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The primary objective of automotive industry is to improve the fuel efficiency, which leads to a focus on developing lighter vehicles, compact cars, with a minimum of rolling-resistance. The design of the steering system plays a vital role in the vehicle’s stability and control. Evolution of the automotive steering marks from the manual model to the power steering model, obeying to the advancements in the automotive technology.
The global Automotive Steering market size is expected to grow from USD XX billion in 2018 to USD XX billion by 2026, at a Compound Annual Growth Rate (CAGR) of X.XX% during the forecast period. Increasing vehicle production coupled with rise in disposable income of consumers and growing demand for easy vehicle maneuverability are some of the key factors contributing to the growth of the global automotive steering system market. Factors like high costs associated with power steering systems, restricted ball bearing capacity of electric power steering system (EPS) systems, increasing number of on-demand taxi operators, maintaining a balance between smart steering and high cost are restricting the market growth. Implementation of drive-by-wire technology in the upcoming vehicles and increasing adoption of EPS in commercial vehicles is boosting the growth of the market
The objective of the report is to define, describe, and forecast the global automotive steering market by component, vehicle type, steering system type, mechanism type, outline construction type, sales channel and region. Based on component, global automotive steering market is segmented into hydraulic pump, steering/column/rack, sensors, electric motor, control unit and others. Electric motor is more effective than hydraulic pump, because only when the steering wheel is turned, the electric power steering motor needs to provide assistance, while the hydraulic pump must run constantly.
By steering system type, electric power steering system segment dominated the market in 2018 owing to the increasing implementation of electric power steering by the automakers in all vehicle models. It is also anticipated that advancement in electric power steering to steer by wire technology would drive the growth of this segment in the market.
By vehicle type the global automotive steering market is categorized into passenger cars, light commercial vehicles and medium & heavy commercial vehicles. The passenger car segment is expected to dominate the market during the forecast period owing to the increasing sales and production in developing countries in Asia Pacific. Rising adoption of electric power steering system in passenger cars is also likely to propel the growth of this segment in the market.
Based on mechanism type, the global automotive steering market is categorized into rack and pinion steering, recirculating ball steering. Among these, rack and pinion steering segment is anticipated to witness fastest growth rate during the forecast period. This high growth is attributed to high adoption of rack and pinion steering type among cars, small trucks and SUVs.
Depending on outline construction type, it is further bifurcated into 4WS system and 2WS system. 2WS system is playing dominating role whereas 4WS system is expected to register notable growth rate. 4WS steering systems gaining major preference owing to the factors such as effective turning of the vehicle, increase the maneuverability and reduces the drivers steering effort.
OEM and aftermarket are the two sales channels considered in the global automotive steering market. The automotive aftermarket is the fastest growing segment in the automotive steering industry. The major factors contributing this segment growth are high automobile turnover and the increasing instances of replacement of new parts. Based on this, Singapore has become a major automotive component manufacturing base, as several leading multinational corporations (MNCs) have established international procurement offices as well as their Southeast Asia distribution centers.
On the basis of geography, the automotive steering market is studied across North America, South America, Europe, Asia-Pacific and Middle East & Africa. In 2018, Europe holds a significant share in the market owing to wide automotive sector, which is marked by a range of key manufacturers. According to the Association of European Automotive Manufacturers (ACEA), automobile manufacturers operate approx. Of the 309-vehicle assembly and production plants in Europe across 27 countries. Not only are these manufacturers serving the domestic market, but they are also shown to be actively exporting automobiles around the world. The European automotive sector is taking steps towards independent vehicles against a mechanical headway landscape, and administrative bodies are contributing effectively to the development of such technologies in the region. In the European automotive steering market, the United Kingdom, Germany and France are leading countries, where growth is mainly driven by the presence of leading manufacturers such as Robert Bosch and JTEKT Corporation.
On the other hand, APAC is projected to witness fastest growth during the forecast period owing to the increasing sales and production of automakers form developing countries. Moreover, the rising demand for high end luxury cars and the increasing disposable income of consumers in the developing economies are projected to propel the growth of the market in this region.
Along with these companies, there were many other companies considered/ cited in the report while analyzing the Automotive Steering 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.
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Starting from $2700
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