Chicago, April 12, 2023 (GLOBE NEWSWIRE) -- Automotive Steering System Market is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2022: | USD 35.3 billion |
| Projected to reach 2027: | USD 39.5 billion |
| CAGR: | 2.3% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Pacific, North America, Europe, and RoW |
| Segments Covered: | by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region |
| Companies Covered: | JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan) |
The rapid adoption of Electric Vehicles (EVs) worldwide creates a huge demand for Electrical Power Steering (EPS) and Steer-by-Wire (SbW) steering systems. Integration of Advanced Driver Assistance Systems (ADAS) with EPS has helped OEMs to introduce new and improved steering features which customers have widely accepted. This software integration is likely to boost demand for EPS in other vehicle segments. As more commercial EVs are introduced in the market, the demand for EPS in these vehicles will witness significant growth. Steer-by-Wire (SbW) technology will be the future of steering systems that will enable better autonomous mobility amongst vehicles.
Electric Power Steering (EPS) will become the mainstream steering system for passenger cars.
Adopting EPS helps reduce vehicular emissions and increases fuel efficiency with improved maneuverability. Owing to this, the penetration of EPS in passenger cars is almost 100%. LCVs are also adopting EPS, especially in North American and European regions, as they have more stringent regulations related to road safety and the environment. Asia Pacific and other developing regions are expected to have EPS as a standard steering system in the coming years. Since passenger cars contribute to > 75% of global vehicle production, EPS systems are expected to dominate the global Automotive Steering System Market.
Column EPS (C-EPS) to be most widely adopted EPS type
There are three types of EPS - namely Column EPS (C-EPS - electric motor and sensors mounted on the steering column), Pinion EPS (P-EPS - electric motor assist is provided to the pinion of the gear assembly), and Rack EPS (R-EPS - electrical assistance is provided to the rack of the gear assembly). C-EPS is mostly adopted in hatchbacks and smaller sedans vehicle segments which still holds about 38% to 42% of the market share globally. The compact design of C-EPS allows it to be easily installed in smaller spaces. With the rising demand for SUVs, R-EPS is expected to rise as R-EPS has low inertia at large gear reduction ratios suitable for full-sized vehicles such as SUVs. Thus, C-EPS is expected to maintain its market majority share, while R-EPS is expected to be more in demand due to rising SUV sales globally.
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Asia Pacific region holds the largest market share in the Automotive Steering System Market in terms of value
The overall vehicle production from Asia Pacific stands >60%, making it the largest Automotive Steering System Market. Asia Pacific has the highest share of passenger car sales, with ~65% of the market share, followed by Europe with >20% market share. The region also holds >75% of the HCVs sold globally, including trucks and buses. An increase in demand for SUVs in this region, which is expected to grow at about CAGR 5%, may hinder the EPS growth as full-sized SUVs have not yet adopted EPS and still rely on Hydraulic Power Steering (HPS). However, the trend is changing with the introduction of electrically assisted hydraulic power steering (E-HPS) where the pump is driven by an electric motor, thus reducing fuel consumption. E-HPS is likely to be adopted more in hybrid commercial vehicles as the power required for EPS can be drawn from the vehicle's battery pack.
Asia Pacific is expected to be less affected by the recession when compared to their western counterparts. Due to the diminishing global production of vehicles due to the economic turndown, the growth rate in this region is expected to fall for the Automotive Steering System Market.
Key Market Players
The Automotive Steering System Market is consolidated, with the presence of five major players JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan).
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