A recent study by Triton Market Research titled ‘Global Automotive Steering System Market,’ covers the Global Analysis and Forecasts by Type (Electric Steering System {Electric Power Steering System by Components [Sensor, Steering Rack/Column, Steering Motor, Other Component Types], Electric Power Steering System by Type [Rack Assist Type (R-EPS), Direct Drive Type (D-EPS), Pinion Assist Type (P-EPS), Column Assist Type (C-EPS)]}, Electro-hydraulic, Hydraulic Steering System, Steer by Wire), by Vehicle Type (Electric Vehicles {HEV (Hybrid Electric Vehicle), FCEV (Fuel Cell Electric Vehicle), BEV (Battery Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle)}, ICE-driven), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
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The report estimates the global automotive steering system market to exhibit a CAGR of 5.28% during the forecasting years 2021-2028, garnering a revenue worth $56619.69 million by 2028.
With continuous technological innovation and rising awareness on environmental preservation, there has been a growing consumer preference for electrical vehicles in recent years. Moreover, several governments are offering incentives, subsidies, tax credits, etc., for purchasing EVs. These factors are fuelling their demand, subsequently creating multiple growth opportunities for the automotive steering system market in the coming period.
On the other hand, the incorporation of autonomous features in cars, along with the growing demand for fully autonomous vehicles, is expected to hinder the growth of the market. This is because the need for steering systems will be eliminated as these cars can self-drive, and work mostly on sensors.
The market for automotive steering systems is bifurcated into type and vehicle type. Based on type, it is divided into electric steering system, electro-hydraulic, hydraulic steering system, and steer by wire. The electric steering system is bifurcated further into electric power steering system by components and electric power steering system by type.
Electric power steering system by components includes sensor, steering rack/column, steering motor, and other component types. Whereas, electric power steering system by type consists of rack assist type (R-EPS), direct drive type (D-EPS), pinion assist type (P-EPS), and column assist type (C-EPS).
The second main segment, vehicle type, is divided into electric vehicles and ICE-driven. Electric vehicles are divided further into HEV (hybrid electric vehicle), FCEV (fuel cell electric vehicle), BEV (battery electric vehicle), and PHEV (plug-in hybrid electric vehicle).
The Asia-Pacific is presently the largest market for automotive steering systems in the world, and it is expected to maintain its lead until the end of the projected period. The presence of emerging economies is expected to drive the market growth in this region. Also, the APAC is home to some of the leading vehicle manufacturers in the world.
The automotive industry, which also manufactures motor vehicles as well as aftermarket parts, has witnessed huge sales of passenger cars and commercial vehicles in the region, with its high production capacities. This makes it a core industry for several Asia-Pacific economies. All these factors are expected to influence the demand for automotive steering systems here in the coming period.
Mitsubishi Electric Corporation, Nexteer Automotive Corporation, China Automotive Systems Inc, ZF Friedrichshafen AG, Thyssenkrupp AG, NSK Ltd, Hitachi Astemo Ltd, Mando Corporation, Robert Bosch GmbH, Honda Motor Company, Denso Corporation, Hyundai Mobis, and JTEKT Corporation are the well-known players in the automotive steering system market.
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Question & Answer: Automotive Steering System Market
Question 1: What factor is creating growth opportunities for the market in the coming period?
Answer: With continuous technological innovation and rising awareness on environmental preservation, there has been a growing consumer preference for electrical vehicles in recent years. Moreover, several governments are offering incentives, subsidies, tax credits, etc., for purchasing EVs. These factors are fuelling their demand, subsequently creating multiple growth opportunities for the automotive steering system market in the coming period.
Question 2: What is expected to hinder the growth of the automotive steering system market?
Answer: The incorporation of autonomous features in cars, along with the growing demand for fully autonomous vehicles, is expected to hinder the growth of the market. This is because the need for steering systems will be eliminated as these cars can self-drive, and work mostly on sensors.
Question 3: Which is the largest market for automotive steering systems?
Answer: The Asia-Pacific is presently the largest market for automotive steering systems in the world, and it is expected to maintain its lead until the end of the projected period. The presence of emerging economies is expected to drive the market growth in this region. Also, the APAC is home to some of the leading vehicle manufacturers in the world.
The automotive industry, which also manufactures motor vehicles as well as aftermarket parts, has witnessed huge sales of passenger cars and commercial vehicles in the region, with its high production capacities. This makes it a core industry for several Asia-Pacific economies. All these factors are expected to influence the demand for automotive steering systems here in the coming period.
Question 4: Which are the well-known players in the automotive steering system market?
Answer: Mitsubishi Electric Corporation, Nexteer Automotive Corporation, China Automotive Systems Inc, ZF Friedrichshafen AG, Thyssenkrupp AG, NSK Ltd, Hitachi Astemo Ltd, Mando Corporation, Robert Bosch GmbH, Honda Motor Company, Denso Corporation, Hyundai Mobis, and JTEKT Corporation are the well-known players in the automotive steering system market.
Related Report:
Global Automotive Telematics Market
The global automotive telematics market is expected to register growth at a CAGR of 22.27% during the evaluated period of 2021-2028 while acquiring revenue worth $382.09 billion by 2028.
Telematics refers to a communication technology used in the automobile industry for information flow with the help of wireless networks.
The proper use of data analysis to improve vehicle performance, regulations to ensure vehicle safety, and advancement in technologies are driving the growth of the reviewed market.
Additionally, the growth of smart transport systems is expected to open new avenues for the automotive telematics market over the forecasted period.
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