Automotive Steering System Market Introduction and Overview
According to SPER Market Research, the Global Automotive Steering System Market is estimated to reach USD 39.83 billion by 2033 with a CAGR of 4.81%.
The report includes an in-depth analysis of the Global Automotive Steering System Market, including market size and trends, product mix, applications, and supplier analysis. A steering system for an automobile is a collection of parts that work together to regulate the direction of travel and assist the driver in turning the vehicle as needed. The automotive steering system component includes the rack and pinion mechanism, universal joints, hand-operated steering wheel, and steering column. The advancement has resulted in the conversion of the manual steering system to a power-assisted steering system. Automotive steering systems are essential components of autos since they are regarded as non-replaceable and provide efficient control. Due to the fact that automobiles must have steering systems, there is a significant need for automotive steering systems.
- January 2022; At CES 2022, IMUZAK, a well-known Japanese company that specialises in moulding technology-based goods, debuted a 3D floating display intended for automated cars. From behind the wheel, it may project visible driver notifications.
- November 2022; The Hands On/Off Detection (HOD) steering wheel technology was developed by the Hongqi steering team of the FAW New Energy Development Center's chassis development division, according to an announcement made by the FAW Hongqi R&D Centre.
- December 2022; DAF initially used electric hydraulic steering (EHS) on rigid trucks with a steered pusher axle and a 6x2 tractor. All models in the New Generation DAF truck lineup, including the XF, XG, XD, and XG+, are compatible with the new system.
Market Opportunities and Challenges
Both light and heavy commercial trucks have traditionally utilised hydraulic power steering. Drivers get tired when moving things over long distances. By requiring less effort to turn a big vehicle, power steering helps to lessen driver discomfort. Drivers can operate longer goods routes with greater comfort because of this decrease in weariness. Electrically assisted hydraulic power steering (E-HPS) is the result of recent upgrades to hydraulic power steering systems that included the addition of electronic components. The steering system's connection to other electric parts of the car, including the brakes, batteries, sensors, and vehicle control unit, makes it possible to install cutting-edge driver assistance systems for enhanced comfort and safety.
The next improvement in steering system technology is called steer-by-wire (SbW) technology. In order to turn the wheels of the car during steering, SbW uses electric motors and sensors in place of mechanical linkages like the steering column, steering gear, and tie rods. The sensors and actuators analyse the signal when the driver applies steering pressure, then adjust the wheel accordingly. There are certain customers who are concerned about maintaining control over the car because of the removal of the mechanical linkage. The mechanical linkage is useful in an emergency turn or swerve because it allows the driver to steer the car to safety.
Market Competitive Landscape
The leading manufacturers of vehicle steering systems use a combination of international collaboration, technological innovation, and a commitment to environmental responsibility to secure the largest possible market share. By staying ahead of the curve in terms of advancements in artificial intelligence, steer-by-wire technology, and energy-efficient solutions, these players position themselves as leaders in the sector, driving the market's direction and shaping the direction of automotive steering systems in the future. The main players in this market are Magna International, Mando Corporation, Mitsubishi Electric Corporation, Robert Bosch Gmbh, Showa Corporation, Nsk Ltd, Nexteer Automotive Group Limited, Jtekt Corporation, Hyundai Mobis Co., Ltd., Hitachi Automotive System, And Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Technology, By Component, By Vehicle Type, By Sales Channel
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Magna International, Mando Corporation, Mitsubishi Electric Corporation, Robert Bosch Gmbh, Showa Corporation, Nsk Ltd, Nexteer Automotive Group Limited, Jtekt Corporation, Hyundai Mobis Co., Ltd., Hitachi Automotive System, And Others.
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COVID-19 Impact on Global Automotive Steering System Market
Global demand for vehicle steering systems has been negatively impacted by the coronavirus's rapid spread and the lockdowns that have been imposed in many nations. Manufacturers of automotive steering systems are recovering from losses resulting from broken supply chains, a decline in vehicle production, and worldwide production and manufacturing stoppages. After a successful turnaround for their business, manufacturers in the global automotive steering system market are expanding globally.
