The global automotive steering system market size was US$ 28.1 billion in 2021. The global automotive steering system market is forecast to grow to US$ 41.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
An automotive steering system is a group of components that work together to control the direction of the vehicle's movement and help the driver drive vehicle firmly. These components are made of long-lasting materials such as stainless steel, iron, aluminium, copper, magnesium, and so on.
Factors Influencing the Market
Growing demand for automobiles will primarily drive the growth of the automotive steering system market during the study period. Furthermore, increasing the production of automobiles will also propel the demand for automotive steering systems during the study period.
The market for automotive steering systems is also driven by the rising disposable income and increasing demand for a luxury vehicle. Further, the demand for lightweight vehicles is growing across the world. In addition to that, rising government regulation to boost the adoption of lightweight vehicles will also benefit the automotive steering system market during the study period.
Regional Analysis
The Asia-Pacific automotive steering system market is forecast to register a significant growth rate. It is owing to the presence of various developing and developed countries like Japan, India, and China. Further, the rising automobile industry in the region will contribute to the growth of the automotive steering system market during the study period. Increasing population and rising per capita income will also be opportunistic for the automotive steering system market.
Europe is forecast to hold the second-highest share in the automotive steering system market, owing to the stringent regulations by government bodies to curb vehicular pollution. In addition, rising demand for fuel-efficient and light-weight vehicles will also contribute to the growth of the automotive steering system market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the entire automotive industry experienced a sharp drop in terms of revenue. As a result, it also hampered the growth of the automotive steering system market. The COVID-19 pandemic primarily declined the demand for the automotive steering system market. Further, the manufacturing industries also witnessed various challenges due to the labor shortage and import-export restrictions. As a result, it impeded the demand for automotive steering systems.
Competitors in the Market
• Hyundai Mobis CO. ltd.
• Mitsubishi Electric Corporation.
• NSK Ltd.
• Nexteer Automotive Group Limited
• Showa Corporation.
• JTEKT
• Hitachi Automotive System Ltd.
• Robert Bosch GmbH
• ThyssenKrupp AG
• Sona Koyo Steering Systems
• Other Prominent Players
Market Segmentation
The global automotive steering system market segmentation focuses on Component, Technology, Vehicle, Pinion Type, and Region.
By Component
• Hydraulic Pump
• Steering Column
• Steering Wheel Speed Sensor
• Electric Motor
By Technology
• Electric Power Steering (EPS)
• Electrically Assisted Hydraulic Power Steering (EHPS)
• Hydraulic Power Steering (HPS)
By Vehicle Type
• Passenger Car (PC)
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
By Pinion-Type
• Single
• Dual
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
