Automotive Steering System Market Size, Share Global Analysis Report, 2021 - 2026

Industry Insights

[197+ Pages Report] Facts & Factors recently published the latest report titled “Global Automotive Steering System Market” with the aim of providing all the spectacle of the market in an analytical and comprehensive manner. In the current study, the global automotive steering system market is anticipated to value around USD 37.6 Billion in the year 2026 from an initial value of USD 26.5 Billion in the year 2020 with growth at a CAGR value of 4.9% during 2021-2026.

Market Overview

Automotive steering systems are the linking mechanism that allows for a vehicle to follow the desired pathway. The primary purpose of the steering mechanism is to give the driver the capability to guide the vehicle at his own discretion. Automotive steering systems are usually located in front of the driver via the steering column by a universal joint. These mechanisms are often hand-operated.

Industry Growth Factors

The global automotive steering system market is expected to be nudged toward a higher market growth during the advent of the forecast owing to the rising demand for fuel-efficient vehicles coupled with better comfort-based automobiles to name a few. Additionally, stringent regulation by government agencies aimed at increasing fuel efficiency norms coupled with rising technological measures is expected to increase the footprint of the global automotive steering system market during the forecast period. Moreover, the rising adoption of assistive steering systems toward automobiles owing to rising functionality coupled with factors pertaining to effortless driving and maneuverability steering capabilities is expected to boost the growth of the global automotive steering system market during the forecast period.

The global automotive steering system market is expected to be driven by factors attributing to long-term contracts with OEMs for manufacturing requirements coupled with consumer retention toward electric vehicles to name a few. Factors pertaining to rising disposable income among consumers coupled with rising product range by the key market participants are expected to fuel the growth of the global automotive steering system market during the forecast period. However, a higher cost and implementation of EPS systems are expected to hamper the growth of the global automotive steering system market during the advent of the forecast duration.

Segmentation Analysis

The global automotive steering system market is segmented into type, vehicle-type, pinion type, and region.

On the basis of type, the global automotive steering system market is divided into electric power steering (EPS), hydraulic power steering (HPS), electro-handling power steering (EHPS), and manual steering. The segment pertaining to electric power steering is expected to witness the largest market share during the advent of the forecast owing to the rising implementation of electric power steering by the key market participants coupled with rising technological measures to name a few. On the basis of vehicle type, the global automotive steering system market is categorized into passenger cars, light commercial cars, and heavy commercial vehicles. The segment pertaining to passenger cars is expected to witness the largest market share during the advent of the forecast owing to increased penetration of electric power steering systems coupled with rising sales and production for the latter to name a few. Based on pinion-type, the global automotive steering system market is fragmented into single and dual. The duel pinion category is expected to occupy the largest market share during the advent of the forecast owing to rising benefits in terms of better fuel economy and a better steering fuel coupled with design flexibility and reduced risks of leg injury in terms of road-based accidents to name a few.

Report Scope

Regional Analysis

Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to rising vehicular production in the region coupled with rising per capita income among the targeted consumers to name a few. Additionally, the region is home to emerging economies such as China, India, and Japan which makes the latter a highly lucrative region for the automotive steering system market during the forecast period. Moreover, rising demand for fuel-efficient vehicles coupled with combined comfort features is expected to increase the footprint of the automotive steering system market during the forecast duration. The rising adoption of EPS systems coupled with increasing demand for luxury and high-end cars are expected to fuel the automotive steering system market during the forecast period.

Competitive Players

The key market participants of the global automotive steering system market are:

• Hyundai Mobis Co. Ltd
• JTEKT Corporation
• Mitsubishi Electric Corporation
• NSK Ltd
• Nexteer Automotive Group Limited
• Showa Corporation
• Thyssenkrupp AG
• Robert Bosch GmbH
• Mando Corporation
• Sona Koyo Steering Systems Ltd

By Type Segment Analysis

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Handling Power Steering (EHPS)
• Manual Steering

By Vehicle-Type Segment Analysis

• Passenger Cars
• Light Commercial Cars
• Heavy Commercial Vehicles

By Pinion-Type Segment Analysis

• Single
• Dual