Product Code: TIPAT100001344
The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
The automotive industry has reacted to the global demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand. Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. For instance, Maserati switched its Ghibli, Quattroporte, and Levante models to electronic power steering in the models introduced in 2018, allowing new driver assistance systems. Similarly, Nexteer Automotive Corporation also introduced EPS that ensures safety through driver assistance by the integration ADAS systems with the electronic power steering systems.
As of March 2021, the US is the worst-hit country in North America, with around 30.5 million confirmed cases of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation's borders. Majority of the manufacturing plants are shut, municipalities are functioning slowly as compared to past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the automotive steering system market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market. The COVID-19 outbreak would have a limited short-term but negative impact on the market.
Overall size of the automotive steering system market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the automotive steering system market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive steering system market. China Automotive Systems Inc.; Nexteer Automotive; Hitachi Automotive Systems Americas, Inc.; Hyundai Mobis; JTEKT Corporation; Mando Corporation; NSK Ltd.; Robert Bosch GmbH; Showa Corporation; and Thyssenkrupp AG are among the players profiled during the market study.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive steering system market
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the automotive steering system market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to component, application and vertical.
Table Of Contents
1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 1.3.1 Automotive Steering System Market - By Type
- 1.3.2 Automotive Steering System Market - By Product Type
- 1.3.3 Automotive Steering System Market - By Vehicle Type
- 1.3.4 Automotive Steering System Market- By Region
2. Key Takeaways
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Automotive Steering System Market Landscape
- 4.1 Market Overview
- 4.2 PEST Analysis
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 Asia Pacific
- 4.2.4 Middle East and Africa
- 4.2.5 South America
- 4.3 Ecosystem Analysis
- 4.4 Expert Opinions
5. Automotive Steering System Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
- 5.1.2 Rise in Demand for Electrification in Vehicles
- 5.2 Market Restraints
- 5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
- 5.3 Market Opportunities
- 5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
- 5.4 Future Trends
- 5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
- 5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market - Global Analysis
- 6.1 Automotive Steering System Market Global Overview
- 6.2 Automotive Steering System Market - Global Revenue and Forecast to 2028 (US$ Million)
- 6.3 Market Positioning - Five Key Players
7. Automotive Steering System Market Analysis - By Type
- 7.1 Overview
- 7.2 Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
- 7.3 Electronic Power Steering
- 7.3.1 Overview
- 7.3.2 Electronic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
- 7.4 Hydraulic Power Steering
- 7.4.1 Overview
- 7.4.2 Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
- 7.5 Electro-Hydraulic Power Steering
- 7.5.1 Overview
- 7.5.2 Electro-Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. Automotive Steering System Market Analysis - By Product Type
- 8.1 Overview
- 8.2 Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028
- 8.3 Column Drive
- 8.3.1 Overview
- 8.3.2 Column Drive: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
- 8.4 Rack Drive
- 8.4.1 Overview
- 8.4.2 Rack Drive: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9. Automotive Steering System Market Analysis - By Vehicle Type
- 9.1 Overview
- 9.2 Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
- 9.3 Passenger cars
- 9.3.1 Overview
- 9.3.2 Passenger Cars: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
- 9.3.2.1 Automotive Steering System Market, by Passenger Car Types- Revenue and Forecast to 2028 (US$ Mn)
- 9.4 Commercial Vehicles
- 9.4.1 Overview
- 9.4.2 Commercial Vehicles: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
- 9.4.2.1 Automotive Steering System Market, by Commercial Vehicle Types- Revenue and Forecast to 2028 (US$ Mn)
10. Automotive Steering System Market - Geographic Analysis
- 10.1 Overview
- 10.2 North America: Automotive Steering System Market
- 10.2.1 North America: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.2.2 North America: Automotive Steering System Market, by Type
- 10.2.3 North America: Automotive Steering System Market, by Product Type
- 10.2.4 North America: Automotive Steering System Market, by Vehicle Type
- 10.2.5 North America: Automotive Steering System Market, by Key Country
- 10.2.5.1 US: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.2.5.1.1 US: Automotive Steering System Market, by Type
- 10.2.5.1.2 US: Automotive Steering System Market, by Product Type
