According to UnivDatos’ research report “Automotive Steering System Market”, the market is expected to witness a CAGR growth of around 5.0% during the forecast period 2021-2027F. Automotive Steering System Market is experiencing significant growth due to Increasing production and sale of vehicles owing to rising disposable income, Growing adoption of vehicle equipped with power steering, Stringent fuel efficiency norms to drive demand for electrically assisted steering systems and Rising consumer purchasing power and increased spending on luxury cars.
Autonomous driving (AD), connected cars, electrification of powertrain, and shared mobility (ACES) are the major trends that are mutually reinforcing developments in the automotive industry. These trends combined, are not only disrupting the automotive value chain, and impacting all stakeholders but are also major driver for the automotive industry. Increasing demand of vehicles owing to the overall increase in disposable income of consumers is the major factor driving the demand for steering system.
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China was the largest motor vehicle producer in 2020, the country produced more than 25.2 million passenger cars and commercial vehicles in the year. United states followed China to become the second largest producer of motor vehicles producing 8.8 million passenger cars and commercial vehicles in 2020. United States produced more commercial vehicles than passenger vehicles. Demand for steering system from China reached 28.12 million sets in 2016, including 24.42 million sets of steering system for passenger cars, the number is expected to reach 38 05 million sets by 2021.
However, Emergence of Fully Autonomous Cars, Low penetration of Power steering system in low end vehicles and High cost associated with power steering system are expected to be the major factors restraining the market growth. To add on, Growing per capita income in China and India, paired with road network development increase would provide growth opportunity for automotive sales in the Asia-Pacific region paired with Significant demand for lightweight and fuel-efficient vehicles in the European region would provide ample growth opportunity for the players operating in the steering system market to cater to the untapped market.
Based on Component, the Automotive Steering System Market is segmented into Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, Electric Motor. Major automotive manufacturers globally are leveraging autonomous driving systems to provide a seamless experience to automobile users.
Based on Technology, Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), Hydraulic power steering (HPS), Manual Steering. In 2020, Electric Power Steering (EPS) dominated the market and is expected to witness significant growth during the forecast period. As per the US Department of Energy (DOE), in the ideal conditions, Electric Power Steering (EPS) increases fuel efficiency by 2-4%, reduce fuel consumption up to 6%, and decrease CO2 emissions by 8g/km. In addition, as per Nexteer estimation EPS systems have helped save almost 3 billion gallons of gas since 1999.
Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle. Owing to high production volume the Passenger Vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Asia/Oceania/Middle East dominated the sales of all vehicles with 51.4% share in 2020, compared to 48.1% in 2019.
Based on Sales Channel, the market is segmented into Supplies to OEM, Aftermarket. Automotive Steering System is majorly supplied to the OEMs. European, Japanese, American, Korean, and Chinese car manufacturers dominated the global dominate the automobile industry. In 2020, Toyota managed to produce about 10.5 million vehicles to become the second most valuable car manufacturing company behind Tesla.
Asia-Pacific dominates the market
Based on regions, the report provides detailed analysis for overall demand of Automotive Steering System for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. In China, the New Energy Automobile Industry Plan (2021-2035) targets 20% of vehicle sales to be ZEVs by 2025. In addition, the China Society of Automotive Engineers set a goal of over 50% EV sales by 2035. Hence, increased adoption of electric vehicle would propel the overall demand for Electronic power steering market in China.
According to UnivDatos, the key players with a considerable market share in the Automotive Steering System Market are Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., Mando Corporation etc. These companies are investing heavily on Automotive Steering System to increase their customer base.
§ In August 2021: Nexteer Automotive expands the output capabilities of its pinion electric power steering (EPS) systems to meet the needs of heavier electric vehicles (EVs). Company’s new high-output options for DPEPS and SPEPS systems increase the steering capability by 12 to 20%, up to 14.5 kilonewtons (kN) for DPEPS and up to 12.5kN for SPEPS
§ In June 2021: Indian Auto component maker ANAND Group entered partnership with South Korea’s Mando Corporation to cater to the growing electric vehicles segment in India. The new entity “ANAND Mando eMobility Pvt Ltd” would manufacture and market electric vehicle (EV) components for the two and three-wheelers
§ In September 2020: Schaeffler entered partnership with Robert Bosch Automotive Steering GmbH to expand its intelligent Rear Wheel Steering (iRWS) portfolio. Under the partnership, Schaeffler is providing mechatronic iRWS systems, and Bosch Automotive Steering is contributing software and electronics in the form of steering control units
§ In August 2019: Nexteer Automotive through “Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd.”, signed a joint venture agreement with Dongfeng Motor Parts and Components Group Co., Ltd. (Dongfeng Components), to start mass production of Single Pinion Assist Electric Power Steering (SPEPS) systems. This new JV is expected to increase Nexteer’s manufacturing footprint to 28 locations globally
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“Automotive Steering System Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Component (Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, Electric Motor)
2. By Technology (Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), Hydraulic power steering (HPS), Manual Steering)
3. By Vehicle Type (Passenger Vehicle, Light commercial vehicle, Heavy commercial vehicle)
4. By Sales Channel (Supplies to OEM, Aftermarket)
5. By Region (North America, Europe, Asia-Pacific, Rest of World)
6. By Company (Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., Mando Corporation)
Key questions answered in the study:
1. What are the current and future trends of the Automotive Steering System industry?
2. How the industry has been evolving in terms of end-user demand and product category?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Automotive Steering System industry?
5. What is the customer orientation, purchase behavior, and expectations from the Automotive Steering System suppliers across various countries?
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