Automotive Steering System Market
PUBLISHED: 2023 ID: SMRC23797
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Automotive Steering System Market

Automotive Steering System Market Forecasts to 2030 - Global Analysis By Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering and Other Types), Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars and Other Vehicle Types), Component, Mechanism, Equipment Type and By Geography

4.2 (79 reviews)
4.2 (79 reviews)
Published: 2023 ID: SMRC23797

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $36.81 BN

Projected Year Value (2030)

US $49.43 BN

CAGR (2023 - 2030)

4.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Europe

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Automotive Steering System Market is accounted for $36.81 billion in 2023 and is expected to reach $49.43 billion by 2030 growing at a CAGR of 4.3% during the forecast period. An essential component of a vehicle's mobility is its steering system. The steering system's primary duties include turning the vehicle according to the driver's wishes, providing directional stability, translating the steering wheel's rotation into an angular turn of the front wheels, and preventing road stress from reaching the driver's hands. Together with the suspension system, the steering system controls and stabilizes the vehicle. The front wheels receive the operator's movements at the steering wheel.

According to the Office for National Statistics (UK), sales of steering wheels, steering columns, steering boxes, and their parts for tractors, automobiles, and other motor vehicles peaked in 2016, totaling approximately 232 million British pounds.



Market Dynamics:

Driver:

Adoption of power steering system

The power steering system is a development in the automobile industry from manual steering systems, which solely employ mechanical connections like rack and pinion. The manual steering mechanism has drawbacks for the vehicle's mobility and fuel economy. However, the power steering system includes hydraulic and electrical parts that help with driving while also enhancing the vehicle's economy. As a result, the power steering system is extensively used all over the world. The rise in demand for steering systems in the automobile sector is due to an increase in the use of power-assisted steering.

Restraint:

Technological innovations

Traditional hydraulic power steering (HPS) systems are constrained by the quick development of autonomous driving technologies like steer-by-wire and electric power steering (EPS) systems. Benefits of these new technologies include increased vehicle control, better fuel economy, and integration with advanced driver-assistance systems (ADAS). As a result, these cutting-edge steering systems are becoming more popular, which may impede the development of conventional steering technologies.

Opportunity:

Increasing adoption of sensors

The sensor in the steering column monitors the torque as well as the speed and position of the steering wheel. As a result, these systems employ three different types of sensors: position sensor, steering wheel speed sensor, and torque sensor. These sensors offer the signals as inputs to an ECU, which then gives the steering system the proper output so that anything may happen. In general, torque sensors are non-contact devices. The sensor gauges the driver's inputted steering power, allowing for delicate regulation of the electric steering assistance. But as technology continues to evolve, sensor goods are likewise being continuously updated and enhanced in the automobile sector. During the forecast period, automakers are projected to continue using these upgraded sensor goods for the EPS system at a growing rate.

Threat:

The absence of electrically assisted power steering in mining and construction equipment

The majority of construction and mining machinery, including articulated dump trucks, motor graders, and wheeled loaders, uses articulated steering systems. The vehicle is split into two pieces and joined by a hydraulic system in an articulated steering mechanism, allowing either car's sections to spin while steering. Some equipment employs classic steering methods incorporating rack and pinions for steering capabilities, depending on the size, such as wheeled loaders. Between 50kN and 100kN of force are needed to turn construction or mining machinery. It is difficult to produce these forces with an electric motor. Because any improvement in electric the steering mechanisms of mining and construction equipment would unleash a massive demand for automotive steering system OEMs, this is restricting the market for automotive steering.

Covid-19 Impact

The automobile sector has suffered from COVID-19, especially the steering market. Lockdowns have led to the closure of industrial facilities as a result of government guidelines and restrictions for the pandemic, which has significantly decreased the production of automobiles and automotive parts. Travel restrictions, transportation issues, and a broken supply chain that has slowed shipments of raw materials throughout the world are just a few of the ways that the epidemic has affected business. Additionally, the market has shrunk as a result of numerous businesses moving their operating plants to other nations.

The electric power steering (EPS) segment is expected to be the largest during the forecast period

The electric power steering (EPS) segment is estimated to have a lucrative growth because the vehicle steering is controlled and supported by the electric power steering with the help of an intelligent electric motor. The control unit determines the ideal steering support based on the steering signal from the torque sensor and delivers the information to the electric motor to offer the required help. All standards for passenger car classes and even light commercial vehicles are covered by the EPS variations. The motor torque is transmitted differently depending on the variation. The EPS may support a variety of vehicle characteristics in addition to calculating the steering assistance based on the steering torque which propels the growth of the market.

The heavy commercial vehicles segment is expected to have the highest CAGR during the forecast period

The heavy commercial vehicles segment is anticipated to witness the highest CAGR growth during the forecast period, as the automotive steering system and an electronic drive and control unit are creatively combined to provide the automotive steering system for heavy commercial vehicles. The system provides numerous driver aids features, speed-dependent steering assistance with active reverse, and supports automated driving operations. The second hydraulic circuit that was formerly necessary for commercial vehicles with two steerable axles is likewise replaced by the superimposed electrical circuit which further enhances the growth of the market.

