Automotive Steering System Market Overview:
Automotive Steering System Market comprises hand-operated steering wheel, steering column, universal joints, and rack & pinion mechanism. It maneuvers and controls the direction of the vehicle. The steering system has evolved from manual steering to power assist steering. Moreover, effective steering system increases the fuel efficiency of the vehicle. The global automotive steering systems market size is expected to grow at a CAGR of 6.2% to reach $41,190 million by 2022.
The automotive steering system market is projected to hold potential growth opportunities in the future. The automobiles having power steering system are expected to witness high demand. The electric and hybrid electric vehicles with new technologies such as drive-by-wire are anticipated to increase the demand of steering systems during the forecast period. However, the high cost associated with power steering system could hamper the market growth.
Around 12% companies adopted merger & acquisition as one of their key strategies to strengthen their foothold in the market. For instance, Hitachi Automotive Systems Steering, Ltd. and Hitachi Automotive Systems Kyushu, Ltd., subsidiaries of Hitachi Automotive Systems, Ltd. underwent a merger on April 1, 2016.
Automotive Steering System Market Segment Review
The steering system type segments, namely electronic power steering, hydraulic power steering, and electro-hydraulic power steering are covered under the scope of this report. The vehicle type segment includes heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Based on geography, it is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Global Automotive Steering System Market : Top Impacting Factors
Increase in Demand of Fuel Efficient Vehicle
The environmental and economic factors such as pollution control and cost effectiveness of vehicles, influence the consumers buying decision, and have proliferated the demand for fuel-efficient vehicles. The effective steering system increases the fuel efficiency of the vehicle by making the turn accurate and reducing the engine power loss while turning.
Growth in Automotive Market
The automotive market is anticipated to grow due to the surge in demand for vehicles, especially in the developing countries. Since, the steering system is a non-replaceable part in vehicles, the increase in the automotive sector is directly proportional to the growth of this market.
Cost of Power Steering System
The power steering system comprises steering column, universal joints, and hydraulic cylinder or electric motor, depending upon the type of the system. The components such as hydraulic cylinder and electric motor are costly and increase the effective price of the steering system. The high cost associated with power steering system limits the implementation of such systems in low-cost vehicles. Moreover, the increase in the cost of steering system increases the cost of the vehicle. Hence, this factor could restrain the market growth.
Advanced Technologies Such as Drive-by-Wire
Advanced technologies such as drive-by-wire steering system uses electrical cables to reduce the lag in steering system and increase its efficiency. Though, the system is not commonly installed in the vehicles, it is anticipated to be implemented in future.
Most of the companies operating in automotive steering system market have focused on product launch to satisfy the emerging market requirements and maintain competition. In-depth understanding of market needs, competition, and communication & promotional efforts are the key factors that determine the success of the new product in the market.
The key players profiled in the report are JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, ZF Friedrichshafen AG, Sona Koyo Steering Systems Ltd, and Hyundai Mobis Co. Ltd.
- The report provides an extensive analysis of the current and emerging automotive steering system market trends
- It offers quantitative analysis, which assists in identifying the prevailing market opportunities
- Comprehensive analysis of factors that drive and restrict the market growth are provided in the report
- Competitive intelligence of leading players of automotive steering system helps understand the competitive scenario across geographies
Automotive Steering System Market Key Segments:
By Steering System Type
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering System
By Vehicle Type
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East