What is Car Steering Systems Market?
The car steering system is defined as the system which is used to control the direction of a vehicle's motion. The demand for car steering systems has increased, due to the rise in the number of passengers across the world. For instance, according to the Government of India, in 2017, the Indian auto industry became the 4th largest in the world with sales growing more than 9.5% year-on-year to 4.02 million units. Therefore, the rising number of the auto industry across the world and rising disposable income in developing countries are some of the major drivers which are propelling the growth of the market.
Highlights from Car Steering Systems Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Robert Bosch GmbH (Germany), TRW Automotive Holdings Corp. (United States), Nidec Corporation (Japan), Nexteer Automotive (United States), ZF Friedrichshafen AG (Germany), Mitsubishi Electric Corporation (Japan), The Mando Corporation (South Korea), JTEKT Corporation (Japan), Hyundai Mobis Co. Ltd. (South Korea) and Beijing Hainachuan Automotive Parts Co., Ltd. (China) |
Car Steering Systems is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Car Steering Systems market throughout the forecasted period.
Robert Bosch GmbH (Germany), TRW Automotive Holdings Corp. (United States), Nidec Corporation (Japan), Nexteer Automotive (United States), ZF Friedrichshafen AG (Germany), Mitsubishi Electric Corporation (Japan), The Mando Corporation (South Korea), JTEKT Corporation (Japan), Hyundai Mobis Co. Ltd. (South Korea) and Beijing Hainachuan Automotive Parts Co., Ltd. (China) are some of the key players profiled in the study. Car Steering Systems Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Hatchback, Sedan, SUV, Crossover, Coupe and Others |
Type | Manual System {Rack & Pinion, Worm & roller} and Power System {Hydraulic, Electrical} |
Component | Steering Column,Sensor,Steering Motor,Other |
On the basis of geography, the market of Car Steering Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technology Advancement regarding Car Steering System
Market Growth Drivers:
Increase in Demand for automotive owing to rise in Disposable Income of Consumers and Growing Demand for Automotive and Adoption of Power Steering System
Challenges:
High Cost Associated with Power Steering System
Restraints:
Issue related to Low Penetration of Power Steering in Low Segment Vehicles
Opportunities:
Growing Demand from Emerging Economics such as China, India, among others
Key Target Audience
Manufacturers of Car Steering System, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
Market Leaders & Development Strategies
In December 2020, CNXMotion announced Brake-to-Steer (BtS), leveraging technology building blocks from parent companies Nexteer Automotive and Continental. This technology provides driver safety with an additional layer of directional control for highly automated autonomous vehicles.
In April 2017, the Dongfeng Motor Group Co., Ltd. (China) Company and Nexteer Automotive Group (United States) Company has formed an equal joint venture to design as well as make electric power steering systems for Dongfeng passenger vehicles. Hence, it will affect the growth of the market in the future.