Automotive Steering System Market: Segmented By Component (Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, Electric Motor); By Technology (Electric Power Steering (EPS), Electrically Assisted Hydraulic Power Steering(EHPS), Hydraulic Power Steering(HPS)); By Vehicle Type (Passenger Car(PC), Light Commercial Vehicle(LCV), Heavy Commercial Vehicle(HCV); By Pinion-Type (Single and Dual); and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
The Global Automotive Steering System Market to surpass USD 41.87 billion by 2030 from USD 27.3 billion in 2020 at a CAGR of 5.30% in the coming years, i.e., 2020-30. Product Overview An automo... もっと見る
SummaryThe Global Automotive Steering System Market to surpass USD 41.87 billion by 2030 from USD 27.3 billion in 2020 at a CAGR of 5.30% in the coming years, i.e., 2020-30.Product Overview An automotive steering system is a collection of components used to control the direction of the vehicle’s movement and assist the driver to maneuver the vehicle firmly with ease. The automotive steering system includes a rack and pinion mechanism, steering column, universal joints, and steering wheel. These parts are made of durable materials like stainless steel, Iron, Aluminum, Copper, Magnesium, etc. The steering system was first initiated by horses driven buggies. The steering system is an irreplaceable component in a vehicle, as it is liable for the vehicle’s effective control. The steering system acts as an interpreter between the driver and a vehicle. Market Highlights Global Automotive Steering System Market is expected to project a notable CAGR of 5.30% in 2030. The automotive steering system market growth is expected to accelerate due to an increase in demand for fuel-efficient vehicles and a rise in the cost of the revolutionary steering system market. This will further create a worldwide demand for automotive steering systems across the globe. The consumer’s preference for comfortable and safe driving in their vehicles, which is accountable for maneuverability and easy driving has driven the automotive industry. Global Automotive Steering System Market: Segments EPS segment to grow with the highest CAGR during 2020-30 The Global Automotive Steering System market is segmented by Technology into Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering(HPS). EPS segment is projected to dominate the automotive steering system market over the forecast period. The innovation of wire technology in the steering system had propelled the market to grow intensely. Escalating sales in Electric Power Steering (EPS) segment is further expected to promote the Automotive Steering System market. In addition, even the Hydraulic power steering segment is expected to drive the automotive steering system market growth over the forecast period. High usage of HPS in commercial vehicles due to the high capability of managing road shocks is boosting automotive steering system market growth. Market Dynamics Drivers Escalating Production of Automobiles in Developing Countries The increased production of automobiles in developing countries such as India and China is projected to boost the Automotive Steering System market over the forecasted period, globally. The profuse accessibility of raw materials and labor at cheaper costs are propelling the growth of the automotive steering system market. This in a result, has projected an intense development in the Automotive Steering System market growth. Furthermore, lightweight and fuel-efficiency capacity in vehicles tend to become another prime factor to drive the market smoothly. The increasing sales of automobiles due to rise in disposable income and high population trigger the market growth. Restraints Bounded load-bearing capacity of EPS systems EPS systems have more dominance over passenger cars due to fuel efficiency and ease of vehicle control. The limited load-bearing capacity has certainly revealed a positive increase in demand for passenger vehicles and a decline in demand for commercial vehicles. High cost for a power steering system is expected to hamper the growth of the automotive industry. Besides, upcoming growth in autonomous cars and primitive costs may restraint the automotive market growth. Global Automotive Steering System Market: Key Players Hyundai Mobis CO. ltd. Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis Mitsubishi Electric Corporation. NSK Ltd. Nexteer Automotive Group Limited Showa Corporation. JTEKT Hitachi Automotive System Ltd. Robert Bosch GmbH ThyssenKrupp AG Sona Koyo Steering Systems Global Automotive Steering System Market: Regions Global Automotive Steering System Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East,, and Africa. Asia Pacific is expected to account for the largest market during the forecast period. Both, developing and developed countries such as Japan, India,, and China have shown a good regional market growth in the automotive steering system market. The increasing population and per capita income, and change in the standard of living have been a major contribution in market development. Moreover, Europe grabs the second-highest share in the automotive steering system market. Rise in the sale for fuel-efficient and light-weight vehicles, and luxury vehicles are considered to increase the market growth rate. The other prominent key players in the market are focusing on strategic attainment and various product launches. Global Automotive Steering System Market is further segmented by region into: North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil,, and Rest of Latin America Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey,, and Rest of Europe Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia,, and Rest of APAC Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa,, and Rest of MENA Global Automotive Steering System Market report also contains analysis on: Automotive Steering System Market Segments: By Component Hydraulic Pump Steering Column Steering Wheel Speed Sensor Electric Motor By Technology Electric Power Steering (EPS) Electrically Assisted Hydraulic Power Steering(EHPS) Hydraulic Power Steering(HPS) By Vehicle Type Passenger Car(PC) Light Commercial Vehicle(LCV) Heavy Commercial Vehicle(HCV) By Pinion-Type Single Dual Automotive Steering System Market Dynamics Automotive Steering System Market Size Supply & Demand Current Trends/Issues/Challenges Competition & Companies Involved in the Market Value Chain of the Market Market Drivers and Restraints Automotive Steering System Market Report Scope and Segmentation Report Attribute Details Market size value in 2020 USD 27.3 billion Revenue forecast in 2030 USD 41.87 billion Growth Rate CAGR of 5.30% from 2021 to 2030 Base year for estimation 2020 Quantitative units Revenue in USD billion and CAGR from 2021 to 2030 Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends Segments covered Component, Technology, Vehicle Type, Pinion-Type,, and Region Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) Key companies profiled Hyundai Mobis CO. ltd., Mitsubishi Electric Corporation., NSK Ltd., Nexteer Automotive Group Limited, Showa Corporation., JTEKT, Hitachi Automotive System Ltd., Robert Bosch GmbH, ThyssenKrupp AG, Sona Koyo Steering Systems, and Other Prominent Players. Frequently Asked Questions How big is the Automotive Steering System Market? What is the Automotive Steering System Market growth? Which segment is projected to bolster the Market share in the future? Who are the top players in the Automotive Steering System Market? What are the factors driving the Automotive Steering System Market? Table of ContentsContents1. Executive Summary 2. Automotive Steering System Market 2.1. Product Overview 2.2. Market Definition 2.3. Segmentation 2.4. Assumptions and Acronyms 3. Research Methodology 3.1. Research Objectives 3.2. Primary Research 3.3. Secondary Research 3.4. Forecast Model 3.5. Market Size Estimation 4. Average Pricing Analysis 5. Macro-Economic Indicators 6. Market Dynamics 6.1. Growth Drivers 6.2. Restraints 6.3. Opportunity 6.4. Trends 7. Correlation & Regression Analysis 7.1. Correlation Matrix 7.2. Regression Matrix 8. Recent Development, Policies & Regulatory Landscape 9. Risk Analysis 9.1. Demand Risk Analysis 9.2. Supply Risk Analysis 10. Automotive Steering System Market Analysis 10.1. Porters Five Forces 10.1.1. Threat of New Entrants 10.1.2. Bargaining Power of Suppliers 10.1.3. Threat of Substitutes 10.1.4. Rivalry 10.2. PEST Analysis 10.2.1. Political 10.2.2. Economic 10.2.3. Social 10.2.4. Technological 11. Automotive Steering System Market 11.1. Market Size & forecast, 2020A-2030F 11.1.1. By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 11.1.2. By Volume (Billion Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12. Automotive Steering System Market: Market Segmentation 12.1. By Regions 12.1.1. North America:(U.S. and Canada), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.2. By Component: Market Share (2020-2030F) 12.2.1. Hydraulic Pump, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.2.2. Steering Column, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.2.3. Steering Wheel Speed Sensor, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.2.4. Electric Motor, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.3. By Technology: Market Share (2020-2030F) 12.3.1. Electric Power Steering (EPS), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.3.2. Electrically Assisted Hydraulic Power Steering(EHPS), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.3.3. Hydraulic Power Steering(HPS), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.4. By Vehicle Type: Market Share (2020-2030F) 12.4.1. Passenger Car (PC), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.4.2. Light Commercial Vehicle(LCV), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.4.3. Heavy Commercial Vehicle(HCV), By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.5. By Pinion-Type: Market Share (2020-2030F) 12.5.1. Single, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 12.5.2. Dual, By Value (USD Billion) 2020-2030F; Y-o-Y Growth (%) 2021-2030F 13. Company Profile 13.1. Hyundai Mobis Co. Ltd. 13.1.1. Company Overview 13.1.2. Company Total Revenue (Financials) 13.1.3. Market Potential 13.1.4. Global Presence 13.1.5. Key Performance Indicators 13.1.6. SWOT Analysis 13.1.7. Product Launch 13.2. Mitsubishi Electric Corportion. 13.3. NSK ltd. 13.4. Nexteer Automotive Group Limited 13.5. Showa Corporation. 13.6. JTEKT 13.7. Hitachi Automotive System Ltd. 13.8. Robert Bosch GmbH 13.9. ThyssenKrupp AG 13.10. Sona Koyo Steering Systems. 13.11. Other Prominent Players Consultant Recommendation **The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
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