Europe Automotive Steering System Market – Size, Outlook, Trends, and Forecast (2024

Europe Automotive Steering System Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Steering is the essential component in moving the automotive in the proper direction. Steering column, steering wheel, rack & pinion mechanism and universal joints are the general automotive components present in the steering. Steering markets have a wide range of growth owing to the fact of the increase in the vehicle production, increasing lifespan, the rise in the manufacturing companies of the automotive are showing a positive effect on the market.

Europe Automotive Steering System Market Size & Growth:

Europe Automotive steering system market is poised to reach a value of $40.21 billion in 2024 from $19.26 billion in 2018, growing with the CAGR of 6.14%. Key points like rising consumer preference and growing vehicle production, stringent fuel efficiency norms to drive the demand for steering systems, adoption of steer-by-wire technology and use of EPS in commercial vehicles are accelerating this market growth. Automotive steering system market has opportunities like rising potential applications and increased usage of smart systems. Factors like High costs are assisted with power steering systems, restricted ball bearing capacity of EPS systems, increasing number of on-demand taxi operators, maintaining a balance between smart steering and high cost are restricting the market growth.

Europe Automotive Steering System Market Share:

Steering type, vehicle type, pivot alignment and geographical regions are the segments present in the automotive steering system. There are sub-segments like electric power steering system, hydraulic power steering system, recirculating ball & nut steering system, worm & roller steering system, and rack

Europe Automotive Steering System Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

& pinion steering system are present by steering type. Steering is developed with the incorporation of the functions like traffic jam assistance, lane-keeping, and hand-on-wheel detection. Demand for electronic-based steering is increased with increase in the usage of electronic automotive. However, the power steering is ruling the automotive steering market by steering type. Passenger vehicles, heavy commercial vehicles, and light commercial vehicles are the sub-segments which are presently based on the vehicle type. Commercial vehicles segment is fastest growing in the emerging markets, and the passenger vehicles segment has the largest share with an increase in the number of units sold. To increase the safety of the vehicles, steering columns are incorporated. Pivot tilt steering columns and telescope steering columns are used in adding rigidity to the heavy commercial vehicles. The rack and pinion replace recirculating, and nut steering systems in the newer vehicles and these are the fastest growing segment based on the pivot alignment, and tilt steering system marks the largest share. New advancements in the technology have paved the way for the implementation of drive-by-wire technology to increase the efficiency of the steering and reduce the lag.

Geographical classification of automotive steering system market includes UK, Germany, France, Italy, Spain and other regions. Europe is the matured market, according to the standards of the automotive steering. The countries like Germany, UK are having inclined growth owing to the technological advancements and rising number of manufacturing firms.

Europe Automotive Steering System Market Trends:

ZF has produced more than 100,000 chassis units of the automotive including steering components, just within four years of AKC system which is for two exclusive sports car models.
ThyssenKrupp AG has incorporated robots to deal with car bodies or assemblies of aluminium to get perfect shape and size.

Europe Automotive Steering System Market Research Reports Includes:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOTanalysis, and Y-o-Y analysis.
Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
Identifying DROCin the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
Identify the latest developments, market shares and strategies that are employed by the major market players, such as
Robert Bosch GmbH
ZF Friedrichshafen AG
GKN PLC
Nexteer Automotive

Along with these companies, there were many other companies are considered in the report while analysing the Europe Automotive Steering System market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.

firms. Europe Automotive Steering

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Europe Automotive Steering System Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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