New York, U.S., Nov. 25, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “Automotive guidance systems market By Steering System, By Components, By Vehicle Type and By End Market Forecast to 2030”, the global Automotive Steering Systems Market is projected to achieve remarkable growth, with a CAGR of 5.1% during the period under review (2022-2030).
Automotive Steering System market overview
The automotive steering systems market demonstrates rapid revenue growth. Factors like growing per capita income, effective marketing by the automotive industry and others drive the growth of the market.
Due to the explosive growth of the automotive industry, automotive steering systems are in steadily increasing demand among the OEM and aftermarket. The large demand, especially from developing regions, confirms the market shares. Steering controls a vehicle by using a series of links, pivots, rods and gears around the vertical axis to follow a specific path.
The major players of the global automotive steering systems market include,
- Mitsubishi Electric Corporation (Japan)
- TRW Automotive Holdings (USA)
- Sona Koyo Steering System Ltd. (India)
- Nexteer Automotive (USA)
- JTEKT Corporation (Japan)
- Thyssenkrupp Presta (United States)
- 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 switching 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 market. Electric vehicles are zero emission vehicles and are globally considered to be the future of the transportation system. Many countries around the world have focused on the development and adoption of electric vehicles to reduce vehicular pollution. This challenging 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 lead to increased market penetration. Additional factors boosting the market’s revenue include the middle-class dream of owning a car and the effective marketing of companies. The growth of car loans at subsidized rates and the spread of tourism are other market drivers.
Technological improvements are bound to change the market. Intelligent determination of driver alertness and driving mode is pursued by integrating sensors into the steering mechanism, which detect the position of the driver’s hands and grip on the steering wheel. The market is switching to electric automotive steering systems, which are more efficient than traditional hydraulic systems as they only work when they are running.
Automotive Steering System Market Scope:
|CAGR of Automotive Steering Systems Market 2022-2030||5.1%|
|Main market opportunities||Many countries around the world have focused on the development and adoption of electric vehicles to reduce vehicular pollution
Electric vehicles are zero emission vehicles and are globally considered to be the future of the transportation system
|Key market drivers||Development of new products, such as the development of automotive electric power steering
Increase in auto loans due to low interest rates increasing vehicle sales and increased automobile production
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Automotive guidance system market segments
The market is segmented into steering systems, components, sales channels, vehicle types, and regions. The steering system segment is divided into manual, electrically powered, electro-hydraulically powered, and hydraulically powered. The components segment is divided into hydraulic pumps, steering columns and sensors, electric motors and others.
The sales channel segment is divided into OEM and aftermarket. The vehicle type segment is divided into commercial trucks and passenger vehicles based on the types of propulsion and others. The regional segment is divided into Europe, North America, Asia-Pacific and Rest of the world.
Regional analysis of the Automotive Steering System market
North America is the largest market for automotive steering systems. The significant market share is attributed to the high per capita and growing automotive industry in the region. The presence of major automotive players and suppliers of automotive components and solutions drives the automotive steering systems market in North America. North America is likely to remain a very attractive market for automotive steering systems during the forecast period.
Europe is another larger market for automotive steering systems. Established automotive industries, especially in Germany, Italy and Sweden, increase market revenues. Furthermore, the well-established automotive sector and automobile manufacturing companies in this region are driving the growth of the market. In addition, growing consumer purchasing power and luxury auto spending, coupled with significant demand for light-duty and fuel-efficient vehicles in the region, is expected to provide significant market growth opportunities.
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The Asia-Pacific region is a sizable market for automotive steering systems. Large capacity expansions in China and India support market growth. Furthermore, the growing per capita income and the development of road networks strengthen the market size of automotive guidance systems. Furthermore, the availability of manpower and raw materials at competitive costs positions the region as a leading player in the automotive drive systems market.
Global players and start-ups are capitalizing on these opportunities in the region by establishing new factory facilities, which are expected to boost the automotive steering systems market during the evaluation period. The APAC Automotive Steering System Market is expected to register the fastest CAGR in the coming period.
Competitive Landscape of the Automotive Steering System Market
The Automotive Steering Systems market appears highly competitive due to several established players forming a competitive landscape. The market is mainly a captive market of the automotive industry, and therefore suppliers depend on the car manufacturers, which exert price pressure. Being a B2B marketplace, it also gives automotive companies insight into supplier dynamics, resulting in profit squeeze.
Therefore, integrating suppliers into the production chain is a primary strategy for many manufacturers. Automotive steering system manufacturers use a variety of distribution channels to take advantage of the aftermarket segment. They invest more and more in R&D and production units, looking at inbound lead generation. New players enter the market with aggressive pricing to beat established suppliers and gain a foothold in international markets.
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- For example, on 17 November 2022, Lexus introduced an F1 car-like or airplane-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 upper and lower sections from a conventional steering system, making it easier to get in and out of the vehicle and providing a clearer view of the instrument cluster.
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