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"Overview of Automotive Steering Systems Market"
The Global Automotive Steering System Market was valued at USD XX Mn in 2019 and is projected to reach USD 48,848.9 Mn By 2028, registering a CAGR Of 5.2% from 2020 to 2028.
The vital growth factor for the automotive steering system market is the advents in the automotive segment across the globe. Currently, the world is witnessing substantial growth in its economy as a result disposable income is also rising. Thus, an increase in disposable income by the population is contributing to an increase in automotive steering system market growth. Companies are also making substantial amounts of investments in automotive resulting in proportional growth of the automotive steering market. Government policies are boosting automotive manufacturers enabling them to increase their output which is directly raising demand for automotive steering systems in most countries.
Steering systems do increase the fuel efficiency of automotive thus; an increase in fuel-efficient vehicles is directly proportional to the sales of steering systems in the industry. Demand for efficient steering systems is in rising among automotive customers boosting the market stand of those steering systems. A rise in the need of comfort driving is one of the important factors contributing to the growth of steering systems. Currently, the market is impacted by electronic steering systems that are being incorporated into vehicles that are manufactured. The introduction of drive by wire is fueling the steering system market due to end-users want towards having a comfortable driving mechanism in their vehicles.
Moreover, the penetration levels of power steering systems are less in low-end vehicles due to high-cost involvement. Such limitations are driving advanced technology steering systems towards decreasing the cost of vehicles and enhancing the comfort levels among customers. Companies owe to eliminate the steering systems in the autonomous vehicles that are also going to restrain the market demand during 2020-2028. And the automotive manufacturers are also planning to incorporate detachable steering systems offered to customers upon the request. It has become imperative among the manufacturers to consider the safety systems associated with steering systems of the various vehicle types. Such advents in the steering systems are the major catalysts in fueling the market growth among the customers.
Electric Power Steering To Dominate the Global Automotive Steering System Market:
Steering systems constitute components such as manual steering, electric power steering, hydraulic power systems, and electro-hydraulic power steering systems having a prominent market share. Electric power steering systems are one of the most admired steering systems among others. It has a significant market value contributing to the various vehicles in this industry. There is an increase in the incorporation of electric power steering systems by the automakers in recent times.
These systems tend to reduce fuel consumption and comfort in handling the steering systems. It also supports a reduction in the overall weight of the vehicles due to its low weight. The system has the potential to increase the efficiency of vehicles hence it is considered as one of the most demanded steering systems globally. It operates efficiently in most of the vehicles that could also increase its speed, cost, and durability of vehicles in the market. It is estimated that electric power steering systems are about to occupy more than half of the total value in the market globally.
There is a rise in the demand of electric hydraulic steering systems worldwide because of its fewer efforts to control the steering of the vehicles. Such advantages have to owe to be cost-effectiveness among other steering systems. Hydraulic steering systems are most efficient for integrating with various other technologies such as anti-breaking and electronic stability programs enabling the vehicle's efficacy on a drive. Moreover, automotive manufacturing companies are investing at a high level to enhance technologically advanced steering systems.
Passenger Cars are Dominant Market Segment for Global Automotive Steering System Market:
It has been estimated that global automotive manufacturing accounted for about 97 million units whereas the passenger car segment has a share of 75% which is driving the steering system market. Among the passenger car market, 65% is accounted for by mid, small and SUV cars segment contributed to the steering system. The increase in the demand for technologically advanced steering systems is high and is making substantial contributions to the automotive industry. Related components such as steering fluids, power steering motors have a prominent role in the steering systems of automotive.
Asia-Pacific is projected to be the prominent region in the Global Markets:
The steering systems in the Asia-Pacific market are stated to have a leading market share among other regions. The production of automobiles is growing at an exponential rate enabling the steering system technologies. There is a substantial growth of luxury vehicles in this region contributing to the growth of steering systems because of the increase in disposable income among end-users. Technological advancements in this region are contributing to the rise in the steering systems in various vehicle segments, contributing to various benefits to the vehicles.
Another vital region driving the steering systems market is Europe contributing to the market share. The region is expected to have a CAGR of 7.1% during 2020-2028. The growth for the steering systems market in this region is because of the involvement of numerous automobile manufacturers establishments. These manufacturer units are occupying a substantial amount of market share in various vehicle segments.
Sona Koya Steering systems Ltd. is a key competitor in the steering systems which has 50% of market share. Its main offering is hydraulic power steering systems contributing to the Indian market automotive manufacturers. The organization is having a significant amount of stakes accounted for 20.48% equity in Koya Seiko Corporation which partnered.
There are significant players of the steering systems market enabling the automotive market to thrive globally. They are listed as follows; JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd, Hyundai Mobis Co. Ltd. among others.
Key Segments of Automotive Steering Systems Market:
- Electronic Power Steering Systems
- Electro-Hydraulic Power Steering Systems
- Hydraulic Power Steering Systems
- Passenger Vehicle
- Commercial Vehicle
- North America
- Asia Pacific
- Latin America
- Middle East & Africa