The global automotive steering system market size is projected to reach USD 25.4 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. However, the market was valued at USD 17.1 billion in 2018. This information is published in a recent study by Fortune Business Insights™, titled, “Global Automotive Steering System Market Size, Share & Industry Analysis, By Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Regional Forecasts, 2019-2026.” As per the study, the increasing usage of hybrid loader and construction machinery across the world has resulted in the rising demand for smooth driving. It would affect the market positively during the forthcoming years.
What Does the Report Contain?
- Analytical depiction of the automotive steering system market trends, growth drivers, future estimations, obstacles, opportunities, and challenges.
- Elaborate information about every possible segment present in the market.
- Porter’s five forces analysis to illustrate the potency of the suppliers and buyers.
Demand for Highly Comfortable Driving Experience to Boost Growth
The demand for fuel-efficient vehicles equipped with an enhanced steering system is growing day by day. Also, the governments of several countries are putting forward stringent rules and regulations regarding fuel efficiency in vehicles. It would accelerate the automotive steering system market growth during the forecast period.
Moreover, consumers are shifting towards a smooth and extremely comfortable driving experience nowadays. Besides, in the developing countries, such as India and China, the demand for high-tech automotive steering system is upsurging. These factors would also contribute to the growth of the market.
Electric Power Steering Segment to Dominate Backed by Ongoing Technological Advancement
In terms of type, the market is segregated into manual steering, electric power steering (EPS), electro-hydraulic power steering (EHPS), and hydraulic power steering (HPS). Out of these, the EPS segment is set to lead the market in the coming years. It would occur because the automakers are using this type of steering in almost every model of vehicles. Combined with this, ongoing advancements in the steer-by-wire technology would also drive this segment. It would further aid in propeling the automotive steering system market revenue.
The HPS segment is set to showcase a good growth throughout the forecast period owing to its rising adoption and usage in commercial vehicles. In 2018, this segment had acquired 12.7% market share. Commercial vehicles possess very limited load-bearing capacity. Hence, EPS fails to work in them. Moreover, HPS can absorb road shocks efficiently.
Asia Pacific to Lead: Demand for High-end Luxury Cars to Favor Growth
The market is geographically fragmented into Europe, Asia Pacific, North America, and the rest of the world. Out of these, Asia Pacific is anticipated to lead the market throughout the forecast period. This growth is attributable to the rising production and sales of automakers in emerging economies. Also, increasing disposable income of the masses and rising demand for high-end luxury vehicles are set to fuel automotive steering system market growth in this region.
Europe is set to remain in the second position in terms of the automotive steering system market share in the near future. It is likely to occur because of the increasing government rules regarding fuel efficiency. It is further resulting in the rising adoption of fuel-efficient vehicles, equipped with enhanced steering system. Lastly, North America would exhibit a steady growth on account of the presence of prominent automakers in the U.S. and Canada. The market size of this region was 17.8 million units in the year 2018. The region is also considered to be the second-largest market for the hydraulic power steering system.
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August 2019: Nexteer Automotive, an automotive parts supplier based in the U.S., announced that it is collaborating with Dongfeng Motor Parts and Components Group Co., Ltd. To begin mass production of single pinion assist electric power steering (SPEPS) systems. The production indicates a rising alignment between both companies. Nexteer will take a step closer to serving consumers, such as Dongfeng Motor Group, and lay a robust foundation for profitable growth.
Fortune Business Insights™ profiles some of the renowned companies operating in the automotive steering system market.
They are as follows:
- Thyssenkrupp AG
- Hyundai Mobis CO., Ltd.
- Nexteer Automotive Group Limited
- JTEKT Corporation
- Showa Corporation
- NSK Ltd.
- Mitsubishi Electric Corporation
- Other key market players
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