Global Steering Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Steering Market: Overview
“The global Steering Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Steering system rotates the automotive wheel in a swivel movement in such a way that steering wheel edge turns a long way to short way. There are two types of steering mechanisms namely Ackermann steering gear mechanism and Davis steering gear mechanism. Among these two mechanism the Ackermann steering is used globally, owing to its simplicity characteristics.
Global Steering Market: Dynamics
Increasing vehicle production and trade activities is resulting into high demand for steering systems to control vehicle direction is a key factor expected to drive growth of the global steering market during the forecast period.
Moreover, increasing adoption of steer-by-wire (SbW), electric power steering (EPS), and rear-axle steering or all-wheel-steering (AWS) technologies as advance steering systems by automotive steering systems industries. This is among major factor expected to proliferate growth of the global market.
Furthermore, rising awareness and adherence regarding fuel efficiency norms, contributes high adoption of electronic assisted steering systems in heavy duty vehicles. This adoption is primarily attributed due to its weight reduced capability which in turn is expected to boost growth of the potential market.
However, high maintenance and complex balance associated with cost and performance of smart steering systems are major factor expected to decline growth of the target market to a certain extent.
In addition, high cost associated with assisted power steering system and limitation on load bearing capacity of electric power steering systems are some other challenging factors expected to hamper growth of the potential market in the near future.
Global Steering Market: Opportunities and Trend
Increasing R&D activities for driverless cars especially artificial intelligence controlled steering wheels is a key factor expected to create significant opportunities for prominent and new players in the global steering market in the coming 10 years.
Increasing installation of EPS systems in commercial vehicles and high adoption of SbW technology in production of autonomous vehicles are major trends observed in the target market.
For instance, in August 2018, US-based Nexteer Automotive Group Limited announced partnership with WABCO Holdings, Inc. This partnership primarily focused on WABCO active steering systems supply for commercial vehicles using Nexteer’s Magnetic Torque Overlay (MTO) technology.
Global Steering Market: Segment Analysis
The steering column segment in the component segments is expected to register highest CAGR in the global market. The segment growth is primarily attributed to increasing production of automobiles where, steering column is an integral part of main steering system in any vehicle.
Global Steering Market: Regional Analysis
The steering market in Asia Pacific is expected to register moderate share and is expected to dominate in the target market. High production and sales of automobiles, increasing per capita income, high developmental initiatives in road infrastructure, and growing focus towards a manufacturing-driven economy are major factors expected to drive Asia Pacific steering market.
Whereas, market in North America is expected to register second highest CAGR in the global market during the forecast period, followed by market in the Europe region.
Global Steering Market Segmentation:
Segmentation by Component:
- Electric motor
- Hydraulic Pump
- Steering Column
- Steering Wheel Speed Sensor
Segmentation by Technology:
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
- Electronic Power Steering (EPS)
Segmentation by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Thyssenkrupp AG
- Robert Bosch Automotive Steering GmbH
- JTEKT Corporation
- Showa Corporation
- Hyundai Mobis Co., Ltd
- Mitsubishi Electric Corporation
- Nexteer Automotive Group Limited
- ZF TRW Automotive Holdings Corp.
- Tenneco, Inc. (Federal-Mogul LLC)
- Melrose Industries PLC (GKN PLC)
- China Automotive Systems, Inc.
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