About Automotive Steering Systems
The steering system contains the components which allow the driver to turn the front wheels of the vehicle, and for a few vehicles, delivers for a limited amount of steering by the rear wheels. The overall function of the steering system has not changed much since the earliest days of the automobile. The basic function of the steering system is to permit the driver to safely and precisely steer the vehicle. Elsewhere, the steering system also provides a way to reduce driver effort by making the act of steering the vehicle easier. The mechanisms of the steering system also absorb some of the road shock before it gets to the driver. The things that have changed mainly have to do with increased ease and effectiveness of operation and longer-lasting components which require less maintenance.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that Japanese Vendors will contribute the maximum growth to Global Automotive Steering Systems market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
China Automotive Systems, Inc. (China), Hyundai Mobis Co., Ltd (South Korea), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexteer Automotive Group Limited (United States), TRW Automotive Holdings (United States), NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Showa Corporation (Japan) and Thyssenkrupp AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Sona Koyo Steering Systems Ltd (India) and Mando Corporation (South Korea).
Segmentation Overview
AMA Research has segmented the market of Global Automotive Steering Systems market by Type (Electronic Power Steering, Hydraulic Power Steering and Electro-Hydraulic Power Steering) and Region.
On the basis of geography, the market of Automotive 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). If we see Market by Vehicle Type, the sub-segment i.e. Passenger Vehicle will boost the Automotive Steering Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Safety Features, the sub-segment i.e. With ABS/ESP will boost the Automotive Steering Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Consumer Preference towards Driving Comfort
Market Growth Drivers:
Increasing Demand of Automotive Across the Globe and Rising Adoption of Power Steering System
Challenges:
Less Penetration of Power Steering in Low Segment Vehicles
Restraints:
High Cost Associated With Steering System
Opportunities:
Advent of Drive-By-Wire Technology
Market Leaders and their expansionary development strategies
On June 7, 2019 - NSK Ltd. and Volkswagen AG have announced today a formal cooperation agreement between the two companies' steering divisions with the aim to further increase the power of innovation in steering.
In October 2021, Hyundai Mobis developed a folding steering system technology that can fold and unfold the steering wheel. This technology is attracting attention as an innovative technology optimized for future mobility vehicles as it can secure driver's seat space and bring design innovation.
Key Target Audience
Manufacturers of Automotive Steering Systems, Suppliers of Raw Materials, Automotive Industry, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.