The automotive steering system market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7% from 2020 to 2025. The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles. With progression in time, the COVID-19 impact has severely disrupted the supply chain for entire automotive ecosystem.This has halted production facilities across the globe resulting in disruption in the exports of the automotive components.
This scenario is expected to affect automotive steering system market, as the growth of the market is directly related to the production of the vehicles.The global production of vehicle pre-COVID-19 was expected to reach from ~90-95 million units in 2020 to ~110-115 million units by 2025.
According to OICA, though global vehicle production declined by 5.2% between 2018-2019, the production outlook was supposed to showcase significant growth from 2021-2022 owing to multiple steps taken by OEMs, as well as some government, to attract customers.
Collapsible EPS is the fastest growing market, by Mechanism The steering column consists of a collapsible housing containing a collapsible rotating shaft.As a safety measure, the steering column is designed to collapse in the event of a front-end collision.
As global auto OEMs continue expanding into growing and emerging markets, the demand for collapsible steering columns is expected to increase. The market for collapsible steering column systems has been growing rapidly over the past few years due to the rising sales of passenger cars, expansion of global players in developing economies, and technological advances.
Asia Oceania is estimated to be the fastest growing market for automotive steering system market The regional growth can be attributed to higher production of vehicles in countries such as China, Japan, and India.Governments across the Asia Oceania region have formulated stringent safety and emission norms that are expected to increase the installation of electric power steering.
Moreover, features such as lane-keep assist, automated parking, lane changes, and the ability to guide vehicles around obstacles all make EPS an ideal choice. The strong presence of automotive steering manufacturers, such as JTEKT Corporation, NSK Ltd., Showa Corporation, and Hyundai Mobis in countries such as China, Japan, and South Korea, is expected to further drive the growth of the automotive steering system market in Asia Oceania in the coming years. These features will require more electronic installations, which, in turn, is expected to drive the automotive steering system market.
Breakup of primary respondents The study contains insights provided by various industry experts, ranging from equipment manufacturers, OEMs, and Tier-1 suppliers to regional associations members. The break-up of the primaries is as follows: • By Stakeholder: Demand Side - 20%, Supply Side – 80% • By Designation: C level - 10%, D level - 30%, Others – 60% • By Region: North America - 20%, Europe - 20%, Asia Oceania - 60%
Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany). The study includes an in-depth competitive analysis of these key players in the automotive filters market with their company profiles, MnM View of the top 5 companies, recent developments, and key market strategies.
Research Coverage To define, describe, and forecast the size of the automotive steering system market in terms of value and volume by component (hydraulic pump, steering column, steering wheel speed sensor, and electric motor), technology [electric power steering (EPS), electrically assisted hydraulic power steering (EHPS), and hydraulic power steering (HPS)], EPS type [column-EPS (C-EPS), pinion-EPS (P-EPS), and rack-EPS (R-EPS), pinion type (single and dual), mechanism (collapsible EPS and rigid EPS), aftermarket by components (hydraulic pump, steering column, and electric motor), vehicle type [passenger car (PC), light commercial vehicle (LCV), and heavy commercial vehicle (HCV)], Region (Asia Oceania, Europe, North America, and Rest of the World).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points: Country-level market for automotive steering system by technology: The report offers in-depth market sizing and forecast up to 2025, by technology [electric power steering (EPS), electrically assisted hydraulic power steering (EHPS), and hydraulic power steering (HPS)]. The market sizing for the EPS-Type is covered at regional levels.
Market coverage by pinion type for single and dual pinion at the regional level The report provides “Market Share” of the leading players in the automotive steering system market.
Market Development: The report provides comprehensive information about lucrative emerging markets for automotive steering system market across different regions.
Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive steering system market. Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the automotive steering system market.
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