Market by Vehicle Type, Type, and Geography | Forecast 2021-2028
Any system of steering of an automotive would basically involve the
steering wheel, the steering shaft, rack, and pinion (also termed as the
gearbox), all the way linked to it, which would further connect it to the
wheels by themselves. It has also been given a term of the steering system, and
in the case of automobiles, the gears, steering wheel, linkages, and other
components are used, which help in controlling the direction where the motion
of the vehicle would be. The steering system helps convert the rotation of the
steering wheel into a spinning movement of the road wheels. It does this in a
way that the steering wheel rim would help move the wheels, thus making a long
route shorter.
As per Triton Market Research, the global market for automotive steering systems was valued at $36921.71 million in 2020, and is expected to reach $56619.69 million by 2028, growing at a CAGR of 5.28% during the forecasted period 2021-2028.
Triton’s report on the automotive steering system market provides an
in-depth insight into the market. The detailed analysis of the market includes
the key insights, Porter’s five forces analysis, market attractiveness index,
vendor scorecard, key strategies, key impact analysis, & impact of COVID-19
on the automotive steering system market.
The market is driven by several factors, such as the growing demand for
more functions in ECU (Electronic Control Unit), ADAS (Advanced Driver
Assistance Systems) in automotive, along with the growing number of electric
vehicles. However, stringent fuel efficiency norms are mainly increasing due to
the declining share of diesel vehicles, and a rapid shift towards either
gasoline-run vehicles or electrified vehicles. Such regulations are also
pressuring automotive OEMs to start increasing their own steering technologies
that are quite fuel-efficient, like EPS (electric power steering). These power
steering systems have been considered quite light in terms of weight, and are
structured to be less complex, which helps in further differentiation from
traditional hydraulic steering systems. Furthermore, with no or fewer fuels
involved, car owners find it easy to maintain their cars.
Further, the production of automotive is forecasted to strong production
in growth 2021 onwards and is anticipated to positively impact this market’s
growth and are expected to create affluent opportunities for the automotive
steering system market. Demand for synthetic as well as natural rubber has been
expected to further rise as strong growth has been expected from both the
automotive and tire industry, along with growing demand from the replacement
tire sector as the vaccinations have already started to be distributed and
further improving the mobility indicators around the globe.
The market is being negatively affected due to the high cost of automotive. While starting from several raw materials, from the steel used for the automotive bodies, gear parts, and also frames to the plastic that would be winding up in bumpers and door trims, all have accounted for a bigger portion of manufacturing costs. There is an increase in the rates of automobiles, which could affect the growth of this market, along with that of automotive steering systems.
Key geographies covered in
the global automotive steering system market are:
• North America: United
States and Canada
• Europe: United Kingdom,
France, Germany, Spain, Italy, Russia, and Rest of Europe
• Asia-Pacific: China,
Japan, India, South Korea, ASEAN Countries, and Rest of Asia-Pacific
• Latin America: Brazil,
Mexico, and Rest of Latin America,
• Middle East and Africa:
Turkey, South Africa, Morocco, and Rest of Middle East & Africa
The segmentation analysis of
the automotive steering system market includes:
• Vehicle Type segment includes:
o ICE-driven
o Electric
Vehicles
• PHEV (Plug-in Hybrid Electric
Vehicle)
• BEV (Battery Electric Vehicle)
• FCEV (Fuel Cell Electric Vehicle)
• HEV (Hybrid Cell Electric Vehicle)
• Type segment includes:
o Electric
Steering System
• By
Type
o Column Assist Type (C-EPS)
o Pinion Assist Type (P-EPS)
o Direct Drive Type (D-EPS)
o Rack Assist Type (R-EPS)
• By
Components
o Steering Rack/Column
o Sensor
o Steering Motor
o Other Components Types
o Hydraulic Electric System
o Electro-hydraulic
o Steer by Wire
The key players in the automotive steering system include JTEKT
Corporation, NSK Ltd, Mitsubishi Electric Corporation, Honda Motor Company,
Hitachi Astemo Ltd, ZF Friedrichshafen AG, Thyssenkrupp AG, Denso Corporation,
Robert Bosch GmbH, Nexteer Automotive Corporation, Hyundai Mobis, China
Automotive Systems Inc, and Mando Corporation.
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VIEW REPORT1. GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET – SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE AUTOMOTIVE STEERING SYSTEM INDUSTRY
2.2. KEY
INSIGHTS
2.2.1. ADOPTION
OF SENSORS
2.2.2. ADAS
(ADVANCED DRIVER ASSISTANCE SYSTEMS) ADOPTION IN AUTOMOTIVE
2.2.3. USAGE
OF TECHNOLOGICALLY ADVANCED EPS
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTE
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. KEY
IMPACT ANALYSIS
2.6.1. FUEL
CONSUMPTION
2.6.2. CO2
EMISSION
2.6.3. MAINTENANCE
2.7. KEY
MARKET STRATEGIES
2.7.1. PRODUCT
LAUNCHES
2.7.2. CONTRACTS
& PARTNERSHIPS
2.7.3. BUSINESS
EXPANSIONS & DIVESTITURES
2.8. MARKET
DRIVERS
2.8.1. GROWING
DEMAND FOR MORE FUNCTIONS IN ELECTRONIC CONTROL UNIT (ECU)
2.8.2. STRINGENT
FUEL EFFICIENCY NORMS
2.9. MARKET
CHALLENGES
2.9.1. HIGH
COST OF AUTOMOTIVE
2.9.2. AUTONOMOUS
FEATURES IN CARS
2.10. MARKET
OPPORTUNITIES
2.10.1. POSITIVE
OUTLOOK FOR AUTOMOTIVE PRODUCTION
2.10.2. GROWING
NUMBER OF ELECTRIC VEHICLES
3. GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET OUTLOOK – BY VEHICLE TYPE
3.1. ICE-DRIVEN
3.2. ELECTRIC
VEHICLES
3.2.1. PHEV
(PLUG-IN HYBRID ELECTRIC VEHICLE)
3.2.2. BEV
(BATTERY ELECTRIC VEHICLE)
3.2.3. FCEV
(FUEL CELL ELECTRIC VEHICLE)
3.2.4. HEV
(HYBRID ELECTRIC VEHICLE)
4. GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET OUTLOOK – BY TYPE
4.1. ELECTRIC
STEERING SYSTEM
4.1.1. ELECTRIC
POWER STEERING SYSTEM BY TYPE
4.1.1.1. COLUMN-ASSIST
TYPE (C-EPS)
4.1.1.2. PINION-ASSIST
TYPE (P-EPS)
4.1.1.3. DIRECT
DRIVE TYPE (D-EPS)
4.1.1.4. RACK-ASSIST
TYPE (R-EPS)
4.1.2. ELECTRIC
POWER STEERING SYSTEM BY COMPONENTS
4.1.2.1. STEERING
RACK/COLUMN
4.1.2.2. SENSOR
4.1.2.3. STEERING
MOTOR
4.1.2.4. OTHER
COMPONENT TYPES
4.2. HYDRAULIC
STEERING SYSTEM
4.3. ELECTRO-HYDRAULIC
4.4. STEER
BY WIRE
5. GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET – REGIONAL OUTLOOK
5.1. NORTH
AMERICA
5.1.1. MARKET
BY TYPE
5.1.2. MARKET
BY EPS TYPE
5.1.3. MARKET
BY EPS COMPONENTS
5.1.4. COUNTRY
ANALYSIS
5.1.4.1. UNITED
STATES
5.1.4.2. CANADA
5.2. EUROPE
5.2.1. MARKET
BY TYPE
5.2.2. MARKET
BY EPS TYPE
5.2.3. MARKET
BY EPS COMPONENTS
5.2.4. COUNTRY
ANALYSIS
5.2.4.1. UNITED
KINGDOM
5.2.4.2. GERMANY
5.2.4.3. FRANCE
5.2.4.4. SPAIN
5.2.4.5. ITALY
5.2.4.6. RUSSIA
5.2.4.7. REST
OF EUROPE
5.3. ASIA-PACIFIC
5.3.1. MARKET
BY TYPE
5.3.2. MARKET
BY EPS TYPE
5.3.3. MARKET
BY EPS COMPONENTS
5.3.4. COUNTRY
ANALYSIS
5.3.4.1. CHINA
5.3.4.2. JAPAN
5.3.4.3. INDIA
5.3.4.4. SOUTH
KOREA
5.3.4.5. ASEAN
COUNTRIES
5.3.4.6. REST
OF ASIA-PACIFIC
5.4. LATIN
AMERICA
5.4.1. MARKET
BY TYPE
5.4.2. MARKET
BY EPS TYPE
5.4.3. MARKET
BY EPS COMPONENTS
5.4.4. COUNTRY
ANALYSIS
5.4.4.1. BRAZIL
5.4.4.2. MEXICO
5.4.4.3. REST
OF LATIN AMERICA
5.5. MIDDLE
EAST AND AFRICA
5.5.1. MARKET
BY TYPE
5.5.2. MARKET
BY EPS TYPE
5.5.3. MARKET
BY EPS COMPONENTS
5.5.4. COUNTRY
ANALYSIS
5.5.4.1. TURKEY
5.5.4.2. SOUTH
AFRICA
5.5.4.3. MOROCCO
5.5.4.4. REST
OF MIDDLE EAST & AFRICA
6. COMPETITIVE
LANDSCAPE
6.1. CHINA
AUTOMOTIVE SYSTEMS INC
6.2. DENSO
CORPORATION
6.3. HITACHI
ASTEMO LTD
6.4. HONDA
MOTOR COMPANY
6.5. HYUNDAI
MOBIS
6.6. JTEKT
CORPORATION
6.7. MANDO
CORPORATION
6.8. MITSUBISHI