Region with largest share:

Europe is projected to hold the largest market share during the forecast period owing to the sales of electric vehicles set a record in 2021 in Europe. Although they entered the EV industry slowly, European manufacturers have swiftly become major participants. Many governments have also developed different programs, incentives, and regulations to boost the use of electric cars. Electric power steering (EPS) and other lightweight steering systems are anticipated to be in demand throughout the projected period due to the rising sales of electric vehicles. As a result of the aforementioned improvements, the automobile steering industry in the area is predicted to expand quickly.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to improved driving comfort and greater fuel economy, EPS technology is quickly becoming popular, particularly in passenger cars and light commercial vehicles, which is likely to fuel market expansion in China. In addition, due to the creative automotive firms' shift to lower-emission automobiles, Japan has a high rate of auto electrification. In recent years, there has been a significant increase in the use of EPS in passenger automobiles and EHPS in commercial vehicles. When compared to their peers in the west, Asia Pacific is anticipated to experience the recession less severely. Thus the worldwide output of automobiles is likely to decline as a result of the economic downturn, which will result in a slower growth rate for the automotive steering industry in this region.



Key players in the market

Some of the key players profiled in the Automotive Steering System Market include Showa Corporation, Robert Bosch GmbH, Nexteer Automotive Corporation, Thyssenkrupp AG , NSK Ltd, China Automotive Systems, Inc, JTEKT Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, TRW Automotive Holdings, Mando Corporation, Hyundai Mobis CO., Ltd, Sona Corporation, ZF Friedrichshafen AG and Hitachi Automotive Systems Limited

Key Developments:

In September 2023, Bosch eBike Systems expands digital theft protection for eBikes. To complement the riding fun with a carefree feeling when parking the eBike, Bosch eBike Systems is now expanding the digital theft protection in the smart system.

In September 2023, TSMC, Bosch, Infineon, and NXP Establish Joint Venture to Bring Advanced Semiconductor Manufacturing to Europe. The project is planned under the framework of the European Chips Act.

In April 2023, Nexteer Automotive announced its Modular Rack-Assist Electric Power Steering (mREPS) system and expanded the Company’s cost-effective, modular EPS offerings. Nexteer’s mREPS provides flexibility to efficiently meet OEMs’ wide-ranging requirements

Types Covered:
• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering
• Other Types

Vehicle Types Covered:
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Cars
• Electric Vehicle
• Other Vehicle Types

Components Covered:
• Steering/Coloumn/Rack
• Hydraulic Pump
• Sensors
• Bearings
• Mechanical Racks & Pinions
• Electric Control Units
• Electric Motor
• Other Components

Mechanisms Covered:
• Collapsible Electric Power Steering
• Rigid Electric Power Steering

Equipment Types Covered:
• Agricultural Tractors
• Construction Equipments
• Other Equipment Types

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Automotive Steering System Market, By Type
5.1 Introduction
5.2 Electric Power Steering (EPS)
5.2.1 Column Type Electric Power Steering (C-EPS)
5.2.2 Rack-Assisted Electric Power Steering (R-EPS)
5.2.3 Pinion Electric Power Steering (P-EPS)
5.2.3.1 Single Pinion Electric Power Steering
5.2.3.2 Dual Pinion Electric Power Steering
5.3 Hydraulic Power Steering (HPS)
5.4 Electro-Hydraulic Power Steering (EHPS)
5.5 Manual Steering
5.6 Other Types

6 Global Automotive Steering System Market, By Vehicle Type
6.1 Introduction
6.2 Heavy Commercial Vehicles
6.3 Light Commercial Vehicles
6.4 Passenger Cars
6.4.1 Compact
6.4.2 Mid-size
6.4.3 Premium
6.4.4 Sport Utility Vehicle (SUVs)
6.5 Electric Vehicle
6.5.1 Battery Electric Vehicle (BEV)
6.5.2 Plug-In Hybrid Electric Vehicle (PHEV)
6.5.3 Fuel Cell Electric Vehicle (FCEV)
6.6 Other Vehicle Type

7 Global Automotive Steering System Market, By Component
7.1 Introduction
7.2 Hydraulic Pump
7.3 Sensors
7.3.1 Steering Angle Sensors
7.3.2 Torque Sensors
7.4 Bearings
7.5 Mechanical Racks & Pinions
7.6 Electric Control Units
7.7 Electric Motor
7.7.1 Brushed DC Electric Motor
7.7.2 Brushless DC Electric Motor
7.8 Other Components

8 Global Automotive Steering System Market, By Mechanism
8.1 Introduction
8.2 Collapsible Electric Power Steering
8.3 Rigid Electric Power Steering

9 Global Automotive Steering System Market, By Equipment Type
9.1 Introduction
9.2 Agricultural Tractors
9.3 Construction Equipments
9.4 Other Equipment Types

