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Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region - Global Forecast to 2027

Publisher MarketsandMarkets
Published Feb 14, 2023
Length 292 Pages
SKU # MKMK17748559

Description

Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region - Global Forecast to 2027

The Automotive Steering System market is projected to grow from USD 35.3 Billion in 2022 to USD 39.5 Billion by 2027, at a CAGR of 2.3% over the forecast period.

Growing adoption of EVs, penetration of passenger cars, and an overall increase in vehicle production would fuel the demand for steering systems, especially EPS systems, in the coming years. Also, advancements in autonomous vehicles is expected to drive the demand for Steer-by-Wire Systems.

BEVs hold the largest share of the electric vehicle steering systems market.

With growing investments in EV infrastructure and government subsidies, the demand for EVs is growing. EV sales have increased by almost 100% from 2020 to 2021, reaching 6.6 million units worldwide, which are expected to grow by ~71% in 2023. BEVs contribute to the largest, ~70%, of all EV types. All the BEVs, including commercial trucks and buses, are equipped with EPS as it is easier to draw the required power from the enormous battery packs of EVs. The BEV sales are expected to grow at a CAGR of ~23% from 2022 to 2027, and the demand for steering systems, especially EPS, would grow. As a result of this gain in market share by EVs, the demand for Hydraulic Power Steering (HPS) is decreasing. Owing to the faster adoption of EVs, where the BEVs dominate the market, BEVs are expected to be the largest market segment by EV type for the automotive steering system market.

Europe is the second largest market for the automotive steering system market

Europe holds the second largest market share in vehicle production at 17.1% after Asia Pacific. Luxury vehicles and SUVs are in high demand in this region. The SUV market is expected to grow by CAGR of 4.7% in the region. Amongst vehicle segments, Multi-purpose Vehicles (MPVs) are in higher share in this region than other regions, with ~9% growth expected for this vehicle segment. Luxury vehicles in the region are expected to have growth rates ranging from 8% to 14%. This increase in demand for luxury vehicles will drive the demand for EPS and advanced features such as ADAS-integrated EPS. Commercial vehicle OEMs such as Scania, Volvo, and MAN have introduced Electrically assisted Hydraulic Power Steering (EHPS) in heavy trucks and buses. These OEMs are also, to course, to launch hybrid and all-electric trucks and buses, for example, the Volvo FH, FM, and FMX series, with which the demand for EPS in the commercial vehicle segment will increase. The European market has reached saturation for EPS adoption in the passenger cars segment. The region has moved to adopt EPS in LCVs and HCVs, which will further boost the demand for advanced steering systems in the region.

The breakup of primary respondents

By Stakeholders: Demand Side – 20%, Supply Side – 80%

By Designation: Directors/VPs Level – 30%, C level executives – 10%, Others – 60%

By Region: Asia Oceania – 60%, Europe – 20%, North America – 20%

The Automotive Steering System Market is consolidated, with the presence of five major players JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan). The study includes an in-depth competitive analysis of these key players in the automotive steering system market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.

Research Coverage

The study's primary objective is to define, describe, and forecast the automotive steering system market by value and volume. The study segments the automotive steering system market Component (Steering Columns, Sensors, Steering Gears, Mechanical Rack & Pinions, Electronic Control Units, Electric Motors, Bearings, & Hydraulic Pumps), Electric motor type (Brushed DC motor, & Brushless DC motor), Application (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), EPS Type (C-EPS, P-EPS, & R-EPS), EPS Mechanism (Collapsible-EPS, & Rigid-EPS), Pinion type (Single Pinion & Double Pinion), By Technology (Hydraulic Power Steering (HPS), Electrically Assisted Hydraulic Power Steering (E-HPS), & Electric Power Steering (EPS)), Aftermarket, By Component (Hydraulic Pumps, Steering Columns, & Electric Motors), Electric vehicle type (BEV, PHEV, & FCEV), Off-highway vehicle (Agricultural Equipment, & Construction Equipment), By Region - Asia Pacific (China, India, Japan, & South Korea), Europe (Germany, UK, France, Spain, Italy, Russia), North America (US, Canada, and Mexico), and the Rest of the World (Brazil, South Africa).

Key Benefits of Buying the Report:

The report will help the market leaders with information on the closest approximations of the revenue numbers for the Automotive Steering System Market and the sub-segments. The study will also help the key players identify the highest potential region and design its product portfolio per market requirements. Detailed research on different Automotive Steering System types and their application is expected to help manufacturers to understand the potential market for these equipment types and which technologies are predominant in the respective equipment. This report includes various analyses like supply chain, average selling price analysis, patent analysis, revenue shift analysis, case study analysis, and porter's analysis. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.

