The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.
There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. In Asia, Oceania, and Europe, public transportation is preferred over private transportation, while in North America, private cars are the primary mode of transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. For example, in May 2019, China’s Ministry of Transport and other ministries jointly released the Green Travel Action Plan for 2019–2022, which encourages the use of green vehicles. In addition, the country will continue to improve public transportation and information systems that promote green transportation.
It provides overview and forecast of the Automotive Steering System market based on various segments. It also provides market size and forecast estimates for five major regions, 2020 to 2027. North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South America. The Automotive Steering System market by region is further subdivided into each country and segment.
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- 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
- ThyssenKrupp AG
According to the US Department of Energy, in ideal conditions, electronic power steering (EPS) systems can improve fuel efficiency by 2 to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 grams per kilometer. As per the estimates by Nexteer Automotive Corporation, EPS systems have saved nearly 3 billion gallons of gas since 1999. Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. Europe has the highest penetration of electrically assisted power steering, followed by North America and Asia Pacific. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.
Based on vehicle type, the automotive steering system market is bifurcated into passenger vehicles and commercial vehicles. In 2020, the passenger vehicle segment accounted for a larger share in the global market. Because of the improved economic situation and increase in consumers’ disposable incomes, the global automotive industry has seen steady growth in demand for and sales of passenger cars. From transportation to comfortable/convenient transportation, and from convenient transportation to luxurious and secure transportation, the world has seen a gradual change.
Key Elements that the report acknowledges:
- Market size and growth rate during forecast period.
- Key factors driving the Automotive Steering System .
- Key market trends cracking up the growth of the Automotive Steering System .
- Challenges to market growth.
- Key vendors of Automotive Steering System .
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing vendors in Automotive Steering System .
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
- PEST analysis of the market in the five major regions.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the Automotive Steering System market based on product and application. The report evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend and provides exhaustive PEST analysis for all five regions.
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