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Automotive Steering System Market Report, Size with Growth Research 2021 - Comprehensive Insights by Demand Status, Industry Share, Opportunities Forecast to 2027
Automotive Steering System Market
Market Overview
Increasing demand of vehicles owing to the overall increase in disposable income of consumers is the major factor driving the demand for steering system. Global all vehicle sales in 2020 accounted to 77.98 million, compared to 90.4 million sales in 2019. Sales of passenger vehicle stood at 53.6 million in 2020, compared to 24.37 million commercial vehicles. Asia/Oceania/Middle East dominated the sales of all vehicles with 51.4% share in 2020, compared to 48.1% in 2019. Furthermore, Total stock volume of BEVs and PHEVs in China stood at around 3.3 million in 2019, an increase of 46% compared to the stock in 2018. This statement confirms that China had the most electric vehicles in use globally as of 2019. SAIC Motor is the leading electric vehicle manufacturers in China.
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COVID-19 Impact
Increasing disposable income has improved lifestyle of individuals, the trend has increased the overall demand for personal passenger cars with high-end electronics. Overall adoption of advanced technologies is expected to be high in the passenger car segment, owing to the higher production and sales of passenger cars globally, compared to other vehicles.
Automotive Steering System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
• Hydraulic Pump
• Steering Column
• Steering Wheel Speed Sensor
• Electric Motor
Based on Component, Steering Wheel Speed Sensor is expected to witness significant growth during the forecast period. Major automotive manufacturers globally are leveraging autonomous driving systems to provide a seamless experience to automobile users.
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By Technology, the market is primarily studied into:
• Electric Power Steering (EPS)
• Electro-Hydraulic Power Steering (EHPS)
• Hydraulic power steering (HPS)
• Manual Steering
Based on Technology, Electric Power Steering (EPS) dominated the market in 2020 and is expected to witness significant growth during the forecast period. Although hydraulics is considered ideal for amplified steering efforts for parking and moving the vehicles through heavy traffic, they tend to undermine both engine power and fuel economy. In such cases Electric automotive steering systems help to achieve high fuel efficiency.
By Vehicle Type, the market is primarily studied into:
• Passenger Vehicle
• Light commercial vehicle
• Heavy commercial vehicle
Based on Vehicle Type, Owing to high production volume the Passenger Vehicle segment dominate the market and is expected to maintain its dominance throughout the forecast period. Sales of passenger vehicle stood at 53.6 million in 2020, compared to 24.37 million commercial vehicles.
By Sales Channel, the market is primarily studied into:
• Supplies to OEM
• Aftermarket
Automotive Steering System is majorly supplied to the OEMs. European, Japanese, American, Korean, and Chinese car manufacturers dominated the global dominate the automobile industry. In 2020, Toyota managed to produce about 10.5 million vehicles to become the second most valuable car manufacturing company behind Tesla. Volkswagen Group produced around 10.3 million vehicles in 2020.
Automotive Steering System Market Region Segmentation Includes:
• North America
• Europe
• Asia-Pacific
• Rest of World
Based on the estimation, Asia-Pacific dominated the market in 2020. Increasing demand for premium and electric vehicles in countries such as China, Japan and Korea are expected to drive the Asian market. The NEV credit mandate, introduced in 2017, is considered as the major driver for the adoption of electric vehicle in China.
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The major players targeting the market includes:
• Robert Bosch
• Nexteer Automotive Group Limited
• JTEKT Corporation
• DENSO Corporation
• NSK Steering Systems Co., Ltd.
• ZF Friedrichshafen AG
• Hyundai Mobis Co., Ltd.
• Cikautxo India Pvt. Ltd.
• Mitsubishi Electric Automotive America, Inc.
• Mando Corporation
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Steering System Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and advancements in the Automotive Steering System Market?
• Which factors are influencing the Automotive Steering System Market over the forecast period?
• What are the challenges, threats, and risks in the Automotive Steering System Market?
• Which factors are propelling and restraining the Automotive Steering System Market?
• What are the demanding regions of the Automotive Steering System globally?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
Contact
UnivDatos Market Insights
Pawnendra Pawan
Client Development Lead
Ph: +91-7838604911
Email: pawnendra@univdatos.com
Website: https://univdatos.com/
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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