The report covers forecast and analysis for the automotive steering systems market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the automotive steering systems market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the automotive steering systems market on a global level.
As per the report, the global demand for automotive steering systems market was valued at approximately USD 32.6 billion in 2018 and is expected to generate revenue of around USD 49.9 billion by end of 2025, growing at a CAGR of around 6.3% between 2019 and 2025.
A steering system plays crucial role for the vehicle and its respective driver. With continuous technological upgradation in automobile industries, automotive steering systems have gone through remarkable upgradation. It has witnessed standardized technical shift from rigid and manually operated steering system to technically reliable assistance systems.
One of the prominent factor driving the market demand for automotive steering systems globally is emerging market demand of electronically assisted steering systems to cope up with uncompromised fuel efficiency government regulations. In addition, globally increasing automobile production and flourishing consumer preference towards driving comfort is further driving the market demand globally. Benefits such as enhancement of operation efficiency acts as an add-on to the market growth.
However, high initial cost of investment involved in assembling power steering system is hindering overall market demand of automotive steering systems to some extent. Technological revolution in automotive industry such as implementation of drive-by-wire technology is anticipated to create lucrative market opportunities during forecast time frame. Worldwide automotive steering systems market is segmented based on vehicle type, steering systems type, and region. On the basis of vehicle type, the market is further classified into Passenger vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV), among others. Passenger segment is expected to encounter notable market growth during forecast time frame from the year 2019 to 2025. Majorly preferred types of steering systems are Hydraulic Power Steering (HPS), Electronic Power Steering (EPS), and Electro-Hydraulic Power Steering (EHPS). Increase in stringent automotive government regulations is driving demand for Electronic Power Steering (EPS) globally. Furthermore, demand of Hydraulic Power Steering (HPS) is observed to register a rapid leap in the forecast period due to its potential to enhance the overall automobile efficiency.
Based on geography, the automotive steering systems market is classified into major five regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The regional segment is further categorized into major countries with prominent market demand in each region. Attributing to strong presence of automobile sector, Europe accounted for a prominent share in the automotive steering system market in the year 2018, and will continue its dominance for the next five years. Being headquarter country for numerous leading automobile players, Germany held substantial market share in the region. Among other regions, the market is expected to register notable market growth in developing Asian countries such as China and India.
Globally leading manufacturer of automotive steering systems market are Mitsubishi Electric Corporation, Robert Bosch Automotive Steering GmbH, ZF Friedrichshafen Manufacturing Company, Nexteer Automotive, TRW Automotive Holdings, China Automotive Systems Inc., JTEKT Corporation, Hyundai Mobis Co. Ltd, Thyssenkrupp Presta AG , Aktiengesellschaft, and Sona Koyo Steering Systems Ltd, among others.
The report segments of global automotive steering systems market are as follows:
Global Automotive Steering Systems Market: Vehicle Type Segment Analysis
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Global Automotive Steering Systems Market: Steering Systems Segment Analysis
- Hydraulic Power Steering (HPS)
- Electronic Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
Global Automotive Steering Systems Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa