Rise in EV Production Presents Robust Opportunities
New York, US, Nov. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Steering Systems Market By Steering System, By components, Vehicle Type and by End Market Forecast to 2030”, the global automotive steering systems market is expected to garner notable growth, with a 5.1% CAGR during the review period (2022-2030).
Automotive Steering System Market Overview
The automotive steering system market demonstrates rapid revenue growth. Factors such as the growing per capita income, effective marketing by the automotive industry and others drive the growth of the market.
Due to the explosive growth in the automobile industry, automotive steering systems are witnessing continually rising demand across OEMs and aftermarkets. Extensive demand, especially from developing regions, substantiates the market shares. Steering controls a vehicle using a series of linkages, pivots, rods, and gears about the vertical axis to follow a specific course.
Major Players leading the global automotive steering systems market includes,
Mitsubishi Electric Corporation (Japan)
TRW Automotive Holdings (US)
Sona Koyo Steering System Ltd. (India)
Nexteer Automotive (US)
JTEKT Corporation (Japan)
Thyssenkrupp Presta (US)
China Automotive System Inc. (China)
Robert Bosch Automotive Steering Gmbh (Germany)
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Technological improvements are set to change the market landscape. Advances in driver assistance systems, such as intelligent determination of driver alertness and driving mode pursued by integrating sensors into the steering mechanism, detect the position of the driver's hands and grip on the steering wheel. The market is transitioning to electric automotive steering systems, which are more efficient than traditional hydraulic systems.
The proliferation of electric vehicles offers significant opportunities for the automotive steering system market. EVs are zero-emission vehicles and are globally considered to be the future of the transportation system. Many countries worldwide have been focusing on developing and adopting EVs to reduce vehicular pollution. This spurring growth of the electric vehicle market is estimated to offer significant opportunities for automotive steering systems.
New product development, such as the development of automotive electric power steering, is expected to result in the greatest market penetration. Additional factors bolstering market revenues include the middle-class dream of owning an automobile and the effective marketing of companies. The growth of car loans at low-interest rates and the spread of tourism are other market drivers.
Technological improvements are set to change the market. Intelligent determination of driver alertness and driving mode is being pursued by integrating sensors into the steering mechanism, which detects the position of the driver's hands and grip on the steering wheel. The market is transitioning to electric automotive steering systems, which are more efficient than traditional hydraulic systems as they run only when they are in operation.
Automotive Steering System Market Scope:
Automotive Steering System Market CAGR during 2022-2030
Key Market Opportunities
Many countries worldwide have been focusing on developing and adopting EVs to reduce vehicular pollution
Key Market Drivers
New product development, such as the development of automotive electric power steering
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Automotive Steering System Market Segments
The market is segmented into steering systems, components, sales channels, vehicle types, and regions. The steering system segment is sub-segmented into manual, electrically powered, electro-hydraulic powered, and hydraulic powered. The component segment is sub-segmented into hydraulic pumps, steering sensors & columns, electric motors, and others.
The sales channel segment is sub-segmented into OEMs and aftermarkets. The vehicle type segment is sub-segmented into commercial trucks and passenger vehicles based on the propulsion types and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and the Rest-of-the-World.
Automotive Steering System Market Regional Analysis
North America is the largest market for automotive steering systems. The significant share of the market is attributed to the high per capita and the growing automobile industry in the region. The presence of major automotive players and components & auto-solution providers drive the automotive steering systems market in North America. North America is likely to remain a highly attractive market for automotive steering systems during the review period.
Europe is another larger market for automotive steering systems. The well-established automotive industries, especially in Germany, Italy, and Sweden, boost market revenues. Moreover, the well-established automotive sector and automotive manufacturing companies in this region propel the growth of the market. Also, the growing consumer purchasing power and spending on luxury cars, alongside the significant demand for lightweight and fuel-efficient vehicles in the region, are predicted to offer significant market growth opportunities.
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The Asia Pacific region is a sizable market for automotive steering systems. Vast capacity expansions in China and India support market increase. Additionally, the growing per capita income and developments of road networks bolster the size of the automotive steering systems market. Moreover, the availability of cost-competitive workforces and raw materials positions the region as a prime player in the automotive steering systems market.
Global players and start-ups are taking advantage of these opportunities in the region by setting up new factory plants, which are estimated to foster the automotive steering system market during the assessment period. The APAC automotive steering system market is expected to register the fastest CAGR in the upcoming period.
Automotive Steering System Market Competitive Landscape
The automotive steering systems market appears highly competitive due to several well-established players forming a competitive landscape. The market is majorly a captive market of the automobile industry, and hence suppliers depend on automotive companies, which exert price pressure. Being a B2B market, it also gives automotive companies an idea of the dynamics of the suppliers, resulting in the squeezing of profits.
Thus, supplier integration in the manufacturing chain is a prime strategy for many manufacturers. Manufacturers of automotive steering systems use a variety of distribution channels to tap the aftermarket segment. They invest increasingly in R&D activities and production units while looking at inbound lead generation. New players enter the market with aggressive pricing to undercut the established providers and gain footholds in international markets.
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For instance, on Nov.17, 2022, Lexus introduced an F1 car-like or aircraft-style steering yoke to Australian markets as an alternative to a conventional circular steering wheel with its Lexus RZ electric car. The steering yoke removes the top and bottom sections from a conventional steering system, aiding the entry & exit from the vehicle and providing a clearer view of the instrument cluster.
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