functions, and improvement in connected systems, which improves the overall performance of the vehicles. Thus, many automobile manufacturers and end-users are focusing on adopting electronic steering systems. The intelligent steering system is cable of incorporating operation with electronic control unit integrated with innovative software, which provides ease in controlling the vehicles and elevates driving standards.

The trend of autonomous vehicles is expected to solidify its relevance in the markets of Europe and North America. The improved safety and comfort with driving and effective improvisation of traffic regulations are the key factors accelerating the market growth. Additionally, customers’ inclination to use autonomous vehicles as an effective mode of transport provides an impetus to the market growth. Therefore, the relevance of the electronic steering system to the current automotive vehicles and improvement in vehicle handling is anticipated to provide strong growth projections for the market during the forecast period.

COVID-19 Impact Analysis

The global automotive sales were already expected to register a dip in the fiscal year of 2020. The pandemic disruption has further catalyzed the reduction in the market. The lockdowns and quarantine restrictions, a strong emphasis on work from home policies, obstruction from visiting public places, and prohibition for operations in the tourism industry have collectively reduced the usage and sales of automotive vehicles. The shutdown of the manufacturing sites for a prolonged time span and current operations at production facilities with the minimal workforce has decreased the production efficiency of the facilities.

Automotive Steering Market: Segmentation

The electronic power steering segment is anticipated to witness the fastest growth on account of the increasing adoption of technology in different vehicles. Electronic power steering provides comfort to the driver with more stability. On average, about 4.7 trillion passenger vehicle kilometers are traveled in the U.S. The exhaustive use of passenger vehicles is expected to propel the passenger vehicles segment’s extensive opportunities in the market. High use of passenger vehicles in the developing countries is also anticipated to progress the market.

In terms of sales channel, prominent share by OEM segment is due to the requirement of steering systems for the manufacturing of new vehicles. The decrement in the replacement of the steering modules of the vehicles is expected to help the development of OEM market share in the sales channel segment. The need for an electronic power steering module for medium and high-end vehicles is also to cement the claims of OEM segment on the market share.

Regional Overview

North America is expected to hold a notable share in the market. The product roadmap designed for the development of automobiles that are compliant with autonomous driving is expected to stir the market and will provide the market of the region with numerous opportunities. Additionally, the contract between Original Equipment Manufacturers (OEM) and steering system manufacturers to supply their products to the OEMs is increasing the customer base, further driving the market growth. The region serves as a manufacturing hub for numerous global automotive manufacturers which is a factor to bolster the market share of the North American region. Also, many companies are planning to discontinue manufacturing operations in China. In this situation market of the U.S. can emerge as the best choice for the manufacturers which is expected to further solidify the share claimed by the region in the global market

The Asia Pacific is expected to register rapid growth in the market. China Automotive Systems, Inc. has begun mass production operations under its recirculating-ball steering (RCB) steering system (i-RCB Program,) with expected annual sales of 45,000 units. Along with the orders from automotive manufacture Chrysler, this technology is also expected to gain prominence in China’s market for Heavy Duty Trucks.

Competitive Landscape

  • Thyssenkrupp AG
  • Robert Bosch GmbH
  • Hyundai Mobis Co., Ltd
  • Nexteer Automotive Group Limited
  • China Automotive Systems, Inc
  • Showa Corporation
  • JTEKT Corporation
  • NSK Ltd
  • Mando Corporation
  • Mitsubishi Electric Corporation
  • Sona Koyo Steering System Ltd
  • TRW Automotive Holdings

The market of Automotive steering can be classified as a fairly consolidated market in the current scenario. Although increasing reliance on the private automobile vehicles as the mode of transportation, modifications in the designs and up gradation in the terms of employed technology is luring the customers towards the new automobiles. This scenario has encouraged multiple market participants to enter into the market which might increase market fragmentation in the automotive steering market.