Table of Contents

292 Pages
    • STUDY OBJECTIVES
    • MARKET DEFINITION
    • INCLUSIONS AND EXCLUSIONS
    • MARKET SCOPE
    • CURRENCY CONSIDERED
    • SUMMARY OF CHANGES
    • LIMITATIONS
    • STAKEHOLDERS
    • RESEARCH DATA
    • SECONDARY DATA
    • PRIMARY DATA
    • MARKET SIZE ESTIMATION
    • DATA TRIANGULATION
    • FACTOR ANALYSIS
    • RESEARCH ASSUMPTIONS
    • RESEARCH LIMITATIONS
    • REPORT SUMMARY
    • FAST ADOPTION OF ELECTRIC VEHICLES TO DRIVE DEMAND FOR EPS IN AUTOMOTIVE STEERING SYSTEM MARKET
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY COMPONENT
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE
    • AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY MOTOR TYPE
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY MECHANISM
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY PINION TYPE
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY EV TYPE
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY OFF-HIGHWAY
    • AUTOMOTIVE STEERING SYSTEM MARKET, BY REGION
    • INTRODUCTION
    • MARKET DYNAMICS
    • TRADE ANALYSIS
    • PORTER’S FIVE FORCES ANALYSIS
    • RECESSION IMPACT ON ECONOMY
    • RECESSION IMPACT ON AUTOMOTIVE SECTOR
    • VALUE CHAIN: AUTOMOTIVE STEERING SYSTEM MARKET
    • SUPPLY CHAIN ANALYSIS
    • AUTOMOTIVE STEERING SYSTEM MARKET ECOSYSTEM
    • ROLE OF COMPANIES IN AUTOMOTIVE STEERING SYSTEM MARKET ECOSYSTEM
    • AVERAGE SELLING PRICE TREND
    • PATENT ANALYSIS
    • REVENUE SHIFT FOR AUTOMOTIVE STEERING SYSTEM MANUFACTURERS
    • TECHNOLOGY ANALYSIS
    • CASE STUDY ANALYSIS
    • KEY CONFERENCES AND EVENTS IN 2023
    • ASIA PACIFIC TO BE KEY MARKET FOR AUTOMOTIVE STEERING SYSTEMS
    • ELECTRICALLY ASSISTED POWER STEERING FOR HEAVY COMMERCIAL VEHICLES - KEY FOCUS AREA
    • CONCLUSION
    • INTRODUCTION
    • HYDRAULIC POWER STEERING (HPS)
    • ELECTRICALLY ASSISTED HYDRAULIC POWER STEERING (EHPS)
    • ELECTRIC POWER STEERING (EPS)
    • INTRODUCTION
    • PASSENGER CARS
    • LIGHT COMMERCIAL VEHICLES (LCVS)
    • HEAVY COMMERCIAL VEHICLES (HCVS)
    • INTRODUCTION
    • AGRICULTURAL TRACTORS
    • CONSTRUCTION EQUIPMENT
    • INTRODUCTION
    • HYDRAULIC PUMPS
    • STEERING COLUMNS
    • STEERING ANGLE SENSORS
    • TORQUE SENSORS
    • ELECTRONIC CONTROL UNITS
    • ELECTRIC MOTORS
    • MECHANICAL RACKS AND PINIONS
    • BEARINGS
    • INTRODUCTION
    • COLUMN-EPS (C-EPS)
    • PINION-EPS (P-EPS)
    • RACK-EPS (R-EPS)
    • INTRODUCTION
    • ASIA PACIFIC
    • EUROPE
    • NORTH AMERICA
    • BATTERY ELECTRIC VEHICLE (BEV)
    • PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV)
    • FUEL CELL ELECTRIC VEHICLE (FCEV)
    • INTRODUCTION
    • BRUSHED DC MOTOR
    • BRUSHLESS DC MOTOR
    • INTRODUCTION
    • COLLAPSIBLE EPS
    • RIGID EPS
    • INTRODUCTION
    • SINGLE PINION
    • DUAL PINION
    • INTRODUCTION
    • HYDRAULIC PUMPS
    • STEERING COLUMNS
    • ELECTRIC MOTORS
    • RESEARCH METHODOLOGY
    • INTRODUCTION
    • ASIA PACIFIC
    • EUROPE
    • NORTH AMERICA
    • REST OF THE WORLD
    • OVERVIEW
    • AUTOMOTIVE STEERING SYSTEM MARKET SHARE ANALYSIS, 2021
    • MARKET SHARE ANALYSIS OF STEERING SYSTEM COMPONENTS
    • COMPANY EVALUATION QUADRANT
    • COMPETITIVE SCENARIO
    • RIGHT TO WIN
    • COMPETITIVE BENCHMARKING
    • KEY PLAYERS
    • OTHER PLAYERS
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
    • CUSTOMIZATION OPTIONS
    • RELATED REPORTS
    • AUTHOR DETAILS
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