Automotive Steering System Market Forecasts to 2030 - Global Analysis By Type, Vehicle Type, Component, Mechanism, Equipment Type and By Geography

According to Stratistics MRC, the Global Automotive Steering System Market is accounted for $36.81 billion in 2023 and is expected to reach $49.43 billion by 2030 growing at a CAGR of 4.3% during the forecast period. An essential component of a vehicle's mobility is its steering system. The steering system's primary duties include turning the vehicle according to the driver's wishes, providing directional stability, translating the steering wheel's rotation into an angular turn of the front wheels, and preventing road stress from reaching the driver's hands. Together with the suspension system, the steering system controls and stabilizes the vehicle. The front wheels receive the operator's movements at the steering wheel.

According to the Office for National Statistics (UK), sales of steering wheels, steering columns, steering boxes, and their parts for tractors, automobiles, and other motor vehicles peaked in 2016, totaling approximately 232 million British pounds.

Market Dynamics:

Driver:

Adoption of power steering system

The power steering system is a development in the automobile industry from manual steering systems, which solely employ mechanical connections like rack and pinion. The manual steering mechanism has drawbacks for the vehicle's mobility and fuel economy. However, the power steering system includes hydraulic and electrical parts that help with driving while also enhancing the vehicle's economy. As a result, the power steering system is extensively used all over the world. The rise in demand for steering systems in the automobile sector is due to an increase in the use of power-assisted steering.

Restraint:

Technological innovations

Traditional hydraulic power steering (HPS) systems are constrained by the quick development of autonomous driving technologies like steer-by-wire and electric power steering (EPS) systems. Benefits of these new technologies include increased vehicle control, better fuel economy, and integration with advanced driver-assistance systems (ADAS). As a result, these cutting-edge steering systems are becoming more popular, which may impede the development of conventional steering technologies.

Opportunity:

Increasing adoption of sensors

The sensor in the steering column monitors the torque as well as the speed and position of the steering wheel. As a result, these systems employ three different types of sensors: position sensor, steering wheel speed sensor, and torque sensor. These sensors offer the signals as inputs to an ECU, which then gives the steering system the proper output so that anything may happen. In general, torque sensors are non-contact devices. The sensor gauges the driver's inputted steering power, allowing for delicate regulation of the electric steering assistance. But as technology continues to evolve, sensor goods are likewise being continuously updated and enhanced in the automobile sector. During the forecast period, automakers are projected to continue using these upgraded sensor goods for the EPS system at a growing rate.

Threat:

The absence of electrically assisted power steering in mining and construction equipment

The majority of construction and mining machinery, including articulated dump trucks, motor graders, and wheeled loaders, uses articulated steering systems. The vehicle is split into two pieces and joined by a hydraulic system in an articulated steering mechanism, allowing either car's sections to spin while steering. Some equipment employs classic steering methods incorporating rack and pinions for steering capabilities, depending on the size, such as wheeled loaders. Between 50kN and 100kN of force are needed to turn construction or mining machinery. It is difficult to produce these forces with an electric motor. Because any improvement in electric the steering mechanisms of mining and construction equipment would unleash a massive demand for automotive steering system OEMs, this is restricting the market for automotive steering.

COVID-19 Impact:

The automobile sector has suffered from COVID-19, especially the steering market. Lockdowns have led to the closure of industrial facilities as a result of government guidelines and restrictions for the pandemic, which has significantly decreased the production of automobiles and automotive parts. Travel restrictions, transportation issues, and a broken supply chain that has slowed shipments of raw materials throughout the world are just a few of the ways that the epidemic has affected business. Additionally, the market has shrunk as a result of numerous businesses moving their operating plants to other nations.

The electric power steering (EPS) segment is expected to be the largest during the forecast period

The electric power steering (EPS) segment is estimated to have a lucrative growth because the vehicle steering is controlled and supported by the electric power steering with the help of an intelligent electric motor. The control unit determines the ideal steering support based on the steering signal from the torque sensor and delivers the information to the electric motor to offer the required help. All standards for passenger car classes and even light commercial vehicles are covered by the EPS variations. The motor torque is transmitted differently depending on the variation. The EPS may support a variety of vehicle characteristics in addition to calculating the steering assistance based on the steering torque which propels the growth of the market.

The heavy commercial vehicles segment is expected to have the highest CAGR during the forecast period

The heavy commercial vehicles segment is anticipated to witness the highest CAGR growth during the forecast period, as the automotive steering system and an electronic drive and control unit are creatively combined to provide the automotive steering system for heavy commercial vehicles. The system provides numerous driver aids features, speed-dependent steering assistance with active reverse, and supports automated driving operations. The second hydraulic circuit that was formerly necessary for commercial vehicles with two steerable axles is likewise replaced by the superimposed electrical circuit which further enhances the growth of the market.

Region with largest share:

Europe is projected to hold the largest market share during the forecast period owing to the sales of electric vehicles set a record in 2021 in Europe. Although they entered the EV industry slowly, European manufacturers have swiftly become major participants. Many governments have also developed different programs, incentives, and regulations to boost the use of electric cars. Electric power steering (EPS) and other lightweight steering systems are anticipated to be in demand throughout the projected period due to the rising sales of electric vehicles. As a result of the aforementioned improvements, the automobile steering industry in the area is predicted to expand quickly.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to improved driving comfort and greater fuel economy, EPS technology is quickly becoming popular, particularly in passenger cars and light commercial vehicles, which is likely to fuel market expansion in China. In addition, due to the creative automotive firms' shift to lower-emission automobiles, Japan has a high rate of auto electrification. In recent years, there has been a significant increase in the use of EPS in passenger automobiles and EHPS in commercial vehicles. When compared to their peers in the west, Asia Pacific is anticipated to experience the recession less severely. Thus the worldwide output of automobiles is likely to decline as a result of the economic downturn, which will result in a slower growth rate for the automotive steering industry in this region.

Key players in the market:

Some of the key players profiled in the Automotive Steering System Market include: Showa Corporation, Robert Bosch GmbH, Nexteer Automotive Corporation, Thyssenkrupp AG , NSK Ltd, China Automotive Systems, Inc, JTEKT Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, TRW Automotive Holdings, Mando Corporation, Hyundai Mobis CO., Ltd, Sona Corporation, ZF Friedrichshafen AG and Hitachi Automotive Systems Limited

Key Developments:

In September 2023, Bosch eBike Systems expands digital theft protection for eBikes. To complement the riding fun with a carefree feeling when parking the eBike, Bosch eBike Systems is now expanding the digital theft protection in the smart system.

In September 2023, TSMC, Bosch, Infineon, and NXP Establish Joint Venture to Bring Advanced Semiconductor Manufacturing to Europe. The project is planned under the framework of the European Chips Act.

In April 2023, Nexteer Automotive announced its Modular Rack-Assist Electric Power Steering (mREPS) system and expanded the Company's cost-effective, modular EPS offerings. Nexteer's mREPS provides flexibility to efficiently meet OEMs' wide-ranging requirements

Types Covered:

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering
• Other Types

Vehicle Types Covered:

• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Cars
• Electric Vehicle
• Other Vehicle Types

Components Covered:

• Steering/Coloumn/Rack
• Hydraulic Pump
• Sensors
• Bearings
• Mechanical Racks & Pinions
• Electric Control Units
• Electric Motor
• Other Components

Mechanisms Covered:

• Collapsible Electric Power Steering
• Rigid Electric Power Steering

Equipment Types Covered:

• Agricultural Tractors
• Construction Equipments
• Other Equipment Types

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances