Combined advantages of hydraulic and electronic power validate growing popularity of electro-hydraulic power steering
Rising consumer demand for passenger vehicles assisting in expansion of overall market
Significant volume of automobile manufacturing and increasing spending capacity of customers in countries such as U.S. and Canada makes North America leading region
WILMINGTON, De., Nov. 23, 2022 /PRNewswire/ — As per Transparency Market Research study, the global automotive steering systems market is estimated to advance at compound annual growth rate of 4.70% during the forecast period between 2021 and 2031.
The past decade has witnessed steady growth in automotive industry owing to increase in production of different types of vehicles in prominent countries worldwide. Rise in vehicle production has led to growth in production of automobile components such as steering systems which have witnessed increased demand, thereby assisting in expanding market size and augmenting market growth.
Some of the vehicles that use automotive steering systems and assist in market growth for automotive steering systems include passenger vehicles, heavy duty trucks, light commercial vehicles, and buses and coaches.
Growth strategies such as new product launches are helping leading players in market for automotive steering systems in gaining a competitive edge over other players and in generating significant revenue. Furthermore, well-established players in overall market are adopting strategies such as collaboration with smaller players to improve their revenue shares and expand their market presence.
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Key Findings of Automotive Steering Systems Market Study
Rising Demand for Electro-Hydraulic Power Steering Systems Augmenting Growth in Overall Market: The last few years have witnessed increased demand for electro-hydraulic power steering systems, especially in passenger vehicles. Key reason behind the rising demand for electro-hydraulic power steering is the improved fuel efficiency offered by these products. Increasing demand for electro-hydraulic power steering systems is assisting overall automotive steering system business growth
Increasing Demand for Passenger Vehicles Triggering Growth in Overall Automotive Steering Systems Market: Passenger vehicle segment emerged as the dominant segment in overall market in 2020. Rising sales of passenger vehicles worldwide played a key role in the growth of the segment. Furthermore, increasing purchasing capacity among customers worldwide could fuel the sales of passenger vehicles and, in turn, stimulate the growth in automotive steering system industry during forecast period
Rising Demand for Electric Power Technology Boosting Growth in Overall Market for Automotive Steering Systems: Electric power technology segment emerged as the dominant segment, in terms of revenue and volume, in overall market in 2020. Increasing customer trend towards comfort while driving the vehicle is expected to fuel the demand for steering systems functioning on electric power, and could contribute to expansion of overall automotive steering systems market size during the forecast timeline
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Automotive Steering Systems Market-Key Drivers
Increasing demand for fuel-efficient automobiles with competent steering systems is one of the key driving factors of global automotive steering systems market
Rising advancements in automotive technology could fuel the demand for steering systems and boost market growth during the forecast period
Automotive Steering Systems Market-Regional Market Insights
North America is the dominant region in global market for automotive steering systems because of increasing vehicle manufacturing and rising spending capacity, among consumer groups residing in countries such as U.S. and Canada.
Europe is expected to witness significant growth in overall market during the forecast timeline due to increasing presence of numerous leading manufacturers in countries such as U.K. and Germany
Automotive Steering Systems Market-Key Players
The global market for automotive steering systems is competitive with the presence of numerous prominent players. Entry of new players, during the forecast timeline, could intensify the competition in overall market.
Leading automotive steering system manufacturers are investing in research and development activities to produce improved steering systems that would witness increased demand from consumers, worldwide.
Few leading players in global market include Robert Bosch GmbH, Mando Corporation, NSK Ltd., Magna International, Showa Corporation, and Hyundai Mobis Company Ltd.
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The global automotive steering systems market is segmented as follows:
Technology
Electric Power Steering
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering (EHPS)
Component
Hydraulic Pump
Steering Column/Rack
Electric Motor
Sensor
Others
Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Heavy Duty Trucks
Bus & Coaches
Sales Channel
OEM
Aftermarket
Regions Covered
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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SOURCE Transparency Market Research