Key Target Audience:
- Original Equipment Manufacturers
- Tier 1 Suppliers
- Tier 2 and Tier 3 Suppliers
- Aftermarket Parts Manufacturers
Our in-depth analysis of the Automotive Steering System Market includes the following segments:
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By Technology: |
Electric Power Steering
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
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By Component: |
Hydraulic Pump
Steering Column/Rack
Electric Motor
Sensor
Others
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By Vehicle Type: |
Passenger Vehicle
Light Commercial Vehicle
Heavy Duty Trucks
Bus and Coaches
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By Sales Channel: |
OEM
Aftermarket
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Key Topics Covered in the Report:
- Global Automotive Steering System Market Size (FY’2024-FY’2033)
- Overview of Global Automotive Steering System Market
- Segmentation of Global Automotive Steering System Market By Technology (Electric Power Steering, Hydraulic Power Steering and Electrically Assisted Hydraulic Power Steering)
- Segmentation of Global Automotive Steering System Market By Component (Hydraulic Pump, Steering Column/Rack, Electric Motor, Sensor and Others)
- Segmentation of Global Automotive Steering System Market By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Bus and Coaches)
- Segmentation of Global Automotive Steering System Market By Sales Channel (OEM, Aftermarket)
- Statistical Snap of Global Automotive Steering System Market
- Expansion Analysis of Global Automotive Steering System Market
- Problems and Obstacles in Global Automotive Steering System Market
- Competitive Landscape in the Global Automotive Steering System Market
- Impact of COVID-19 and Demonetization on Global Automotive Steering System Market
- Details on Current Investment in Global Automotive Steering System Market
- Competitive Analysis of Global Automotive Steering System Market
- Prominent Players in the Global Automotive Steering System Market
- SWOT Analysis of Global Automotive Steering System Market
- Global Automotive Steering System Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1.2. Market segment analysis
2.1. Research data source
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.2. COVID-19 Impacts of the Global Automotive Steering System Market.
5. Market variable and outlook
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
6.1. Global Automotive Steering System Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Automotive Steering System Market
7. Global Automotive Steering System Market, By Technology (USD Million) 2020-2033
7.1. Global Automotive Steering System Market Size, Share and Forecast, By Technology, 2020-2026
7.2. Global Automotive Steering System Market Size, Share and Forecast, By Technology, 2027-2033
7.3. Electric Power Steering
7.4. Hydraulic Power Steering
7.5. Electrically Assisted Hydraulic Power Steering
8. Global Automotive Steering System Market, By Component (USD Million) 2020-2033
8.1. Global Automotive Steering System Market Size, Share and Forecast, By Component, 2020-2026
8.2. Global Automotive Steering System Market Size, Share and Forecast, By Component, 2027-2033
8.4. Steering Column/Rack
9. Global Automotive Steering System Market, By Vehicle Type (USD Million) 2020-2033
9.1. Global Automotive Steering System Market Size, Share and Forecast, By Vehicle Type, 2020-2026
9.2. Global Automotive Steering System Market Size, Share and Forecast, By Vehicle Type, 2027-2033
9.4. Light Commercial Vehicle
10. Global Automotive Steering System Market, By Sales Channel (USD Million) 2020-2033
10.1. Global Automotive Steering System Market Size, Share and Forecast, By Sales Channel, 2020-2026
10.2. Global Automotive Steering System Market Size, Share and Forecast, By Sales Channel, 2027-2033
11. Global Automotive Steering System Market Forecast, 2020-2033 (USD Million)
11.1. Global Automotive Steering System Market Size and Market Share
12. Global Automotive Steering System Market, By Region, 2020-2033 (USD Million)
12.1. Global Automotive Steering System Market Size and Market Share By Region (2020-2026)
12.3.6. Rest of Asia-Pacific
12.5. Middle East and Africa
12.5.1. Kingdom of Saudi Arabia
12.5.2. United Arab Emirates
12.5.8. Rest of Middle-East and Africa
12.7.3. Rest of Latin America
13.1. NEXTEER AUTOMOTIVE GROUP LIMITED
13.1.2. Financial outlook
13.1.4. Recent developments
13.2.2. Financial outlook
13.2.4. Recent developments
13.3. HYUNDAI MOBIS CO., LTD.
13.3.2. Financial outlook
13.3.4. Recent developments
13.4.2. Financial outlook
13.4.4. Recent developments
13.5.2. Financial outlook
13.5.4. Recent developments
13.6.2. Financial outlook
13.6.4. Recent developments
13.7. HITACHI AUTOMOTIVE SYSTEM
13.7.2. Financial outlook
13.7.4. Recent developments
13.8. MAGNA INTERNATIONAL
13.8.2. Financial outlook
13.8.4. Recent developments
13.9.2. Financial outlook
13.9.4. Recent developments
13.10. MITSUBISHI ELECTRIC CORPORATION
13.10.2. Financial outlook
13.10.4. Recent developments
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