Robert Bosch GmbH has developed an Electric Power Steering System (EPS) to aid the technology of automated driving systems. Additionally, the system is capable to operate in sports cars, small cars, mid-range cars and LCVs which is increased the focus customer base for the market. The development of technologically advanced products from the market leader is expected to significantly improve the automotive steering market demand in the forecast years.

According to 2019, About 15 major global players active in the market accounts for 70% of the market share in the global market. Also, many global market players are either working to finalize mergers and acquisitions or are looking to work in collaboration with regional market players in the respective markets to strengthen their share in the regional markets.

Automotive Steering Market: Segmentation

By Product Type

  • Hydraulic Power Steering
  • Electronic Power Steering
  • Electro-Hydraulic Power Steering

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicles
  • Electric Cars
  • Hybrid Vehicles

By Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

Frequently Asked Questions (FAQs)

Electronic Power Steering Segment is expected to be the leading segment in Automotive Steering Market during the forecast period.
In 2029 Global Automotive Steering Market was valued at USD 43.68 billion.
Thyssenkrupp AG, Robert Bosch GmbH, Hyundai Mobis Co., Ltd, Nexteer Automotive Group Limited, China Automotive Systems, Inc, Showa Corporation, JTEKT Corporation, NSK Ltd, Mando Corporation are the top players in Automotive Steering Market.
North America is expected to hold the highest market share in Automotive Steering Market.
Increasing adoption of technology in a different vehicles, improved safety and comfort with driving and effective improvisation of traffic regulations are the key factors expected to drive Automotive Steering Market during the forecast period.
The automotive steering market was valued at USD 43.68 billion and is estimated to progress grow with a CAGR of 4.7% during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.

Market Overview

Automotive steering can be termed as an integral part of automobile assembly that is responsible for the control and driving performance of the vehicle. The emergence of performance-based and connected vehicles have increased the importance of steering system. The high initial price of the power steering systems and considerable increment in the pricing with more technologically powered electronic steering systems hampers the market growth. The automotive steering market is largely driven by the performance of automotive sales and production of OEM manufacturers. To reinforce their sales in the market, the automotive steering manufacturers are looking to venture into supply agreements with automotive OEM players.

The market is projected to witness decent traction due to the product innovation and keen interest of potential manufacturers to work on product diversification. The use of intelligent power systems in different vehicles is driving the consumer base and market growth.

The automotive steering market was valued at USD 43.68 billion and is estimated to progress grow with a CAGR of 4.7% during the forecast period.

The Advent of Electronic Power Steering to Drive the Market Growth

Electronic power steering provides intelligent steering assistance, better and effective automated functions, and improvement in connected systems, which improves the overall performance of the vehicles. Thus, many automobile manufacturers and end-users are focusing on adopting electronic steering systems. The intelligent steering system is cable of incorporating operation with electronic control unit integrated with innovative software, which provides ease in controlling the vehicles and elevates driving standards.

The trend of autonomous vehicles is expected to solidify its relevance in the markets of Europe and North America. The improved safety and comfort with driving and effective improvisation of traffic regulations are the key factors accelerating the market growth. Additionally, customers’ inclination to use autonomous vehicles as an effective mode of transport provides an impetus to the market growth. Therefore, the relevance of the electronic steering system to the current automotive vehicles and improvement in vehicle handling is anticipated to provide strong growth projections for the market during the forecast period.

COVID-19 Impact Analysis

The global automotive sales were already expected to register a dip in the fiscal year of 2020. The pandemic disruption has further catalyzed the reduction in the market. The lockdowns and quarantine restrictions, a strong emphasis on work from home policies, obstruction from visiting public places, and prohibition for operations in the tourism industry have collectively reduced the usage and sales of automotive vehicles. The shutdown of the manufacturing sites for a prolonged time span and current operations at production facilities with the minimal workforce has decreased the production efficiency of the facilities.

Automotive Steering Market: Segmentation

The electronic power steering segment is anticipated to witness the fastest growth on account of the increasing adoption of technology in different vehicles. Electronic power steering provides comfort to the driver with more stability. On average, about 4.7 trillion passenger vehicle kilometers are traveled in the U.S. The exhaustive use of passenger vehicles is expected to propel the passenger vehicles segment’s extensive opportunities in the market. High use of passenger vehicles in the developing countries is also anticipated to progress the market.

In terms of sales channel, prominent share by OEM segment is due to the requirement of steering systems for the manufacturing of new vehicles. The decrement in the replacement of the steering modules of the vehicles is expected to help the development of OEM market share in the sales channel segment. The need for an electronic power steering module for medium and high-end vehicles is also to cement the claims of OEM segment on the market share.

Regional Overview

North America is expected to hold a notable share in the market. The product roadmap designed for the development of automobiles that are compliant with autonomous driving is expected to stir the market and will provide the market of the region with numerous opportunities. Additionally, the contract between Original Equipment Manufacturers (OEM) and steering system manufacturers to supply their products to the OEMs is increasing the customer base, further driving the market growth. The region serves as a manufacturing hub for numerous global automotive manufacturers which is a factor to bolster the market share of the North American region. Also, many companies are planning to discontinue manufacturing operations in China. In this situation market of the U.S. can emerge as the best choice for the manufacturers which is expected to further solidify the share claimed by the region in the global market

The Asia Pacific is expected to register rapid growth in the market. China Automotive Systems, Inc. has begun mass production operations under its recirculating-ball steering (RCB) steering system (i-RCB Program,) with expected annual sales of 45,000 units. Along with the orders from automotive manufacture Chrysler, this technology is also expected to gain prominence in China’s market for Heavy Duty Trucks.

Competitive Landscape

  • Thyssenkrupp AG
  • Robert Bosch GmbH
  • Hyundai Mobis Co., Ltd
  • Nexteer Automotive Group Limited
  • China Automotive Systems, Inc
  • Showa Corporation
  • JTEKT Corporation
  • NSK Ltd
  • Mando Corporation
  • Mitsubishi Electric Corporation
  • Sona Koyo Steering System Ltd
  • TRW Automotive Holdings

The market of Automotive steering can be classified as a fairly consolidated market in the current scenario. Although increasing reliance on the private automobile vehicles as the mode of transportation, modifications in the designs and up gradation in the terms of employed technology is luring the customers towards the new automobiles. This scenario has encouraged multiple market participants to enter into the market which might increase market fragmentation in the automotive steering market.

Robert Bosch GmbH has developed an Electric Power Steering System (EPS) to aid the technology of automated driving systems. Additionally, the system is capable to operate in sports cars, small cars, mid-range cars and LCVs which is increased the focus customer base for the market. The development of technologically advanced products from the market leader is expected to significantly improve the automotive steering market demand in the forecast years.

According to 2019, About 15 major global players active in the market accounts for 70% of the market share in the global market. Also, many global market players are either working to finalize mergers and acquisitions or are looking to work in collaboration with regional market players in the respective markets to strengthen their share in the regional markets.

Automotive Steering Market: Segmentation

By Product Type

  • Hydraulic Power Steering
  • Electronic Power Steering
  • Electro-Hydraulic Power Steering

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicles
  • Electric Cars
  • Hybrid Vehicles

By Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

Frequently Asked Questions (FAQs)

Electronic Power Steering Segment is expected to be the leading segment in Automotive Steering Market during the forecast period.
In 2029 Global Automotive Steering Market was valued at USD 43.68 billion.
Thyssenkrupp AG, Robert Bosch GmbH, Hyundai Mobis Co., Ltd, Nexteer Automotive Group Limited, China Automotive Systems, Inc, Showa Corporation, JTEKT Corporation, NSK Ltd, Mando Corporation are the top players in Automotive Steering Market.
North America is expected to hold the highest market share in Automotive Steering Market.
Increasing adoption of technology in a different vehicles, improved safety and comfort with driving and effective improvisation of traffic regulations are the key factors expected to drive Automotive Steering Market during the forecast period.
The automotive steering market was valued at USD 43.68 billion and is estimated to progress grow with a CAGR of 4.7% during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.