New York, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Automotive Steering System Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography," the global automotive steering system market size is valued at USD 22.50 Billion in 2020 and to reach USD 30.87 Billion by 2028; it is expected to grow at a CAGR of 4.3% during 2021-2028.
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Global Automotive Steering System Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 22.50 Billion in 2020 | ||||
| Market Size Value by | USD 30.87Billion by 2028 | ||||
| Growth rate | CAGR of of 4.3% from 2021-2028 | ||||
| Forecast Period | 2021-2028 | ||||
| Base Year | 2021 | ||||
| No. of Pages | 179 | 179 | |||
| No. of Tables | 100 | ||||
| No. of Charts & Figures | 67 | ||||
| Historical data available | Yes | ||||
| Segments covered | Type and Vehicle Type | ||||
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America | ||||
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina | ||||
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trendsfactors, and trends | ||||
| Companies Covered | China Automotive Systems, Inc.,Nexteer Automotive,Hitachi Automotive Systems Americas, Inc.,Hyundai Mobis,JTEKT Corporation,The Mando Corporation,NSK Ltd.,Robert Bosch GmbH,Showa Corporation,ThyssenKrupp AG Technologies,Zipline | ||||
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development | ||||
| Global Automotive Steering System Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPAT100001344/ | ||||
Global Automotive Steering System Market: Competitive Landscape and Key Developments
JTEKT Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Hyundai Mobis, and Nexteer Automotive are the key automotive steering system market players profiled in the report. Several other essential automotive steering system market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the global automotive steering system market are mentioned below:
October 2019: JTEKT Corporation was in an exhibition at the 46th Tokyo Motor Show 2019, held at Tokyo big sight from October 24 to November 4. The company showcased its electronic power steering systems..
April 2018: Robert Bosch GmbH installed Bosch highway assist systems for partially automated driving functions, installed on all the vehicles in the Maserati MY 2018 range. Along with that Bosch electronic power steering (EPS), another innovation introduced on the Maserati MY2018 range, contributes to the implementation of highway assist technology and other advanced driving assistance systems..
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Global Automotive Steering System Market: Industry Overview
The global automotive steering system market has been segmented on the basis of type, vehicle type, and geography. Based on type, the automotive steering system market is segmented into the electronic power steering, hydraulic power steering, and electro-hydraulic power steering. Based on vehicle type, the automotive steering system market is segmented into passenger cars and commercial vehicles. Based on geography, the automotive steering system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The automotive steering system market size in Asia Pacific is projected to witness impressive growth during 2022–2028. The economy of APAC is performing well due to various infrastructural and technological developments. It has a robust automotive industry, which is supported by the mounting automotive manufacturing industry in countries such as China and India. China, India, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. For instance, India produced 3,394,446 vehicles in 2020. In the same year, China was the largest vehicle-producing country globally; it produced 25,225,242 passenger cars and commercial vehicles. The presence of a strong automotive sector and the rise in the number of passenger car and commercial vehicle manufacturers are among the major factors driving the automotive steering system market growth in the region.
In Europe, the automotive sector is crucial for the region’s prosperity. The region has significantly upgraded its industrial solutions and is labeled as Industry 4.0. In order to reinforce the competitiveness of its automotive industry and continue its global technological leadership, the European Commission is focusing on funding for R&D. The region is the leading producer of passenger cars and several commercial vehicle manufacturers, such as Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automotive sector is crucial for the region’s prosperity. In 2020, 16,921,311 units of commercial and passenger vehicles were produced. Germany is one of the largest automotive markets in the region. The country comprises major automotive manufacturers such as Daimler AG, BMW, VW, Opel, and Audi. The growing automobile production in Germany, as well as Europe, is driving the automotive steering system market size.
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Integration of Technologically Advanced EPS Systems in Commercial Vehicles to Provide Lucrative Opportunities for Global Automotive Steering System Market Growth during (2021-2028):
According to the US Department of Energy, in ideal conditions, EPS (Electronic Power Steering) systems can improve fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 grams per kilometer. As per the estimates by Nexteer Automotive Corporation, EPS systems have saved nearly 3 billion gallons of gas since 1999. Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. The European region has the highest penetration of electrically assisted power steering, followed by North America and Asia Pacific. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the automotive steering system market growth over the forecast period.
The automotive steering system market growth in North America is growing rapidly. The region is one of the largest automotive manufacturing hubs worldwide. The presence of well-established automotive manufacturers and automotive steering system manufacturers in North America drives the market. The economic growth of the region has positively impacted the sale of commercial vehicles and passenger cars. Automotive steering systems are integrated within passenger cars and commercial vehicles to control the direction of a vehicle in motion. The rising investments in the automotive industry are boosting the growth of the automotive steering system market in North America.
Impact of COVID-19 Pandemic on Automotive Steering System Market:
As of March 2021, the US is the worst-hit country in North America, with around 30.5 million confirmed cases of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut, municipalities are functioning slowly as compared to past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the automotive steering system market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market. The COVID-19 outbreak would have a limited but negative short-term impact on the global market.
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Go through further research published by The Insight Partners:
Commercial Vehicle (CV) Active Power Steering Market – The Commercial Vehicles (CV) active power steering market volume is expected to grow from 12,572 units in 2016 to 955,233 by 2025 at a CAGR of 18.38% between 2017 and 2025.
Electronic Power Steering (EPS) Market – The global electronic power steering market was valued at US$ 52,692.31 million in 2019, it is expected to grow at a CAGR of 3.63% during the forecast period from 2020 to 2027.
Automotive Electric Power Steering (EPS) Market – The demand for electric power steering in the automotive industry is on the rise due to improved fuel efficiency in vehicles and lower mechanical complexity.
Steer-by-Wire System Market– The steer-by-wire system enables complete steering control to the driver by eliminating any mechanical linkages. The current market landscape for the steer-by-wire system is supported by technological advancements in the automotive industry and enhancements in the driving dynamics.
Commercial Vehicle Steering System Market– Steering System is the line of communication between the driver and his vehicle. Function of a steering system is to guide the vehicle such as managing the movement of the vehicle to avoid any obstacle or take a turn.
Automotive Electric Power Steering (EPS) Market– The demand for electric power steering in the automotive industry is on the rise due to improved fuel efficiency in vehicles and lower mechanical complexity.
Automotive Steer-by-Wire Market – A steer-by-wire system is designed and developed to eliminate the physical contact between the wheels and the steering wheel of the vehicle by utilizing electrically controlled motors for changing the direction of the wheels and also for providing feedback to the driver.
Skid Steer Loader Market – Skid steer loaders are mostly utilized in the construction industry for carrying several tasks on the site. Generally, skid steer loader is a rigid frame, small size and engine powered machine having lift arms.
Outboard Steering Systems Market– An outboard steering system basically refers to the equipment dedicated to help in steering effectively the boat traveling on the water bodies. This system works as the link between the rudder and the steering wheel controlled by the helmsmen to direct the boat.
Automotive Filters Market– The Automotive Filters market was valued at US$ 3,570.0 million in 2018 and is projected to reach US$ 5,383.8 million by 2027; it is expected to grow at a CAGR of 5.0% from 2019 to 2027.
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