13-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Automotive Steering System Market By Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Handling Power Steering (EHPS), &Manual Steering), By Vehicle-Type (Passenger Cars, Light Commercial Cars, & Heavy Commercial Vehicles), By Pinion-Type (Single & Dual), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026”. According to the report, the global Automotive Steering Systems market is predicted to be valued at approximately USD 26.5 Billion in 2020 and is expected to reach a value of around USD 37.6 Billion by 2026, at a CAGR of around 4.9% during 2021-2026.
Automotive steering systems have witnessed a paradigm shift from demanding manual to advanced, user-friendly, and reliable assisted systems. The escalating need for vehicles across the globe has leveraged the expansion of the firms that manufacture automotive steering systems. Moreover, the automotive steering system is the key part of any automobile as it is the direct line of interaction between vehicle and driver. Additionally, an automotive steering system comprises myriad components including a steering wheel, tie rods, hydraulic pumps, steering column, and intermediate shaft.
Browse the full “Automotive Steering System Market By Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Handling Power Steering (EHPS), &Manual Steering), By Vehicle-Type (Passenger Cars, Light Commercial Cars, & Heavy Commercial Vehicles), By Pinion-Type (Single & Dual), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” Report at https://www.fnfresearch.com/automotive-steering-systems-market-by-product-electronic-power-303
Escalating utilization of fuel-conserving vehicles to drive the market trends
The electric power steering systems make use of less fuel as compared to conventional systems. The constant surge in fuel costs globally has generated a huge need for fuel-efficient automotive, thereby driving the growth of the automotive steering systems industry during the forecast timeline.
Furthermore, technological breakthroughs in automotive steering systems including the launching of electro-hydraulic power steering systems will drive the market trends. Nevertheless, the huge production & maintenance costs of automotive steering systems along with massive funding required for research activities will hamper the market expansion over the forecast timeline. Nevertheless, large breakthroughs witnessed across the automotive sector will generate a huge scope for the market during the forecast period. Apart from this, consistent modernization of automobiles to reduce noise and offer control over driving dynamics will prop up the growth graph of the automotive steering systems industry over the forecast timeline.
Electric power steering systems to lead the product segment by 2025 in terms of earnings
The growth of the electric power steering systems segment over the forecast timeline is credited to the beneficial features of the product like its ability to eliminate HPS parts including hoses, fluid, pump, pulley, and driving belt. In addition to this, these products are light in weight or mass and miniature. Moreover, they make use of sensors to determine the speed of the car and take care of various steering responses need for myriad speeds.
Passenger vehicle segment to dominate the application landscape over the forecast period in terms of value
The growth of the segment during the forecast timeline is credited to escalating demand for passenger automobiles in the countries like Brazil, China, India, and Japan due to the high purchasing capacity of customers in these countries.
Asia Pacific market to record the highest CAGR over the forecast timeline
The market in the Asia Pacific region is set to register the highest growth rate of over 4% during the period from 2019 to 2025. The regional market growth over the forecast timeframe is due to the huge acceptance of technologically innovative vehicle products. Moreover, high labor & raw material prices and growing urbanization will contribute majorly towards the regional market growth during the forecast timeline.
Additionally, countries like China have a high number of product manufacturers which is likely to contribute majorly towards the growth of the Asia Pacific market over the forecast timeframe.
Top Market Players
The key market participants of the global automotive steering system market are Hyundai Mobis Co. Ltd, JTEKT Corporation, Mitsubishi Electric Corporation, NSK Ltd, Nexteer Automotive Group Limited, Showa Corporation, Thyssenkrupp AG, Robert Bosch GmbH, Mando Corporation, and Sona Koyo Steering Systems Ltd, among others.
This report segments the Automotive Steering Systems market as follows:
Global Automotive Steering System Market: By Type Segment Analysis
- Electric Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Handling Power Steering (EHPS)
- Manual Steering
Global Automotive Steering System Market: By Vehicle-Type Segment Analysis
- Passenger Cars
- Light Commercial Cars
- Heavy Commercial Vehicles
Global Automotive Steering System Market: By Pinion-Type Segment Analysis
Automotive Steering Systems Market: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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