ELECTRIC CORPORATION
6.9. NEXTEER
AUTOMOTIVE CORPORATION
6.10. NSK
LTD
6.11. ROBERT
BOSCH GMBH
6.12. THYSSENKRUPP
AG
6.13. ZF
FRIEDRICHSHAFEN AG
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY GEOGRAPHY, 2021-2028 (IN $ MILLION)
TABLE 2: VENDOR
SCORECARD
TABLE 3: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE, 2021-2028 (IN $ MILLION)
TABLE 4: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY ELECTRIC VEHICLES, 2021-2028 (IN $ MILLION)
TABLE 5: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 6: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY GEOGRAPHY, 2021-2028 (IN $ MILLION)
TABLE 7: NORTH AMERICA
AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)
TABLE 8: NORTH AMERICA
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 9: NORTH AMERICA
ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 10: NORTH AMERICA
ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENTS, 2021-2028 (IN $ MILLION)
TABLE 11: EUROPE
AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)
TABLE 12: EUROPE
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 13: EUROPE
ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 14: EUROPE
ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENTS, 2021-2028 (IN $ MILLION)
TABLE 15: ASIA-PACIFIC
AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)
TABLE 16: ASIA-PACIFIC
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 17: ASIA-PACIFIC
ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 18: ASIA-PACIFIC
ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENTS, 2021-2028 (IN $ MILLION)
TABLE 19: LATIN AMERICA
AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2021-2028 (IN $ MILLION)
TABLE 20: LATIN AMERICA
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 21: LATIN AMERICA
ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 22: LATIN AMERICA
ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENTS, 2021-2028 (IN $ MILLION)
TABLE 23: MIDDLE EAST
AND AFRICA AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2021-2028 (IN $
MILLION)
TABLE 24: MIDDLE EAST
AND AFRICA AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $ MILLION)
TABLE 25: MIDDLE EAST
AND AFRICA ELECTRIC POWER STEERING SYSTEM MARKET, BY TYPE, 2021-2028 (IN $
MILLION)
TABLE 26: MIDDLE EAST
AND AFRICA ELECTRIC POWER STEERING SYSTEM MARKET, BY COMPONENTS, 2021-2028 (IN
$ MILLION)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: KEY IMPACT
ANALYSIS
FIGURE 3: PRODUCTION OF
AUTOMOBILES (2016-2020)
FIGURE 4: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE, 2020 & 2028 (IN %)
FIGURE 5: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY ICE-DRIVEN, 2021-2028 (IN $ MILLION)
FIGURE 6: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY ELECTRIC VEHICLES, 2021-2028 (IN $
MILLION)
FIGURE 7: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY ELECTRIC VEHICLES, 2020 & 2028 (IN %)
FIGURE 8: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY PHEV (PLUG-IN HYBRID ELECTRIC VEHICLE), 2021-2028
(IN $ MILLION)
FIGURE 9: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY BEV (BATTERY ELECTRIC VEHICLE), 2021-2028 (IN $
MILLION)
FIGURE 10: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY FCEV (FUEL CELL ELECTRIC VEHICLE), 2021-2028 (IN $
