Introduction
The automotive steering systems market is forecast to grow at a CAGR of 5.32% during the period of 2022-2029. The market is driven by various factors such as the increasing demand for safety features in vehicles, the growing demand for electric vehicles, and the stringent government regulations regarding vehicle safety.
Market Overview
In 2017, the global automotive steering systems market was valued at XX million US dollars and is expected to reach XX million US dollars by 2025, growing at a CAGR of XX% during the forecast period.
Steering systems are an essential component of vehicles that helps drivers to change the direction of the vehicle. The type of steering system installed in a vehicle depends on the type of vehicle. For example, vehicles with four or more wheels generally have power steering, while those with three or fewer wheels do not require power steering.
The global automotive steering systems market is divided into two segments: original equipment manufacturers (OEMs) and aftermarkets. The OEM segment is expected to grow at a higher CAGR during the forecast period as compared to the aftermarket segment.
The Asia-Pacific region is expected to be the largest market for automotive steering systems due to the increasing demand for vehicles in this region. China and India are some of the major markets for automotive steering systems in Asia-Pacific.
Some of the key players operating in the global automotive steering systems market include Robert Bosch GmbH, JTEKT Corporation, Thyssenkrupp AG, NSK Ltd., and ZF Friedrichshafen AG.
Market Dynamics
The automotive steering systems market is experiencing significant growth due to the increasing demand for vehicles with advanced safety features. The market is also being driven by the need for improved fuel economy and emissions reduction.
The following are the key drivers of the automotive steering systems market:
Increasing demand for vehicles with advanced safety features: Steering systems play a critical role in ensuring the safety of vehicles. With the increasing number of road accidents, there is a growing demand for vehicles equipped with advanced safety features such as lane departure warnings, adaptive cruise control, and automated emergency braking. These features require sophisticated steering systems that can provide precise control over the vehicle.
Need for improved fuel economy: The automotive industry is under pressure to improve fuel economy due to rising fuel prices and stringent emission norms. Steering system manufacturers are working on developing more efficient systems that can help reduce fuel consumption.
Stringent emissions regulations: Emissions from automobiles are a major contributor to air pollution. To combat this problem, governments around the world have introduced stringent emissions regulations that require automakers to equip their vehicles with more efficient steering systems.
Covid-19 Impact on Automotive Steering Systems Market:
The outbreak of the covid-19 had a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in the supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Report Includes
An overview of the global Automotive Steering Systems market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Automotive Steering Systems market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Automotive Steering Systems market and comprehensive profiles of leading companies in the industry
Report Scope
The report forecasts the size of the Automotive Steering Systems market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes research scope, market segmentation, research methodology, and definitions and assumptions. It involves extreme rigorous scientific methods, tools and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, latest technological advancement, regulatory landscape, SWOT analysis, and porters five forces analysis. This chapter provides detailed insights into the market, which derives the market trends, changing phase of investments, scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, the data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
The automotive steering system market is segmented by vehicle type, system type, and geography.
Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
System Type: Manual Steering, Power Steering
Geography: North America, Europe, Asia Pacific, Middle East & Africa, Latin America
The global automotive steering system market is expected to grow at a CAGR of 5.32% during the forecast period. The growth of the automotive steering system market is driven by the increase in vehicle production and sales worldwide. Moreover, the rise in demand for luxury and premium vehicles is also fuelling the growth of the automotive steering system market. However, the increasing cost of raw materials and stringent government regulations are restraining the growth of the automotive steering system market.
Global Automotive Steering Systems market Competitive Analysis:
Key players in the Global Automotive Steering Systems market are China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. Global Automotive Steering Systems market is distributed on the basis of below mentioned segments:
Global Automotive Steering Systems market, By Types:
The automotive steering systems market is forecast to grow at a CAGR of 5.32% during the period of 2022-2029. The market is driven by various factors such as the increasing demand for safety features in vehicles, the growing demand for electric vehicles, and the stringent government regulations regarding vehicle safety.
Market Overview
In 2017, the global automotive steering systems market was valued at XX million US dollars and is expected to reach XX million US dollars by 2025, growing at a CAGR of XX% during the forecast period.
Steering systems are an essential component of vehicles that helps drivers to change the direction of the vehicle. The type of steering system installed in a vehicle depends on the type of vehicle. For example, vehicles with four or more wheels generally have power steering, while those with three or fewer wheels do not require power steering.
The global automotive steering systems market is divided into two segments: original equipment manufacturers (OEMs) and aftermarkets. The OEM segment is expected to grow at a higher CAGR during the forecast period as compared to the aftermarket segment.
The Asia-Pacific region is expected to be the largest market for automotive steering systems due to the increasing demand for vehicles in this region. China and India are some of the major markets for automotive steering systems in Asia-Pacific.
Some of the key players operating in the global automotive steering systems market include Robert Bosch GmbH, JTEKT Corporation, Thyssenkrupp AG, NSK Ltd., and ZF Friedrichshafen AG.
Market Dynamics
The automotive steering systems market is experiencing significant growth due to the increasing demand for vehicles with advanced safety features. The market is also being driven by the need for improved fuel economy and emissions reduction.
The following are the key drivers of the automotive steering systems market:
Increasing demand for vehicles with advanced safety features: Steering systems play a critical role in ensuring the safety of vehicles. With the increasing number of road accidents, there is a growing demand for vehicles equipped with advanced safety features such as lane departure warnings, adaptive cruise control, and automated emergency braking. These features require sophisticated steering systems that can provide precise control over the vehicle.
