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Global Automotive Steering Market - Growth, Trends, and Forecast (2018 - 2023)

Global Automotive Steering Market - Growth, Trends, and Forecast (2018 - 2023)

The global steering market is expected to post a revenue of more than USD 44 billion by 2023. Power steering has increasingly become the standard in passenger cars around the world. However, in the emerging markets, some entry-level vehicles are still sold without a power steering. Higher growth is expected to be seen in the commercial vehicle space in the emerging markets.

Autonomous Steering Systems Trends

With the advent of artificial intelligence in every aspect of human life, the future of cars is expected to be driverless cars. It is evident as the leading manufacturers in the automotive steering market shift their focus to AI-controlled steering wheels. Many vehicles now have an automatic parking feature, which is a fundamental step for a car to become autonomous. Companies like Google, Uber, Volvo, etc., have been testing autonomous vehicles and have also announced the launch of their autonomous vehicles in the near future. The autonomous vehicles trend is anticipated to change the automotive steering systems by making technologies like steer-by-wire or completely electric-assisted steering systems predominant in the future.

Worldwide Performance of Automotive Steering Wheel

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

Most of the commercial vehicles operating in the Asia-Pacific and Africa region are obsolete and do not feature any type of steering assist systems. However, the rising regulations are expected to force the operators to replace the vehicles, which is expected to boost the sales of new commercial vehicles in the market, thereby driving the dependent automotive steering systems market.

The recovering sales in the United States automotive market are expected to provide a big boost to the steering market, as the United States and Mexico are still two of the most important markets in the automobile industry. Mexico, primarily an automobile exporter, has become an important automotive hub, driving the production of automobiles, thereby driving the automotive steering market in the region.

Electronic power steering, because of application in a diverse model base, is anticipated to grow at the fastest pace in the forecast period. Manual power steering is likely to register falling market share in the forecast period and the sales are expected to remain concentrated in some countries only and even face a downfall as base models of low-cost vehicles are also providing the electronic power steering mechanism.

Key Developments

  • March 2018: Nexteer and WABCO announced a partnership in which WABCO will supply active steering systems for commercial vehicles using Nexteer’s Magnetic Torque Overlay (MTO) technology.
  • March 2018: Nexteer and Dongfeng Components announced a 50:50 joint venture for the manufacture of automotive steering systems.
  • Major Players: BOSCH, JTEKT, MANDO, NEXTEER, TRW, THYSSEN KRUPP, amongst others

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    1. Introduction
    1.1 Study Deliverables
    1.2 General Study Assumptions
    2. Research Methodology
    2.1 Introduction
    2.2 Analysis Methodology
    3. Executive Summary
    4. Market Overview and Technological Trends
    4.1 Current Market Scenario
    4.2 Technology Trends
    4.3 Porter's Five Forces Framework
    4.3.1 Bargaining Power of Suppliers
    4.3.2 Bargaining Power of the Consumers
    4.3.3 Threat of New Entrants
    4.3.4 Threat of Substitutes
    4.3.5 Competitive Rivalry
    5. Market Dynamics
    5.1 Drivers
    5.1.1 Increasing Vehicle Production and Sales
    5.1.2 Market for Lightweight Automotive Components of Higher Durability is Rising
    5.2 Restraints
    5.2.1 Durability and Life of Rubber
    5.3 Opportunities
    5.3.1 Light Weight Automotive
    6. Global Automotive Rubber Molded Components Market Segmentation, by Material Type
    6.1 Ethylene Propylene Diene Monomer (EPDM)
    6.2 Natural Rubber (NR)
    6.3 Styrene-Butadiene Rubber (SBR)
    6.4 Others
    7. Global Automotive Rubber Molded Components Market Segmentation, by Component Type
    7.1 Seals
    7.1.1 Mechanical Seals
    7.1.2 O-Ring
    7.1.3 Lip Seals
    7.1.4 Rotary Seals
    7.1.5 Others
    7.2 Gaskets
    7.3 Weather-Strips
    7.4 Hoses
    7.5 Others
    8. Global Automotive Rubber Molded Components Market Segmentation, by Vehicle Type
    8.1 Passenger Cars
    8.2 Light Commercial Vehicles (LCV)
    8.3 Heavy Commercial Vehicles (HCV)
    8.4 Others
    9. Global Automotive Steering Market Segmentation, by Geography
    9.1. North America
    9.1.1 United States
    9.1.2. Canada
    9.1.3. Mexico
    9.1.4 Rest of North America
    9.2. Asia-Pacific
    9.2.1. China
    9.2.2. Japan
    9.2.3. India
    9.2.4. Australia
    9.2.4. Rest of Asia-Pacific
    9.3. Europe
    9.3.1. Germany
    9.3.2. United Kingdom
    9.3.3. France
    9.3.4 Italy
    9.3.4. Rest of Europe
    9.4. South America
    9.4.1. Brazil
    9.4.2. Argentina
    9.4.3. Rest of South America
    9.5 Middle East & Africa
    9.5.1 Saudi Arabia
    9.5.2 UAE
    9.5.3 Iran
    9.5.4 South Africa
    9.5.4 Rest of Middle East & Africa
    10. Competitive Landscape
    10.1 Introduction
    10.2 Market Share Analysis
    11. Company Profile
    11.1 AB SKF
    11.2 ALP Group
    11.3 Bohra Rubber Pvt. Ltd
    11.4 Continental AG
    11.5 Cooper-Standard Automotive
    11.6 DANA Holding Corporation
    11.7 Federal-Mogul Corporation
    11.8 Freudenberg and Co. Kg
    11.9 Hebei Shinda Seal Group
    11.10 Hutchinson SA
    11.11 NOK Corporation
    11.12 Steele Rubber Products
    11.13 Sumitomo Riko Co., Ltd
    11.14 Trelleborg AB
    12. Outlook of the Market
    13. Disclaimer

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