MILLION)
FIGURE 11: GLOBAL AUTOMOTIVE
STEERING SYSTEM MARKET, BY HEV (HYBRID ELECTRIC VEHICLE), 2021-2028 (IN $
MILLION)
FIGURE 12: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY TYPE, 2020 & 2028 (IN %)
FIGURE 13: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY ELECTRIC STEERING SYSTEM, 2021-2028 (IN $
MILLION)
FIGURE 14: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY COLUMN-ASSIST TYPE (C-EPS), 2021-2028 (IN
$ MILLION)
FIGURE 15: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY PINION-ASSIST TYPE (C-EPS), 2021-2028 (IN
$ MILLION)
FIGURE 16: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY DIRECT DRIVE TYPE (D-EPS), 2021-2028 (IN
$ MILLION)
FIGURE 17: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY RACK-ASSIST TYPE (R-EPS), 2021-2028 (IN $
MILLION)
FIGURE 18: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY STEERING RACK/COLUMN, 2021-2028 (IN $
MILLION)
FIGURE 19: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY SENSOR, 2021-2028 (IN $ MILLION)
FIGURE 20: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY STEERING MOTOR, 2021-2028 (IN $ MILLION)
FIGURE 21: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY OTHER COMPONENT TYPES, 2021-2028 (IN $
MILLION)
FIGURE 22: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY HYDRAULIC STEERING SYSTEM, 2021-2028 (IN
$ MILLION)
FIGURE 23: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY ELECTRO-HYDRAULIC, 2021-2028 (IN $
MILLION)
FIGURE 24: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, BY STEER BY WIRE, 2021-2028 (IN $ MILLION)
FIGURE 25: GLOBAL
AUTOMOTIVE STEERING SYSTEM MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 26: UNITED
STATES AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 27: CANADA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 28: UNITED
KINGDOM AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 29: GERMANY
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 30: FRANCE
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 31: SPAIN
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 32: ITALY
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 33: RUSSIA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 34: REST OF
EUROPE AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 35: CHINA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 36: JAPAN
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 37: INDIA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 38: SOUTH KOREA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 39: ASEAN
COUNTRIES AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 40: REST OF
ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 41: BRAZIL
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 42: MEXICO
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 43: REST OF
LATIN AMERICA AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 44: TURKEY
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 45: SOUTH AFRICA
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 46: MOROCCO
AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $ MILLION)
FIGURE 47: REST OF
MIDDLE EAST & AFRICA AUTOMOTIVE STEERING SYSTEM MARKET 2021-2028 (IN $
MILLION)