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Global Automotive Steering System 2016-2020

Outlook of the global automotive steering system market

Technavio’s market research analyst predicts the global automotive steering system market to grow at a steady CAGR of more than 8% by 2020. The integration of driver assistance systems in vehicles and the development of the steer-by-wire steering system will aid in the growth of this market. Since the automotive steering system market is an integral part of the global automobile market, an increase in the global sale of automobiles will foster growth in the steering systems market during the estimated period.

In terms of geography, the APAC region will dominate the market for steering systems during the forecast period. This region will account for a market share of more than 52% as it is the fastest and largest automotive market. This region is also the largest hub for automotive manufacturing activities due to its relaxed government incentives, low cost, and raw material advantages. Also, factors like low-cost labor, government incentives such as tax exemption and subsidy towards local manufacturing, and free-trade agreements with other countries in the region will promote market growth in this region during the predicted period.

Segmentation by end market and analysis of automotive steering system market

  • Aftermarket
  • OEM
In this market study, analysts have estimated the OEM segment to be the largest market segment during the predicted period. This segment currently accounts for a market share of approximately 77% and is envisaged to retain its dominating hold over the market by 2020 owing to structural changes in terms of electrification of automotive mechanisms, emission regulations, connectivity, and safety. Additionally, factors such as growing investments in the R&D of steer-by-wire technologies will result in the growth of this market segment during the predicted period.

Product-type segmentation of the automotive steering system market
  • Hydraulic power steering (HPS)
  • Electro-hydraulic power steering (EHPS)
  • Electric power steering (EPS)
Technavio market research analysts have estimated the EPS system segment to account for an impressive market share of approximately 59% during the forecast period. Benefits such as its high fuel efficiency and reduction in weight, low development cost, and low energy consumption will foster the prospects for growth in this market segment during the estimated period.

Competitive landscape and key vendors

The global automotive steering system market is fragmented due to the presence of well-diversified global and regional vendors. The competitive environment in this market is expected to intensify with an increase in R&D innovations and M&A activities during the forecast period. The market is also likely to witness a growing trend of local acquisitions by the leading players as it will help them to boost their revenue generating capacity.

Top vendors analyzed in this market study are -
  • Bosch
  • JTEKY
  • Mando
  • Nexteer
  • TRW
  • Thyssen Krupp
Other prominent vendors in the market include Atmel, China Automotive Systems, Denso, Douglas Autotech, Mitsubishi Electric, NSK, Tianjin Jinfeng Automobile Chassis Parts, and Zhjiang Shibao.

Key questions answered in the report
  • What will the market size and the growth rate be in 2020?
  • What are the key factors driving the global automotive steering system?
  • What are the key market trends impacting the growth of the automotive steering system?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the vendors in the global automotive steering system?
  • Trending factors influencing the market shares of the Americas, APAC, and EMEA.
  • What are the key outcomes of the five forces analysis of the automotive steering system?
Technavio also offers customization on reports based on specific client requirement.

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Press Release

Technavio Announces the Publication of its Research Report – Global Automotive Steering System Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Automotive Steering System Market: Bosch, JTEKY, Mando, Nexteer, TRW and Thyssen Krupp
Other Prominent Vendors in the market are: Atmel, China Automotive Systems, Denso, Douglas Autotech, Mitsubishi Electric, NSK, Tianjin Jinfeng Automobile Chassis Parts, and Zhjiang Shibao.
Commenting on the report, an analyst from Technavio’s team said: “Steer-by-wire is the latest advancement in steering systems technology, which is slowly gaining acceptance in the market, especially in passenger cars. Consumers and auto manufacturers are gradually shifting their focus to efficient, safer, smarter, smaller, and lightweight steering systems.”
According to the report, since the late 21st century, automotive innovation has been primarily driven by government regulations. Various governing bodies across the world have implemented regulations to reduce vehicle emissions, as automotive is a major contributor to environmental pollution.
Further, the report states that automotive component manufacturers and suppliers are facing challenges in the form of quality requirements and cost pressure from the demand side. The bargaining power in the automotive industry is largely concentrated on the demand side of the market.

