The Automotive Steering System Market Is Expected To Reach Nearly US$ 34 Bn By 2031

Fact.MR’s report forecasts the global automotive steering systems market to be valued at nearly US$ 34 Bn, expanding at over 4% CAGR across the 2021-2031 forecast period. Technological advancements in the automotive industry has significantly underscored the importance of automotive steering systems in recent years.

Historically, between 2016 and 2020, sales of automotive steering systems expanded close to 4%, closing in at nearly US$ 23 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, prospects dipped significantly in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted, restoring projections.

Manufacturers are majorly driven by the objective of reducing emissions, prompting numerous innovations and product launches across key regions. For instance, in 2018, WABCO Holdings Inc. signed a MoU with Valeo to develop short and mid-range sensor technologies for next-generation advanced driver assistance systems. Such initiatives are boding well for autonomous steering systems demand.

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Key Takeaways from Market Study

• By type, electrically powered automotive steering systems to expand at over 5% CAGR until 2031
• Heavy commercial vehicles (HCV) to remain primary end user, accounting for around 40% revenue
• Aftermarket sales of automotive steering systems to emerge dominant, amid constant maintenance requirements
• S to comprise bulk of North American demand, expanding at around 4% CAGR
• East & South Asia to jointly account for 60% of global automotive steering systems demand
• China, Japan and India to dominate the automotive steering system market.

“Increasing demand for reducing emissions and safety while driving is propelling the market for automotive steering systems.’ says a Fact.MR analyst

Electric Powered Automotive Steering Systems Taking over Hydraulics?

The quest for reduced complexity and costs is prompting OEMs to switch from hydraulic automotive steering systems to electric automotive steering systems. Manufacturers are increasingly inclined towards achieving higher drivetrain efficiency, preferring electric automotive steering systems over hydraulic ones.

Although hydraulics have been considered ideal for amplified steering efforts for parking and manoeuvring vehicles through heavy traffic, they tend to undermine both engine power and fuel economy.

Electric automotive steering systems thus help achieve high fuel efficiency, and reduced vehicle weight and costs – offering assistance at lower as well as higher vehicle speeds and in all driving modes, including sports. Furthermore, electric powered automotive steering system can potentially work in tandem with automotive radar, LIDAR in futuristic cars.

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Competitive Landscape

Automotive steering system companies are focusing on providing comfortable and hassle-free rides that would not harm the environment.

In July 2021, Bosch and VW have announced integration of swarm intelligence. The company is focusing on improving road safety that would make assistance robust and convenient for drivers. Furthermore, the real time information for high resolution maps updates about real road traffic.

Key manufacturers in the automotive steering systems include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited and Robert Bosch Limited.

Key companies Profiled:

• Nexteer Automotive Group Limited
• JTEKT Corporation
• ThyssenKrupp AG
• NSK Ltd.
• Mitsubishi Electric Corporation
• China Automotive Systems Inc.
• Sona Koyo Steering Systems Limited
• Robert Bosch Limited

Key Segments Covered

Type

• Hydraulic Powered Automotive Steering System
• Electrically Powered Automotive Steering System

Vehicle Type

• Automotive Steering Systems for Passenger Vehicles
• Automotive Steering Systems for Light Commercial  Vehicles (LCV)
• Automotive Steering Systems for Heavy Commercial Vehicles (HCV)

Sales Channel

• Automotive Steering Systems for OEMs
• Automotive Steering Systems for Aftermarkets

Key Points Covered in Automotive Steering System Industry Analysis

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Automotive Steering System Market and How to Navigate
• Recommendation on Key Winning Strategies

 

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