10 Global Automotive Steering System Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Showa Corporation
12.2 Robert Bosch GmbH
12.3 Nexteer Automotive Corporation
12.4 Thyssenkrupp AG
12.5 NSK Ltd
12.6 China Automotive Systems, Inc
12.7 JTEKT Corporation
12.8 Mitsubishi Electric Corporation
12.9 Robert Bosch GmbH
12.10 TRW Automotive Holdings
12.11 Mando Corporation
12.12 Hyundai Mobis CO., Ltd
12.13 Sona Corporation
12.14 ZF Friedrichshafen AG
12.15 Hitachi Automotive Systems Limited

List of Tables
1 Global Automotive Steering System Market Outlook, By Region (2021-2030) ($MN)
2 Global Automotive Steering System Market Outlook, By Type (2021-2030) ($MN)
3 Global Automotive Steering System Market Outlook, By Electric Power Steering (EPS) (2021-2030) ($MN)
4 Global Automotive Steering System Market Outlook, By Column Type Electric Power Steering (C-EPS) (2021-2030) ($MN)
5 Global Automotive Steering System Market Outlook, By Rack-Assisted Electric Power Steering (R-EPS) (2021-2030) ($MN)
6 Global Automotive Steering System Market Outlook, By Pinion Electric Power Steering (P-EPS) (2021-2030) ($MN)
7 Global Automotive Steering System Market Outlook, By Single Pinion Electric Power Steering (2021-2030) ($MN)
8 Global Automotive Steering System Market Outlook, By Dual Pinion Electric Power Steering (2021-2030) ($MN)
9 Global Automotive Steering System Market Outlook, By Hydraulic Power Steering (HPS) (2021-2030) ($MN)
10 Global Automotive Steering System Market Outlook, By Electro-Hydraulic Power Steering (EHPS) (2021-2030) ($MN)
11 Global Automotive Steering System Market Outlook, By Manual Steering (2021-2030) ($MN)
12 Global Automotive Steering System Market Outlook, By Other Types (2021-2030) ($MN)
13 Global Automotive Steering System Market Outlook, By Vehicle Type (2021-2030) ($MN)
14 Global Automotive Steering System Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
15 Global Automotive Steering System Market Outlook, By Light Commercial Vehicles (2021-2030) ($MN)
16 Global Automotive Steering System Market Outlook, By Passenger Cars (2021-2030) ($MN)
17 Global Automotive Steering System Market Outlook, By Compact (2021-2030) ($MN)
18 Global Automotive Steering System Market Outlook, By Mid-size (2021-2030) ($MN)
19 Global Automotive Steering System Market Outlook, By Premium (2021-2030) ($MN)
20 Global Automotive Steering System Market Outlook, By Sport Utility Vehicle (SUVs) (2021-2030) ($MN)
21 Global Automotive Steering System Market Outlook, By Electric Vehicle (2021-2030) ($MN)
22 Global Automotive Steering System Market Outlook, By Battery Electric Vehicle (BEV) (2021-2030) ($MN)
23 Global Automotive Steering System Market Outlook, By Plug-In Hybrid Electric Vehicle (PHEV) (2021-2030) ($MN)
24 Global Automotive Steering System Market Outlook, By Fuel Cell Electric Vehicle (FCEV) (2021-2030) ($MN)
25 Global Automotive Steering System Market Outlook, By Other Vehicle Type (2021-2030) ($MN)
26 Global Automotive Steering System Market Outlook, By Component (2021-2030) ($MN)
27 Global Automotive Steering System Market Outlook, By Hydraulic Pump (2021-2030) ($MN)
28 Global Automotive Steering System Market Outlook, By Sensors (2021-2030) ($MN)
29 Global Automotive Steering System Market Outlook, By Steering Angle Sensors (2021-2030) ($MN)
30 Global Automotive Steering System Market Outlook, By Torque Sensors (2021-2030) ($MN)
31 Global Automotive Steering System Market Outlook, By Bearings (2021-2030) ($MN)
32 Global Automotive Steering System Market Outlook, By Mechanical Racks & Pinions (2021-2030) ($MN)
33 Global Automotive Steering System Market Outlook, By Electric Control Units (2021-2030) ($MN)
34 Global Automotive Steering System Market Outlook, By Electric Motor (2021-2030) ($MN)
35 Global Automotive Steering System Market Outlook, By Brushed DC Electric Motor (2021-2030) ($MN)
36 Global Automotive Steering System Market Outlook, By Brushless DC Electric Motor (2021-2030) ($MN)
37 Global Automotive Steering System Market Outlook, By Other Components (2021-2030) ($MN)
38 Global Automotive Steering System Market Outlook, By Mechanism (2021-2030) ($MN)
39 Global Automotive Steering System Market Outlook, By Collapsible Electric Power Steering (2021-2030) ($MN)
40 Global Automotive Steering System Market Outlook, By Rigid Electric Power Steering (2021-2030) ($MN)
41 Global Automotive Steering System Market Outlook, By Equipment Type (2021-2030) ($MN)
42 Global Automotive Steering System Market Outlook, By Agricultural Tractors (2021-2030) ($MN)
43 Global Automotive Steering System Market Outlook, By Construction Equipments (2021-2030) ($MN)
44 Global Automotive Steering System Market Outlook, By Other Equipment Types (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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