Automotive Steering System Market Expected to Behold a CAGR of 4.6% through 2030
Increasing use of advanced technology, such as sensors and traction control systems is boding well for the growth of the global automotive steering system market. However, according to an FMI study, the COVID-19 pandemic continues to obstruct automotive production activities, worldwide, as some of the most affected countries house major automotive production hubs, such as Germany, the UK, India, and the U.S. The pandemic is likely to have a measurable impact on consumer demand in the short term, with automotive sales in Germany registering a 40% drop in Q1 of 2020. Tier-2, and especially tier 3 suppliers of automotive steering systems are poised to get adversely affected by pandemic-related disruptions.
Automotive steering system market is projected to total US$
23.2 Bn in 2022, growing at a healthy 4.6% CAGR,
the market size is projected to total US$ 33.3 Bn by
2030.
The global
automotive steering system market is likely to experience a V-shape recovery
growth curve, owing to an increase in automotive production in emerging
countries such as China, Mexico, and India. As such, the market will witness
rapid resurgence post containment of the COVID-19 pandemic.
The global
automotive steering system market value of US$ 23.2 Bn in 2022, and is
projected to exhibit a CAGR of 4.6% during the forecast period (2022–2030).
Key Takeaways of Automotive Steering Systems Study:
·
Active safety technologies such as antilock breaking systems (ABS) and
electronic stability control (ESC) are becoming commonplace in the automotive
sector for improved safety; thus, fueling the demand for automotive steering
systems.
·
Increasing adoption of advanced technologies and power steering systems
in mid-size, compact, and light commercial vehicles (LCVs) is expected to
positively influence the automotive steering system market.
·
Electric power steering is expected to be highly preferred over other
technologies, as it offers simplified tuning, packaging flexibility, and
engine-off steering assist.
·
Key manufacturers in automotive steering system market are innovating
automotive steering systems to increase control and stability by using sensors
and traction control systems for the detection of vehicle skidding movements as
well as to counteract them, which complements the safety features of automotive
steering systems.
“Autonomous vehicles and connected cars are rapidly becoming mainstays,
and are expected to pave the way for future-proof systems where computers would
replace human drivers, thus creating positive growth prospects for players in
the automotive steering system market. In addition, the ongoing COVID-19
pandemic is likely to alter how key players establish their supply chains in
the coming years, where, putting more focus on decentralization is likely to
happen.”
Automotive Steering System Market Participant Insights
The global
automotive steering system market is highly consolidated, with the top ten
players in the market holding nearly 70% value share. Leading players are
looking to expand their business operations in emerging markets and increase
value-addition in their product offerings through portfolio rationalization.
Launching advanced
products that offer umpteen operational benefits in tandem with fulfilling
existing safety regulations will help key players achieve product
differentiation as well as scale-up their presence in the global automotive
steering system market.
Key Segment
Technology
·
Electronic Steering
·
H-EPS
·
C-EPS
·
P-EPS
·
R-EPS
·
Hydraulic Steering
·
Manual Steering
·
Electro-hydraulic Steering
Vehicle Type
·
Passenger Cars
·
Compact
·
Mid-size
·
Premium
·
SUVs
·
Light Commercial Vehicles
·
Heavy Commercial Vehicles
Region
·
North America
·
Latin America
·
Europe
·
South Asia & Pacific
·
East Asia
·
Middle East & Africa
Some of the key players mentioned in the automotive steering system
market study are JTEKT Corporation, Nexteer Automotive Group Ltd, Showa
Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd, Robert Bosch GmbH,
and NSK Steering System Co. ltd.
For more information:
https://www.futuremarketinsights.com/reports/automotive-steering-system-market
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