Need for improved fuel economy: The automotive industry is under pressure to improve fuel economy due to rising fuel prices and stringent emission norms. Steering system manufacturers are working on developing more efficient systems that can help reduce fuel consumption.
Stringent emissions regulations: Emissions from automobiles are a major contributor to air pollution. To combat this problem, governments around the world have introduced stringent emissions regulations that require automakers to equip their vehicles with more efficient steering systems.
Covid-19 Impact on Automotive Steering Systems Market:
The outbreak of the covid-19 had a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in the supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Report Includes
An overview of the global Automotive Steering Systems market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Automotive Steering Systems market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Automotive Steering Systems market and comprehensive profiles of leading companies in the industry
Report Scope
The report forecasts the size of the Automotive Steering Systems market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes research scope, market segmentation, research methodology, and definitions and assumptions. It involves extreme rigorous scientific methods, tools and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, latest technological advancement, regulatory landscape, SWOT analysis, and porters five forces analysis. This chapter provides detailed insights into the market, which derives the market trends, changing phase of investments, scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, the data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
The automotive steering system market is segmented by vehicle type, system type, and geography.
Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
System Type: Manual Steering, Power Steering
Geography: North America, Europe, Asia Pacific, Middle East & Africa, Latin America
The global automotive steering system market is expected to grow at a CAGR of 5.32% during the forecast period. The growth of the automotive steering system market is driven by the increase in vehicle production and sales worldwide. Moreover, the rise in demand for luxury and premium vehicles is also fuelling the growth of the automotive steering system market. However, the increasing cost of raw materials and stringent government regulations are restraining the growth of the automotive steering system market.
Global Automotive Steering Systems market Competitive Analysis:
Key players in the Global Automotive Steering Systems market are China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. Global Automotive Steering Systems market is distributed on the basis of below mentioned segments:
Global Automotive Steering Systems market, By Types:
- EPS
- HPS
- EHPS
- MS
- Passenger Vehicle
- Commercial Vehicle
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
Automotive Steering Systems MARKET STUDY GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2022-2029
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Segment 1
- 5.2.1. Sub-Segment 1
- 5.2.2. Sub-Segment 2
- 5.3. Market Analysis, Insights and Forecast – By Segment 2
- 5.3.1. Sub-Segment 1
- 5.3.2. Sub-Segment 2
- 5.3.3. Sub-Segment 3
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Segment 3
- 5.4.1. Sub-Segment 1
- 5.4.2. Sub-Segment 2
- 5.4.3. Sub-Segment 3
- 5.4.4. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Segment 1
- 6.2.1. Sub-Segment 1
- 6.2.2. Sub-Segment 2
- 6.3. Market Analysis, Insights and Forecast – By Segment 2
- 6.3.1. Sub-Segment 1
- 6.3.2. Sub-Segment 2
- 6.3.3. Sub-Segment 3
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Segment 3
- 6.4.1. Sub-Segment 1
- 6.4.2. Sub-Segment 2
- 6.4.3. Sub-Segment 3
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Segment 1
- 7.2.1. Sub-Segment 1
- 7.2.2. Sub-Segment 2
- 7.3. Market Analysis, Insights and Forecast – By Segment 2
- 7.3.1. Sub-Segment 1
- 7.3.2. Sub-Segment 2
- 7.3.3. Sub-Segment 3
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Segment 3
- 7.4.1. Sub-Segment 1
- 7.4.2. Sub-Segment 2
- 7.4.3. Sub-Segment 3
- 7.4.4. Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Segment 1
- 8.2.1. Sub-Segment 1
- 8.2.2. Sub-Segment 2
- 8.3. Market Analysis, Insights and Forecast – By Segment 2
- 8.3.1. Sub-Segment 1
- 8.3.2. Sub-Segment 2
- 8.3.3. Sub-Segment 3
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Segment 3
- 8.4.1. Sub-Segment 1
- 8.4.2. Sub-Segment 2
- 8.4.3. Sub-Segment 3
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Segment 1
- 9.2.1. Sub-Segment 1
- 9.2.2. Sub-Segment 2
- 9.3. Market Analysis, Insights and Forecast – By Segment 2
- 9.3.1. Sub-Segment 1
- 9.3.2. Sub-Segment 2
- 9.3.3. Sub-Segment 3
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Segment 3
- 9.4.1. Sub-Segment 1
- 9.4.2. Sub-Segment 2
- 9.4.3. Sub-Segment 3
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Automotive Steering Systems Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Segment 1
- 10.2.1. Sub-Segment 1
- 10.2.2. Sub-Segment 2
- 10.3. Market Analysis, Insights and Forecast – By Segment 2
- 10.3.1. Sub-Segment 1
- 10.3.2. Sub-Segment 2
- 10.3.3. Sub-Segment 3
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Segment 3
- 10.4.1. Sub-Segment 1
- 10.4.2. Sub-Segment 2
- 10.4.3. Sub-Segment 3
- 10.4.4. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2020
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.3.1. Company 1
- 11.3.1.1. Business Overview
- 11.3.1.2. Segment 1 & Service Offering
- 11.3.1.3. Overall Revenue
- 11.3.1.4. Geographic Presence
- 11.3.1.5. Recent Development
- 11.3.2. Company 2
- 11.3.3. Company 3
- 11.3.4. Company 4
- 11.3.5. Company 5
- 11.3.6. Company 6
- 11.3.7. Company 7
- 11.3.8. Company 8
- 11.3.9. Company 9
- 11.3.10. Company 10
- 11.3.11. Company 11
- 11.3.12. Company 12
- 11.3.1. Company 1
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