- 10.2.5.1.3 US: Automotive Steering System Market, by Vehicle Type
- 10.2.5.1.4 US: Automotive Steering System Market, by Passenger Cars
- 10.2.5.1.5 US: Automotive Steering System Market, by Commercial Vehicles
- 10.2.5.2 Canada: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.2.5.2.1 Canada: Automotive Steering System Market, by Type
- 10.2.5.2.2 Canada: Automotive Steering System Market, by Product Type
- 10.2.5.2.3 Canada: Automotive Steering System Market, by Vehicle Type
- 10.2.5.2.4 Canada: Automotive Steering System Market, by Passenger Cars
- 10.2.5.2.5 Canada: Automotive Steering System Market, by Commercial Vehicles
- 10.2.5.3 Mexico: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.2.5.3.1 Mexico: Automotive Steering System Market, by Type
- 10.2.5.3.2 Mexico: Automotive Steering System Market, by Product Type
- 10.2.5.3.3 Mexico: Automotive Steering System Market, by Vehicle Type
- 10.2.5.3.4 Mexico: Automotive Steering System Market, by Passenger Cars
- 10.2.5.3.5 Mexico: Automotive Steering System Market, by Commercial Vehicles
- 10.3 Europe: Automotive Steering System Market
- 10.3.1 Europe: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.2 Europe: Automotive Steering System Market, by Type
- 10.3.3 Europe: Automotive Steering System Market, by Product Type
- 10.3.4 Europe: Automotive Steering System Market, by Vehicle Type
- 10.3.5 Europe: Automotive Steering System Market, by Key Country
- 10.3.5.1 Germany: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.1.1 Germany: Automotive Steering System Market, by Type
- 10.3.5.1.2 Germany: Automotive Steering System Market, by Product Type
- 10.3.5.1.3 Germany: Automotive Steering System Market, by Vehicle Type
- 10.3.5.1.4 Germany: Automotive Steering System Market, by Passenger Cars
- 10.3.5.1.5 Germany: Automotive Steering System Market, by Commercial Vehicles
- 10.3.5.2 France: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.2.1 France: Automotive Steering System Market, by Type
- 10.3.5.2.2 France: Automotive Steering System Market, by Product Type
- 10.3.5.2.3 France: Automotive Steering System Market, by Vehicle Type
- 10.3.5.2.4 France: Automotive Steering System Market, by Passenger Cars
- 10.3.5.2.5 France: Automotive Steering System Market, by Commercial Vehicles
- 10.3.5.3 Italy: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.3.1 Italy: Automotive Steering System Market, by Type
- 10.3.5.3.2 Italy: Automotive Steering System Market, by Product Type
- 10.3.5.3.3 Italy: Automotive Steering System Market, by Vehicle Type
- 10.3.5.3.4 Italy: Automotive Steering System Market, by Passenger Cars
- 10.3.5.3.5 Italy: Automotive Steering System Market, by Commercial Vehicles
- 10.3.5.4 UK: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.4.1 UK: Automotive Steering System Market, by Type
- 10.3.5.4.2 UK: Automotive Steering System Market, by Product Type
- 10.3.5.4.3 UK: Automotive Steering System Market, by Vehicle Type
- 10.3.5.4.4 UK: Automotive Steering System Market, by Passenger Cars
- 10.3.5.4.5 UK: Automotive Steering System Market, by Commercial Vehicles
- 10.3.5.5 Russia: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.5.1 Russia: Automotive Steering System Market, by Type
- 10.3.5.5.2 Russia: Automotive Steering System Market, by Product Type
- 10.3.5.5.3 Russia: Automotive Steering System Market, by Vehicle Type
- 10.3.5.5.4 Russia: Automotive Steering System Market, by Passenger Cars
- 10.3.5.5.5 Russia: Automotive Steering System Market, by Commercial Vehicles
- 10.3.5.6 Rest of Europe: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.3.5.6.1 Rest of Europe: Automotive Steering System Market, by Type
- 10.3.5.6.2 Rest of Europe: Automotive Steering System Market, by Product Type
- 10.3.5.6.3 Rest of Europe: Automotive Steering System Market, by Vehicle Type
- 10.3.5.6.4 Rest of Europe: Automotive Steering System Market, by Passenger Cars
- 10.3.5.6.5 Rest of Europe: Automotive Steering System Market, by Commercial Vehicles
- 10.4 APAC: Automotive Steering System Market
- 10.4.1 APAC: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.2 APAC: Automotive Steering System Market, by Type
- 10.4.3 APAC: Automotive Steering System Market, by Product Type
- 10.4.4 APAC: Automotive Steering System Market, by Vehicle Type
- 10.4.5 APAC: Automotive Steering System Market, by Key Country
- 10.4.5.1 China: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.5.1.1 China: Automotive Steering System Market, by Type
- 10.4.5.1.2 China: Automotive Steering System Market, by Product Type
- 10.4.5.1.3 China: Automotive Steering System Market, by Vehicle Type
- 10.4.5.1.4 China: Automotive Steering System Market, by Commercial Vehicles
- 10.4.5.2 India: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.5.2.1 India: Automotive Steering System Market, by Type
- 10.4.5.2.2 India: Automotive Steering System Market, by Product Type
- 10.4.5.2.3 India: Automotive Steering System Market, by Vehicle Type
- 10.4.5.2.4 India: Automotive Steering System Market, by Passenger Cars
- 10.4.5.2.5 India: Automotive Steering System Market, by Commercial Vehicles
- 10.4.5.3 Japan: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.5.3.1 Japan: Automotive Steering System Market, by Type
