Automotive Steering Systems market by Technology (Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering (HPS)); By Type (Column-EPS (C-EPS), Pinion-EPS (P-EPS), Rack-EPS (R-EPS)); By Component (Hydraulic pump, Steering column, Electric motor); By Pinion-type (Single, Dual); By Vehicle Type (Passenger car (PC), Light commercial vehicle (LCV), Heavy commercial vehicle (HCV)) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030
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.
Automotive Steering Systems market is expected to project a notable CAGR of 4.74% in 2030
Automotive Steering Systems market to surpass USD 46.55 billion by 2030 from USD 29.3 billion in 2020 at a CAGR of 4.74% in the coming years, i.e., 2021-30. 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.
Recent highlights in the Automotive Steering Systems market
• In October 2020, For heavy-duty trucks and small commercial vehicles, Nexteer introduced High-Output Electric Power Steering (EPS), which provides upgraded safety and comfort features as well as improved fuel efficiency.
• In May 2020, The assets of a Halifax, Nova Scotia R&D centre originally owned by KSR International Inc. (KSR), a Canadian firm, were bought by Koyo Canada Inc. (KCI), a consolidated subsidiary of JTEKT Corporation. JTEKT’s ECU development for vehicle steering and driveline products was boosted as a result of this purchase.
Automotive Steering Systems market: Segments
Passenger car segment to grow with the highest CAGR during 2020-30
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.
Strict fuel efficiency norms to drive demand for electrically assisted steering systems
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.
Limited load-bearing capacity of EPS systems
EPS systems are rapidly being utilized in passenger cars because to its benefits, such as better fuel efficiency and maneuverability. However, their demand in the commercial vehicle market is relatively restricted because to their poor load-bearing capability, and they are being replaced by HPS systems.
Automotive Steering Systems:
• China Automotive Systems, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
• Nexteer Automotive
• Hitachi Automotive Systems Americas, Inc.
• Hyundai Mobis
• JTEKT Corporation
• The Mando Corporation
• NSK Ltd.
• Robert Bosch GmbH
• Showa Corporation
• ThyssenKrupp AG
Automotive Steering Systems market: Regions
Automotive Steering Systems market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Automotive Steering Systems market in Asia Pacific is expected to hold the largest market share during the forecast period. Country-level markets, such as China, Japan, and India, dominate the market in this area. Over the last decade, the region’s large population, rising per capita income, and increasing living conditions have all contributed to the region’s automotive industry’s rise. Electric power steering (EPS) is anticipated to overtake hydraulic power steering as a result of rising demand for fuel-efficient cars and comfort amenities, particularly in the passenger car market. Vehicle weight reduction and improved energy efficiency are also encouraging the use of EPS.
Automotive Steering Systems report also contains analysis on:
Automotive Steering Systems Segments:
• By Technology
o Electric power steering (EPS)
o Electrically assisted hydraulic power steering (EHPS)
o Hydraulic power steering (HPS)
• By Type
o Column-EPS (C-EPS)
o Pinion-EPS (P-EPS)
o Rack-EPS (R-EPS)
• By Component
o Hydraulic pump
o Steering column
o Electric motor
• By Pinion-type
• By Vehicle Type
o Passenger car (PC)
o Light commercial vehicle (LCV)
o Heavy commercial vehicle (HCV)
• Automotive Steering Systems Market Dynamics
• Automotive Steering Systems Market Size
• Supply & Demand
• Current Market Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints