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Automotive Steering System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 143 Pages
  • July 2023
  • Region: Global
  • IMARC Group
  • ID: 5615088
Description Jump to:
The global automotive steering system market size reached US$ 32.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 41.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028.

An automotive steering system comprises a set of components, such as steering wheels, gears, and linkages, which are used to control the direction of a vehicle. It also includes a hydraulic booster that works when the engine is running and provides the necessary force while turning the wheels. It assists in converting the rotatory movement of the steering into an angular turning of the front wheels. Besides this, it minimizes wear and tear of tires, prevents road shocks from reaching the driver and provides stability to the vehicle on the road.

Automotive Steering System Market Trends:

The growing demand for automobiles across the globe represents one of the key factors driving the market. In addition, there is a rise in the adoption of power steering systems in vehicles as they offer better control over the vehicle. This, in turn, is propelling the growth of the market. Moreover, effective steering systems help increase the fuel efficiency of vehicles. As a result, the rising demand for fuel-efficient vehicles worldwide is contributing to the growth of the market. Apart from this, governments of several countries are implementing fleet-level regulations to reduce carbon emissions from vehicles. This, coupled with the escalating demand for electric power steering (EPS) systems to improve the safety and overall driving experience, is stimulating the growth of the market. Additionally, the increasing use of sensors in automotive steering systems is positively influencing the market. Other growth-inducing factors are the expanding automotive industry and the growing advanced driver assistance systems (ADAS) and electronic control units (ECU) in automobiles. Furthermore, key market players are introducing drive-by-wire technology to eliminate any mechanical linkages and reduce the weight of the vehicle, which is projected to strengthen the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global automotive steering system market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component and vehicle type.

Breakup by Type:

  • Electric Power Steering (EPS)
  • Hydraulic Power Steering (HPS)
  • Electro-Hydraulic Power Steering (EHPS)
  • Manual Steering

Breakup by Component:

  • Steering Column
  • Steering Wheel Speed Sensors
  • Electric Motors
  • Hydraulic Pumps
  • Others

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being China Automotive Systems Inc., Denso Corporation, Georgsmarienhütte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive (Pacific Century Motors), NSK Ltd., Robert Bosch Gmbh, Rollax GmbH & Co. KG and thyssenkrupp AG.

Key Questions Answered in This Report

1. What was the size of the global automotive steering system market in 2022?
2. What is the expected growth rate of the global automotive steering system market during 2023-2028?
3. What are the key factors driving the global automotive steering system market?
4. What has been the impact of COVID-19 on the global automotive steering system market?
5. What is the breakup of the global automotive steering system market based on the type?
6. What is the breakup of the global automotive steering system market based on the vehicle type?
7. What are the key regions in the global automotive steering system market?
8. Who are the key players/companies in the global automotive steering system market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Automotive Steering System Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Electric Power Steering (EPS)
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hydraulic Power Steering (HPS)
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Electro-Hydraulic Power Steering (EHPS)
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Manual Steering
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Component
7.1 Steering Column
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Steering Wheel Speed Sensors
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Electric Motors
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Hydraulic Pumps
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Vehicle Type
8.1 Passenger Cars
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Light Commercial Vehicles
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Heavy Commercial Vehicles
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 China Automotive Systems Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.2 Denso Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Georgsmarienhütte Holding GmbH
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Gss Steering Systems LLC
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 JTEKT Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Knorr-Bremse AG
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Mando Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Mitsubishi Electric Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Nexteer Automotive (Pacific Century Motors)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 NSK Ltd.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.11 Robert Bosch Gmbh
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Rollax GmbH & Co. KG
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.13 thyssenkrupp AG
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
List of Figures
Figure 1: Global: Automotive Steering System Market: Major Drivers and Challenges
Figure 2: Global: Automotive Steering System Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Automotive Steering System Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Automotive Steering System Market: Breakup by Type (in %), 2022
Figure 5: Global: Automotive Steering System Market: Breakup by Component (in %), 2022
Figure 6: Global: Automotive Steering System Market: Breakup by Vehicle Type (in %), 2022
Figure 7: Global: Automotive Steering System Market: Breakup by Region (in %), 2022
Figure 8: Global: Automotive Steering System (Electric Power Steering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Automotive Steering System (Electric Power Steering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Automotive Steering System (Hydraulic Power Steering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Automotive Steering System (Hydraulic Power Steering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Automotive Steering System (Electro-Hydraulic Power Steering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Automotive Steering System (Electro-Hydraulic Power Steering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Automotive Steering System (Manual Steering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Automotive Steering System (Manual Steering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Automotive Steering System (Steering Column) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Automotive Steering System (Steering Column) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Automotive Steering System (Steering Wheel Speed Sensors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Automotive Steering System (Steering Wheel Speed Sensors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Automotive Steering System (Electric Motors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Automotive Steering System (Electric Motors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Automotive Steering System (Hydraulic Pumps) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Automotive Steering System (Hydraulic Pumps) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Automotive Steering System (Other Components) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Automotive Steering System (Other Components) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Automotive Steering System (Passenger Cars) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Automotive Steering System (Passenger Cars) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Automotive Steering System (Light Commercial Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Automotive Steering System (Light Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Automotive Steering System (Heavy Commercial Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Automotive Steering System (Heavy Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: North America: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: North America: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: United States: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: United States: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Canada: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Canada: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Asia-Pacific: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Asia-Pacific: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: China: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: China: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Japan: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Japan: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: India: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: India: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: South Korea: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: South Korea: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Australia: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Australia: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Indonesia: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Indonesia: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Others: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Others: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Europe: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Europe: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Germany: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Germany: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: France: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: France: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: United Kingdom: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: United Kingdom: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Italy: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Italy: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Spain: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Spain: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Russia: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Russia: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Latin America: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Latin America: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Brazil: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Brazil: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Mexico: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Mexico: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Others: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Others: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Middle East and Africa: Automotive Steering System Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Middle East and Africa: Automotive Steering System Market: Breakup by Country (in %), 2022
Figure 80: Middle East and Africa: Automotive Steering System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Global: Automotive Steering System Industry: SWOT Analysis
Figure 82: Global: Automotive Steering System Industry: Value Chain Analysis
Figure 83: Global: Automotive Steering System Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Automotive Steering System Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Automotive Steering System Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Automotive Steering System Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 4: Global: Automotive Steering System Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 5: Global: Automotive Steering System Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Automotive Steering System Market: Competitive Structure
Table 7: Global: Automotive Steering System Market: Key Players

Companies Mentioned

  • China Automotive Systems Inc.
  • Denso Corporation
  • Georgsmarienhütte Holding GmbH
  • Gss Steering Systems LLC
  • JTEKT Corporation
  • Knorr-Bremse AG
  • Mando Corporation
  • Mitsubishi Electric Corporation
  • Nexteer Automotive (Pacific Century Motors)
  • NSK Ltd.
  • Robert Bosch Gmbh
  • Rollax GmbH & Co. KG
  • thyssenkrupp AG.

Methodology

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Table Information

Report AttributeDetails
No. of Pages143
PublishedJuly 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 32.6 Billion
Forecasted Market Value ( USD ) by 2028 $ 41.5 Billion
Compound Annual Growth Rate4.1%
Regions CoveredGlobal
No. of Companies Mentioned13

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