CRI Report has released a report titled “Automotive Steering Systems market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 46.55 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 4.74% between 2020 and 2030. The rising demand for fuel-efficient and more comfortable cars is driving the growth of this industry. Increased demand for automobiles as a result of rising consumer disposable income is also driving market growth.
The market report on Automotive Steering Systems market includes in-depth insights as:
- The estimated value of the market was USD 29.3 billion in the year 2020.
- Region wise, the market in Asia Pacific which held the largest market share in the year 2020, emerged as a key market for the Automotive Steering Systems market.
- Based on Vehicle type, Passenger cars emerged as a key segment in the Automotive Steering Systems market.
- Based on by Pinion-type, Dual segment emerged as a key segment in the Automotive Steering Systems market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“Several countries across the world have enacted strict car pollution and fuel economy regulations. These regulations establish an average emission level that automobile manufacturers must adhere to. These rules have forced automakers to invest more in fuel-efficient steering systems like electric power steering. According to estimates, EPS systems have saved over 3 billion gallons of gas since 1999. (Source: Nexteer Automotive). Unlike hydraulic systems, which pump fluid continuously while the engine is running, these systems only utilize power when the wheels are turned. Increased fuel economy is a direct effect of this.”, according to this report
An automobile steering system is a collection of components that work together to regulate the direction of vehicle motion and assist the driver in maneuvering the vehicle as needed. The automobile steering system component includes the hand-operated steering wheel, steering column, universal joints, and rack & pinion mechanism. As a result of the advancement, the steering system has been changed from manual to power assist steering. The automotive steering system is a non-replaceable component in automobiles that is crucial for successful vehicle control, making it a critical component. Because the steering system is required in all cars, the market for automotive steering systems is quite competitive.
Automotive Steering Systems market is segmented by Vehicle type into Passenger car (PC), Light commercial vehicle (LCV), Heavy commercial vehicle (HCV). Among these, the Passenger car segment dominated the market in 2020 and is expected to continue dominating during the forecast period. A vehicle’s electrification decreases its reliance on gasoline for auxiliary power, making it more fuel-efficient. This factor promotes demand for power-assisted steering systems in passenger cars, particularly electric-assisted power steering systems (EPS). The use of EPS is being driven by weight reduction and increased energy efficiency in automobiles. Since EPS has fewer components, it is easier to assemble in the vehicle system. OEMs are also expanding the installation of electronics in passenger cars to give the greatest possible comfort and safety. During the projection period, such innovations are likely to fuel the passenger car segment’s growth.
Key Players in the Market
- Some of the key players operating in the Automotive Steering Systems market are China Automotive Systems, Inc., Nexteer Automotive, Hitachi Automotive Systems Americas, Inc., Hyundai Mobis, JTEKT Corporation, The Mando Corporation, NSK Ltd., Robert Bosch GmbH, Showa Corporation, ThyssenKrupp AG.
Get Valuable Insights into Automotive Steering Systems market
In the new report, CRI Report thrives to present an unbiased analysis of the Automotive Steering Systems market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Technology into Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering (HPS). By Type into Column-EPS (C-EPS), Pinion-EPS (P-EPS), Rack-EPS (R-EPS). By Component into Hydraulic pump, Steering column, Electric motor. By Pinion-type into Single and Dual. By Vehicle Type into Passenger car (PC), Light commercial vehicle (LCV), Heavy commercial vehicle (HCV). Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.