Acumen research and consulting estimates that the global steering market is anticipated to reach market size of around US$ 48,000 Mn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027. The market report on automotive steering systems includes the increasing demand worldwide for advanced steering systems, the latest product innovations for the steering system, market shares of different steering systems in passenger cars and commercial vehicles and the competitive market environment of players.
The rising demand is expected to fuel growth in the global steering market during the prevision period for steering systems in order to regulate the course of the vehicle. In addition, the through acceptance, by advanced vehicle steering system systems, of steering-by?wire (SBW), electronic power steering (EPS), and rear-axle steering or full-wheel-steering (AWS) innovations. This is among the most significant factors that the global market is expected to grow. In addition, increased awareness and adherence to fuel-efficiency standards contribute to the strong adoption of heavy duty electronic assisted steering systems. It is primarily because of the lower volume, which is supposed to drive future demand growth in turn. This adoption is due. However, the expense and reliability of smart steering systems are projected to decline to some degree with a high maintenance and complicated balance. Moreover, some other challenging factors are expected to halt the potential market in future with high costs associated with the assisted power steering and the limitation on load-bearing capacity of electric power steering systems.
High cost associated with power steering system
The power steering system is widely used in various types for passenger cars, light-duty and heavy-duty vehicles. Based on the mechanism used in the car in contrast to the manual steering system, the steering system has both an electric engine and hydraulic piston. These components are more costly and raise the steering system size. The increase in vehicle sales is caused by the high cost of the steering system. Therefore, the growth of the demand for power steers is likely to be hampered by the high cost associated with power steering.
Adoption of power steering system
By manual control mechanisms using mechanical connections such as racks and pinions, the automotive sector has explored to a power management system. There are restrictions in the manual steering system with regard to mobility and vehicle fuel efficiency. Yet hydraulics and electronic modules are available on the power steering system that help driving and increase the performance of the vehicle at the same time. The power steering mechanism is now generally known globally. The increase in the use of power-assisted steering means that a steering system demand in the automotive industry is increased.
Global production of vehicles has had a positive impact on the automotive control system market, particularly in the Asia Pacific region. The market for automotive control is totally dependent on the automotive sector. The increase or decrease in automotive demand has a direct impact on the market for automotive steering systems. One of the major drivers of automotive steering, along with the prevalence in recent times in steering systems, technological developments and consumer awareness, is the booming automotive industry. The growth of the automotive direction market therefore is expected to correlate with the auto market. Another major automotive steering system market area of North America. Presence of multiple producers in this region paves the way for research and development in the market of automotive control systems and the development of new technology. The developed auto industry in this area also offers a chance to experience substantial growth during the forecast for the automotive steering system market.
Major players included in this report are JTEKT Corporation, China Automotive Systems Inc., Nexteer Automotive, Mando Corporation, Robert Bosch Automotive Steering GmbH, ThyssenKrupp Presta AG, Showa Corporation, NSK Ltd, Sona Koyo Steering Systems Ltd., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., and others.
The global steering market is segmented as below:
Steering Market By Component
Steering Wheel Speed Sensor
Steering Market By Technology
Hydraulic Power Steering (HPS)
Electro-Hydraulic Power Steering (EHPS)
Electronic Power Steering (EPS)
Steering Market By Vehicle Type
Light Commercial Vehicle
Heavy Commercial Vehicle
Steering Market By Geography
Middle East & Africa
The market value of steering is anticipated to be around US$ 48,000 Mn in 2027.
It is anticipated to grow around 5% CAGR amid the forecast period.2020-2027
Asia Pacific held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing vehicle production and trade activities is resulting into high demand for steering systems to control vehicle direction is expected to drive the growth of the steering market.
High maintenance and complex balance associated with cost and performance of smart steering systems is a major factor expected to restraint the growth of the market.
JTEKT Corporation, China Automotive Systems Inc., Nexteer Automotive, Mando Corporation, Robert Bosch Automotive Steering GmbH, ThyssenKrupp Presta AG, Showa Corporation, NSK Ltd, Sona Koyo Steering Systems Ltd., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd. and others are the prominent players in the steering market.