The automotive steering system is among the most integral parts installed in automobile vehicles. Steering systems allow the driver to control and maneuver the vehicle in the desired direction. The basic components of an automotive steering system include a steering wheel, steering column, universal joints, rack & pinion mechanism, and another control mechanism. Over a period of time, the overall automotive steering systems industry has witnessed a paradigm shift, in terms of the operating mechanism. The industry has evolved dynamically starting from rigid manual steering to flexible power-assisted steering systems. This provides easy maneuverability, better vehicle stability, and reduced driver fatigue. Additionally, power-assisted steering systems are designed to enhance fuel efficiency, thereby driving market penetration.
The overall automotive power steering systems market is primarily driven by the consistently growing automotive industry worldwide. With the rising discretionary income of people worldwide, consumption of luxury and semi-luxury vehicles has risen considerably over the past couple of decades. Subsequently, automotive steering systems to have witnessed profound advancements in operating mechanisms and comfort. Moreover, phasing out manual steering systems is another major factor propelling the demand for power steering systems. Due to continually growing automotive production along with demand for high-end vehicles, the market is set to continue growing steadily in the following years.
The report titled “Global Automotive Power Steering Systems Market – Growth, Future Prospects and Competitive Analysis, 2023 – 2030” offers strategic insights into the global automotive power steering systems market along with the market size and estimates for the duration of 2020 to 2030. The said research study covers in-depth analysis of market segments based on product type, vehicle class, end-market and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2020 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading automotive power steering system vendors, their business strategy analysis, market positioning, and key developments. Some of the major players profiled in the report are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, Hyundai Mobis Co., Ltd., JTEKT Corporation, ThyssenKrupp Presta AG, Nexteer Automotive Group Ltd., ZF Friedrichshafen AG (TRW Automotive), China Automotive Systems, Inc., Mando Corporation, Delphi Automotive Plc., Daimler AG and several others. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global automotive power steering systems market, offering market size and estimates for the period from 2020 to 2028, keeping in mind the above-mentioned factors.
In 2020, the overall automotive steering systems worldwide market is led by the passenger cars segment. The segment contributes to more than 30% of the total market revenue, as of 2020. LCV and HCV segments follow the passenger cars segment, in terms of revenue and volume. The passenger cars segment growth is primarily attributed to the high sales volume of passenger cars as compared to other vehicle classes. With the increasing discretionary income of people worldwide, passenger car sales are set to continue witnessing steady growth.
Over the past few years, passenger cars are predominantly equipped with power steering systems. Due to the growing consumption of luxury and semi-luxury cars, the demand for power steering systems has witnessed profound growth, over the past few years. As a result, the segment would continue dominating the market over the forecast period. In the following years, the off-road vehicles segment is set to demonstrate the highest growth rate in the market. This is primarily due to the increasing efforts by the market players towards catering to the segment.
The global automotive power steering systems market is dominated by the Asia Pacific region. In 2020, the region accounts for more than 40% of the overall market revenue generated worldwide. The automotive power steering systems market here is majorly attributed to the presence of a huge automotive industry, in terms of production as well as consumption. Major markets for power steering systems include China, Japan, South Korea, India, and some of Southeast Asia countries.
With the continually rising automotive industry in the Asia Pacific, the region is set to maintain its dominant position in the global market in the following years. Europe follows the Asia Pacific, in terms of revenue and volume, in the market. The market here is primarily governed by the huge automotive industry in the Western Europe region. Major markets for automotive power steering systems include Germany, France, Spain, Italy, and the U.K. having a huge automotive production sector.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Power Steering Systems market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
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Vehicle Class
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End Market
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