- 10.4.5.3.2 Japan: Automotive Steering System Market, by Product Type
- 10.4.5.3.3 Japan: Automotive Steering System Market, by Vehicle Type
- 10.4.5.3.4 Japan: Automotive Steering System Market, by Passenger Cars
- 10.4.5.3.5 Japan: Automotive Steering System Market, by Commercial Vehicles
- 10.4.5.4 South Korea: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.5.4.1 South Korea: Automotive Steering System Market, by Type
- 10.4.5.4.2 South Korea: Automotive Steering System Market, by Product Type
- 10.4.5.4.3 South Korea: Automotive Steering System Market, by Vehicle Type
- 10.4.5.4.4 South Korea: Automotive Steering System Market, by Passenger Cars
- 10.4.5.4.5 South Korea: Automotive Steering System Market, by Commercial Vehicles
- 10.4.5.5 Rest of APAC: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.4.5.5.1 Rest of APAC: Automotive Steering System Market, by Type
- 10.4.5.5.2 Rest of APAC: Automotive Steering System Market, by Product Type
- 10.4.5.5.3 Rest of APAC: Automotive Steering System Market, by Vehicle Type
- 10.4.5.5.4 Rest of APAC: Automotive Steering System Market, by Passenger Cars
- 10.4.5.5.5 Rest of APAC: Automotive Steering System Market, by Commercial Vehicles
- 10.5 MEA: Automotive Steering System Market
- 10.5.1 MEA: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.5.2 MEA: Automotive Steering System Market, by Type
- 10.5.3 MEA: Automotive Steering System Market, by Product Type
- 10.5.4 MEA: Automotive Steering System Market, by Vehicle Type
- 10.5.5 MEA: Automotive Steering System Market, by Key Country
- 10.5.5.1 South Africa: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.5.5.1.1 South Africa: Automotive Steering System Market, by Type
- 10.5.5.1.2 South Africa: Automotive Steering System Market, by Product Type
- 10.5.5.1.3 South Africa: Automotive Steering System Market, by Vehicle Type
- 10.5.5.1.4 South Africa: Automotive Steering System Market, by Passenger Cars
- 10.5.5.1.5 South Africa: Automotive Steering System Market, by Commercial Vehicles
- 10.5.5.2 Rest of MEA: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.5.5.2.1 Rest of MEA: Automotive Steering System Market, by Type
- 10.5.5.2.2 Rest of MEA: Automotive Steering System Market, by Product Type
- 10.5.5.2.3 Rest of MEA: Automotive Steering System Market, by Vehicle Type
- 10.5.5.2.4 Rest of MEA: Automotive Steering System Market, by Passenger Cars
- 10.5.5.2.5 Rest of MEA: Automotive Steering System Market, by Commercial Vehicles
- 10.6 SAM: Automotive Steering System Market
- 10.6.1 SAM: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.6.2 SAM: Automotive Steering System Market, by Type
- 10.6.3 SAM: Automotive Steering System Market, by Product Type
- 10.6.4 SAM: Automotive Steering System Market, by Vehicle Type
- 10.6.5 SAM: Automotive Steering System Market, by Key Country
- 10.6.5.1 Brazil: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.6.5.1.1 Brazil: Automotive Steering System Market, by Type
- 10.6.5.1.2 Brazil: Automotive Steering System Market, by Product Type
- 10.6.5.1.3 Brazil: Automotive Steering System Market, by Vehicle Type
- 10.6.5.1.4 Brazil: Automotive Steering System Market, by Passenger Cars
- 10.6.5.1.5 Brazil: Automotive Steering System Market, by Commercial Vehicles
- 10.6.5.2 Argentina: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.6.5.2.1 Argentina: Automotive Steering System Market, by Type
- 10.6.5.2.2 Argentina: Automotive Steering System Market, by Product Type
- 10.6.5.2.3 Argentina: Automotive Steering System Market, by Vehicle Type
- 10.6.5.2.4 Argentina: Automotive Steering System Market, by Passenger Cars
- 10.6.5.2.5 Argentina: Automotive Steering System Market, by Commercial Vehicles
- 10.6.5.3 Rest of SAM: Automotive Steering System Market - Revenue and Forecast to 2028 (US$ Million)
- 10.6.5.3.1 Rest of SAM: Automotive Steering System Market, by Type
- 10.6.5.3.2 Rest of SAM: Automotive Steering System Market, by Product Type
- 10.6.5.3.3 Rest of SAM: Automotive Steering System Market, by Vehicle Type
- 10.6.5.3.4 Rest of SAM: Automotive Steering System Market, by Passenger Cars
- 10.6.5.3.5 Rest of SAM: Automotive Steering System Market, by Commercial Vehicles
11. Automotive Steering System Market- COVID-19 Impact Analysis
- 11.1 Overview
- 11.2 North America
- 11.3 Europe
- 11.4 Asia Pacific
- 11.5 Middle East and Africa
- 11.6 South America
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 New Product Development
- 12.4 Merger and Acquisition
13. Company Profiles
- 13.1 China Automotive Systems Inc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Nexteer Automotive Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Hitachi Astemo Americas, Inc.
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Hyundai Mobis Co Ltd
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 JTEKT Corp
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Mando Co Ltd
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 NSK Ltd
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 ThyssenKrupp AG
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Robert Bosch Automotive Steering GmBH
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 HYCET Technology Co Ltd
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners
- 14.2 Word Index