Steering system is the combination of steering linkages such as steering wheel, steering column, universal joints and rack & pinion mechanism which is used to steer the vehicle on the road. Over the last few years, in developing countries such as China, India, Mexico, Turkey and others, the global automotive steering system market is anticipated to witness a gain superior traction globally. Now a days, steering system manufacturers are focusing on manufacturing electronic steering owing to ease in vehicle steering.
The global Automotive Steering System market can be segmented on the basis of
- H-EPS (Hydraulic – Electronic Power Steering)
- P-EPS (Pinion Type – Electronic Power Steering)
- R-EPS (Rack Assist – Electronic Power Steering)
- C-EPS (Column Type – Electronic Power Steering)
The global Automotive Steering System market can be segmented on the basis of Vehicle Type:
- Mid Size
- SUV (Sport Utility Vehicle)
- Light Commercial Vehicle
- Heavy Commercial Vehicle
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Increase in automotive parts and vehicle production is anticipated to drive the market during the forecast period. Moreover, increasing urbanization, rising living standards and per-capita income is projected to foster the market over the slated time period. Additionally, growing trend of electric vehicle coupled with new technology for instance steering by wire are estimated to give positive potential to the market throughout the foreseeable time period.
Established players are giving tough competition to the regional players as well as tech giants such as Apple are entering in the global market with future automotive steering technology prospects, for instance autonomous car, on the basis of this phenomenon the global market could hamper by these factors by the end of 2023.
Regional Market Outlook
The global Automotive Steering System market is segmented into the following regions – North America, Latin America, Europe, APAC and Middle East and Africa. APAC region is anticipated to dominate in the global market owing to increasing vehicle fleet in the developing countries such as India and China. In Europe, the global market is estimated to grow with noteworthy growth rate. In North America region the market is anticipated to gain significant traction due to increasing electric vehicle particularly in
U.S. Additionally, in Eastern Europe the market is also gaining superior traction owing to the consumer’s shift towards flexi-fuel (dual fuel) vehicle. In Middle East and Africa, the market is projected to grow with double digit CAGR owing to increasing tourism activity, throughout the forecast period.
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Key players for the global Automotive Steering System market are:
- Nexteer Automotive Group Ltd.
- ThyssenKrupp AG
- Sona Koyo Steering System Ltd.
- NSK Steering System Co. ltd.
- ZF Friedrichshafen AG
- ATS Automation Tooling System Inc.
- JTEKT Corporation
- Showa Corp.
- Hitachi Automotive System Ltd.
- Robert Bosch Automotive Steering GmbH
- Mando Corp.
- Magal Engineering Limited
- Hyundai Mobis
RRI surveys a number of companies in order to estimate the data covered in the report through triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study. The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market scenario has been derived by consolidation of regional market overviews.