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The global automotive steering system market size was valued at USD 17.1 billion in 2018 and is projected to reach USD 25.4 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period.
Globally, the increasing demand for vehicles has directly driven the automotive steering system market growth. Many manufacturers are working on innovative technologies for the steering system. A variety of technologies, such as Steer by Wire (SbW) and control technology are being implemented in the automotive steering system. Steer by Wire (SbW) technology provides various benefits for the safety and performance of the vehicle. The SbW technology replaces the mechanical steering connection between wheel in hands and wheel on the roads by electronics, algorithms, and actuators. It offers precise and quicker steering response and also acts as a vibration restraint by keeping vibrations of the roads away from the driver. Furthermore, it provides weight reduction, lowered maintenance costs, and thus, makes the design of the autonomous car easier. For example, the Infiniti, a subdivision of the automaker Nissan for luxury vehicles, has introduced the Steer by Wire (SbW) technology in their Q50 model variant.
The demand for smooth driving has increased owing to the usage of construction machinery and hybrid loader worldwide. Hence, this factor is expected to propel the automotive steering system market growth for commercial vehicles. The modern steering system uses a variety of other assistance systems to deliver a superior ride and better feedback. This effective steering system increases the vehicle’s fuel efficiency. Besides, growing demand for fuel-efficient vehicles by the consumers is expected to drive the automotive steering system market revenue. The persistent development in the steering system has led to drastic changes from the manual steering system to the power assist steering system.
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The steering system is used to control the direction of the vehicle's motion and help the driver to maneuver the car in tight situations with ease. The steering system consists of components, such as steering column, rack and pinion mechanism, universal joints, and steering wheel. The steering system is a non-replaceable component of the vehicle and is accountable for the vehicle’s effective control, thus making it an important element for the automobile. Furthermore, a rise in the cost of the innovative steering system increases the overall vehicle’s value. Henceforth, this factor may hamper the automotive steering system market growth.
“Increasing Production of Automobiles in Developing Countries to Propel Market Over the Forecast Period”
The increased production of automobiles in developing countries, such as China and India is expected to drive the automotive steering system market growth over the forecast period. The abundant availability of raw material as well as labor at cheaper costs in developing countries are likely to help in driving the growth of the production rate of automobile manufacturers, which, in turn, would simultaneously boost the demand for steering system. The increasing sale of automobiles in the developing countries such as India and China, owing to the rising disposable income of the individuals would also result in the growth of the automotive steering system market. Therefore, the global automotive steering system market is estimated to witness an escalating growth rate over the forecast period.
“Increasing Demand for Fuel-efficient Vehicle is Expected to Drive Market”
The increasing demand for fuel-efficient vehicles with effective steering system is expected to propel the growth of the market over the forecast period. Strict guidelines by the government bodies for fuel efficiency of vehicles is also one of the primary automotive steering system market trends. The growing preference for smooth and highly comfortable driving experience is likely to skyrocket the demand for automotive steering system market. Apart from that, the rising demand for high-tech automotive steering system from the developing countries such as India and China is also fueling the growth of the market over the forecast period.
“Electric Power Steering Segment to Dominate: Rising Usage by Automakers Will Favor Growth”
By type, further, the automotive steering system market is segmented into electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). The electric power steering segment is anticipated to dominate the market over the forecast period owing to the increasing implementation of electric power steering by the automakers in all vehicle models. Advancement in the electric power steering to steer by wire technology is also anticipated to drive the growth of this segment in the market.
The hydraulic power steering segment is expected to show good growth in the market over the forecast period owing to its high usage in commercial vehicles. The electric power steering fails to work in commercial vehicles because of its limited load-bearing capacity. Additionally, hydraulic power steering is capable of absorbing road shocks.
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The manual steering segment is expected to showcase a steady growth in the market owing to its leakage, less durability, and vibration properties. It requires substantial human efforts to steer the wheel of the vehicle.
The electro-hydraulic power steering segment is expected to exhibit significant growth in the automotive steering market during the forecast period. It provides smooth and superior handling as compared to the conventional hydraulic power steering. It also improves fuel economy by using electric power instead of engine-drawn power.
“Passenger Cars Segment is Anticipated to Dominate the Market Over the Forecast Period”
Based on vehicle type, the automotive steering system market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market during the forthcoming period owing to the increasing sales and production in developing countries in Asia Pacific. The growing adoption of electric power steering system in passenger cars is also likely to propel the growth of this segment in the market.
The light commercial vehicle segment is also expected to show splendid growth in the market. The hydraulic power steering system is mostly used in light commercial vehicles. Also, growing demand for logistics operations for trade activities is likely to drive the growth of this segment in the market.
The heavy commercial vehicle segment is expected to exhibit steady growth in the market in the near future, owing to lower sales and production in the volume of commercial vehicles as compared to passenger cars.
Asia Pacific is expected to dominate the automotive steering system market over the forecast period. The increasing sales and production of automakers from developing countries are expected to propel the automotive steering system market growth in this region. The demand for high-end luxury cars and the increasing disposable income of consumers in the developing countries are also projected to propel the growth of market in this region.
North America Automotive Steering Systems Market Size, 2018
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Europe is expected to be the second-largest market shareholder and is also anticipated to showcase a considerable growth in the market during the forecast period. Government regulations for the efficiency of fuel in this region have led to the rise in the adoption of fuel-efficient vehicles that are equipped with an effective steering system. This factor is expected to drive the growth of the market in this region.
North America is also expected to show good growth in the automotive steering system market over the forecast period. It is the second-largest market of the hydraulic power steering system, with a few of the major automakers present in Canada and the U.S. This factor is expected to propel the growth of this region in the market.
“Key Market Players are Developing Latest Technology to Gain More Traction in Market”
The global automotive steering system market is dominated by some of the leading companies on account of their critical strategic decisions, robust product portfolio, and dominance of market share. The group of key companies possess more extensive geographic presence and persistent R&D, which in turn, is resulting in the secure regulatory approvals.
The increased production of automobiles in developing countries is expected to increase the global automotive steering system market growth.
An Infographic Representation of Automotive Steering System Market
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments, such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in the steering system, key strategies adopted by market leaders, competitive landscape, and company profiles.
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Volume (Million Units) & Value (USD Billion)
By Vehicle Type
Fortune Business Insights says that the global automotive steering system market was valued at USD 17.1 billion in 2018 and is projected to reach USD 25.4 billion by 2026.
In 2018, the global automotive steering system market was valued at USD 17.1 billion in 2018.
Growing at a CAGR of 5.2%, the global automotive steering system market will exhibit steady growth in the forecast period (2019-2026)
The steering system type is expected to be the leading segment in the global automotive steering system market.
Increasing production of automobiles in the developing countries will be the key factor driving the global automotive steering system market growth.
Nexteer Automotive Group Limited, NSK Ltd, and Showa Corporation are the top players in the global automotive steering system market.
Asia-Pacific is expected to hold the highest market share in the global automotive steering system market.
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