Companies Mentioned

Bosch, JTEKY, Mando, Nexteer, TRW, Thyssen Krupp, Atmel, China Automotive Systems, Denso, Douglas Autotech, Mitsubishi Electric, NSK, Tianjin Jinfeng Automobile Chassis Parts, Zhjiang Shibao.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
      • Table Types of steering system
      • Table Power steering system components
      • Table Types of power steering system
      • Table Automotive steering system evolution
  • Market landscape
    • Market overview
      • Table Automotive steering system market segmentation
    • Market size and forecast
      • Table Global automotive steering system market 2014-2020 (millions of units)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by type
    • Global automotive steering system market segmentation by type
      • Table Global automotive steering system market segmentation by type
      • Table Global automotive steering system market segmentation by type 2015
      • Table Global automotive steering system market segmentation by type 2014-2020 (millions of units)
    • Global EPS system market
      • Table Global EPS system market 2014-2020 (millions of units)
    • Global HPS system market
      • Table Global HPS system market 2014-2020 (millions of units)
      • Table HCV unit shipments 2014-2020 (million units)
    • Global EHPS system market
      • Table Global EHPS system market 2014-2020 (millions of units)
  • Market segmentation by end market
    • Global automotive steering system market segmentation by end market
      • Table Global automotive steering system market segmentation by end market 2015
      • Table Global automotive steering system market segmentation by end market 2014-2020 (millions of units)
    • Global automotive steering system market for OEMs
      • Table Global automotive steering system market for OEMs 2014-2020 (millions of units)
    • Global automotive steering system market for aftermarket
      • Table Global automotive steering system market for aftermarket 2014-2020 (millions of units)
  • Geographical segmentation
    • Global automotive steering system market by geography
      • Table Global automotive steering system market by geography 2015 (% share)
      • Table Global automotive steering system market 2014-2020 (millions of units)
    • Automotive steering system market in APAC
      • Table Automotive steering system market in APAC 2014-2020 (millions of units)
    • Automotive steering system market in EMEA
      • Table Automotive steering system market in EMEA 2014-2020 (millions of units)
    • Automotive steering system market in the Americas
      • Table Automotive steering system market in the Americas 2014-2020 (millions of units)
  • Market drivers
    • Table Automotive-related CO2 emissions in the US (millions of metric tons)
    • Table Global all electric and hybrid vehicle sales 2010-2014 (thousands of units)
    • Table Passenger car sales in the BRIC nations (millions of units)
    • Table Automobile sales growth 2010-2014 (millions of units)
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Table Cost pressure over electronic components
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
  • Key vendor analysis
    • Bosch
      • Table Robert Bosch: Business segmentation by revenue 2014
      • Table Bosch: Business segmentation by revenue 2013 and 2014 ($ billions)
      • Table Bosch: Geographical segmentation by revenue 2014
    • JTEKT
      • Table JTEKT: Business segmentation by revenue 2015
      • Table JTEKT: Segmentation by revenue 2014 and 2015
      • Table JTEKT: Geographical segmentation by revenue 2015
    • Mando
    • Nexteer Automotive
      • Table Nexteer Automotive: Business segmentation by revenue 2014
      • Table Nexteer Automotive: Business segmentation by revenue 2013 and 2014
      • Table Nexteer Automotive: Geographical segmentation by revenue 2014
    • TRW Automotive
      • Table TRW Automotive: Business segmentation by revenue 2014
      • Table TRW Automotive: Business segmentation by revenue 2014 and 2013
      • Table TRW Automotive: Geographical segmentation by revenue 2014
    • ThyssenKrupp Presta
      • Table ThyssenKrupp Presta: Business segmentation by 2014
      • Table ThyssenKrupp Presta: Geographical segmentation by 2014
  • Appendix
    • List of abbreviations
  • Explore Technavio

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