Market Size

The global automotive steering system market size was valued at USD 32.5 billion in 2020 and is estimated to reach a value of USD 41.5 billion in 2027. The automotive steering system market analysis shows that it will grow with a CAGR of 4.9% over the forecast period of 2021 to 2027.

Market Driver

The growth of the market is mainly driven by an increase in demand for automobiles as a result of rising consumer disposable income. Furthermore, the growth of this market is due to the adoption of power steering systems in automobiles. The vehicle's increased fuel efficiency is due to its powerful steering system. As a result, as the market for fuel-efficient vehicles grows, so does the demand for steering systems. In addition, customers value driving comfort in their cars, which includes ease of operation and manoeuvrability. Driving comfort is achieved by the use of an efficient steering system, resulting in an increase in demand for steering systems, resulting in market development. The high cost of power steering systems, on the other hand, is expected to stifle the growth of the steering system industry. Drive-by-wire technology is predicted to be introduced in upcoming cars, enhancing the market's growth in the near future. From manual steering systems, which depend solely on mechanical linkages to power steering systems, the automotive industry has progressed. Manual steering has drawbacks in terms of vehicle manoeuvrability and fuel efficiency. The power steering system, on the other hand, has hydraulic and electronic components that help with driving while also improving the vehicle's performance. As a result, the power steering system has gained widespread acceptance around the world. The rise in demand for steering systems in the automotive industry is due to the increased adoption of power-assisted steering.

Segment Outlook

Based on type, the market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering system. Electronic power steering segment is projected to be the fastest growing segment over the forecast period. Depending on the vehicle type the automotive steering system market is classified into passenger vehicle and commercial vehicle. Passenger car segment is anticipated to be the largest segment in the automotive steering system market, by vehicle type, over the prediction period.

Regional Outlook

The automotive steering system market research report provides an in-depth analysis of the industry, incorporating quantitative and qualitative data. It includes historical, present, and forecast data of the global market for automotive steering system by segment. Furthermore, it provides market size and forecast estimates for five regions, namely Asia Pacific, North America, Europe, Central & South America, Middle East, and Africa from 2015 to 2027. The market for automotive steering system is segmented by region and then by country and segment. The Asia Pacific region is expected to show fastest growth rate in the automotive steering system market during the forecast period. The COVID-19 outbreak has led to the reduction in the electric vehicle manufacturing and production process, thereby this has resulted in affecting the overall automotive market. Though, government initiatives and recovering economical situation will support the growth of the automotive steering system market in the near future. The report analyzes supply and demand-side factors affecting automotive steering system market and then evaluates market dynamics affecting the market in coming years. Qualitative insights available in this report are opportunities, drivers, restraints, and future trends.

Company Profile Outlook

Key companies profiled in this market are Showa Corporation (Japan), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexteer Automotive Group Limited (US), Hyundai Mobis Co., Ltd. (South Korea), ThyssenKrupp AG (Germany), NSK Ltd. (Japan), China Automotive Systems Inc. (China), Mando Corporation (South Korea), and Robert Bosch GmbH (Germany). However, we have also considered other companies for detailed primary interviews.

Research Methodology

Automotive steering system market report consists of market analysis including both primary and secondary research. Primary research comprises of the interaction between manufacturers, industry experts, channel partners, and end users, while the secondary research presents an analytical interpretation of relevant published databases, which contains details like company annual reports, and financial reports, white papers, and purchased databases. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.

About Us

Market Insight Solutions is a leading market research firm which caters to a diverse portfolio of research campaigns. We are one of the fastest growing research organization led by an extensive team of individuals. Our team has individuals with more than 10 years of experience in diverse research domains. Our strategic insights aim at providing credible and practical solutions to meet the specific requirements of our clients. We offer market studies on basis of facts across cross domains.

Segments covered in the report

Automotive steering system Market Size and Outlook by Type

• Electronic Power Steering
• Hydraulic Power Steering
• Electro-Hydraulic Power Steering System

Automotive steering system Market Size and Outlook by Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

Automotive steering system Market Size and Outlook by Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Australia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa

Companies Profiled in this Report

• JTEKT Corporation (Japan)
• Hyundai Mobis Co., Ltd. (South Korea)
• Showa Corporation (Japan)
• Nexteer Automotive Group Limited (US)
• NSK Ltd. (Japan)
• ThyssenKrupp AG (Germany)
• China Automotive Systems Inc. (China)
• Mando Corporation (South Korea)
• Mitsubishi Electric Corporation (Japan)
• Robert Bosch GmbH (Germany)

Actionable Outcomes

Our Automotive steering system Market Report offers a thorough assessment of estimations and projections on the market dynamics. Further, it helps in the implementation of these results as they show tangible benefits to business stakeholders and industry entities decisions as leaders.

Strategic Planning

Every business needs to understand how their product will grow in the forthcoming years. With the current uncertainness due to the COVID-19 scenario, this analysis becomes significant to understand past disruptions and boost the preparedness for the next steps of decision. We at Market Insight Solutions are trying to break down the complex market for the business leaders through strategic insights and resilience in unpredictable situations.

Highlights of the report:

• COVID-19 impact on Automotive steering system market size
• Automotive steering system market size, drifts, drivers and opportunities
• Analyzing the regional market for the growth factors, estimated analysis and its penetration to the global market
• Automotive steering system market size in United States
• Understanding the dynamics of the parent market
• Prime fluctuations of the market dynamics
• Evaluation of the market opportunities
• Historical, current, and projected Automotive steering system market size from the standpoint of both value and volume
• Market segmentation and comprehensive analysis in the second or third level
• Reporting and evaluation of recent industry developments
• Analysis of market share and developments
• Detailed company profiling of leading companies
• Opportunities to newer markets in global and regional markets
• Analyzing the trajectory line of the business
• Analyze Automotive steering system market share
• Measures to consider for Automotive steering system market