Global Automotive Steering System Market Size, Insights, Drivers, Opportunities, By Product (Hydraulic Power Steering, Electro Hydraulic Power Steering, Electronic Power Steering), By Vehicle Type (Passenger Cars, LCVs, HCVs), By Region, Growth, Trends and Forecast from 2019 to 2027
Global Automotive Steering System Market Size, Insights, Drivers, Opportunities, By Product (Hydraulic Power Steering, Electro Hydraulic Power Steering, Electronic Power Steering), By Vehicle Type (Passenger Cars, LCVs, HCVs), By Region, Growth, Trends and Forecast from 2019 to 2027
Historic years: 2015 to 2017 Base Year: 2018 Forecast Years: 2019 to 2027
Number of pages: 100 Category: Automotive Report Id: MISAU5005
Market Insights
The global automotive steering system market was valued at USD 31.18 billion in 2018 and is estimated to reach a value of USD 54.50 billion in 2027. The market is projected to rise at a CAGR of 6.40% over the forecast period of 2019 to 2027. The rise in sales from manufacturing countries to the emerging markets leads the sales of the quality products and drives the growth of the automotive steering system industry. Additionally, the rise in the disposable income has continuously helped the segment to climb. Moreover, the inclination of the market towards comfort and the fuel-efficient systems are estimated to maintain the growth in the automotive steering system market over the forecast period.Global automotive steering system market size by region, 2018 (USD Billion)
Primary and secondary researchers have identified China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH as the top players in the global automotive steering system market. However, upon analysis of the segment, it is observed that factors such as company revenue, industry trends towards selecting a particular group and penetration of the automotive steering system companies in different vehicle categories play a significant role.
The growth is anticipated because of the changing lifestyle patterns of consumers. Also the continuous demand of quality and premium products along with the popularity of the hybrid and electric vehicles in the industry is affecting the rise of the industry. The competition is high in the automotive steering system market due to the number of established players in the industry. The entry of new players creates the demand of the innovative production in the automotive steering system, thereby increasing the growth of the product over the forecast period.
Product Insights
Electronic power steering is estimated to be the largest segment holding a share of about 59.95% share. In 2018, the electronic power steering segment was estimated to be USD 18.69 billion and is expected to reach USD 31.96 billion in 2027 with a CAGR of 6.14% over the period of 2018 to 2027. The rising concerns about fuel efficiency among the consumers with the demand for high comfort and premium systems drives the growth of the segment over the forecast period. Moreover, the advanced control over the vehicle and the high efficiency through the electro hydraulic power steering helps this category to grow at a fastest growth of about 7.97% over the forecast period.Vehicle Type Insights
Passenger cars are the largest segment and are expected to grow at a CAGR of 5.82% over the forecasted period of 2019 to 2027. The rising sales of vehicles due to the technological advancements such as hybrid and electric vehicles creates a high demand. The rise in the commercial growth in different sectors anticipates LCVs being a fastest segment with a CAGR of 8.45% over the forecast period.Global automotive steering system market value share by vehicle type, 2027 (%)
Regional Insights
As of 2018, Asia Pacific accounts for the largest share in the automotive steering system industry, with a revenue of USD 12.83 billion. The larger inclination of the commercial and passenger vehicles towards the growth in high class population provides the region, a reasonable demand from the global market. The rise of the electronic manufacturing industry in countries such as Taiwan, South Korea, Malaysia and Thailand drives the growth of the market over the forecast period. The report is a thorough market study which includes top companies, their annual presentations, industry publications, press releases and their drivers, opportunities, trends and the market understanding through different modes (Product, Vehicle Type and Regional analysis) with growth factors and future expectancies in the automotive steering system market.Research Methodology
The following report consists of market analysis including both primary and secondary research. Primary research comprises the interaction between manufacturers, industry experts and channel partners, while the secondary research presents an analytical interpretation of relevant publications which contains details like proprietary databases, purchased database, company annual reports, and financial reports. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.Segments covered in the report
Product Outlook- Hydraulic Power Steering
- Electro Hydraulic Power Steering
- Electronic Power Steering
- Passenger Cars
- LCVs
- HCVs
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Middle East & Africa
- All market drifts, drivers and opportunities
- Understanding the dynamics of the parent market
- Prime fluctuations of the business dynamics
- Historical, current, and projected size of the market with respect to production and sales
- Segmentation and comprehensive analysis in the second or third level
- Reporting and evaluation of recent industry developments
- Detailed profiling of leading companies
- Opportunities to newer trends in global, regional and country markets
- Analyzing the trajectory line of the business
- Measures to consider for automotive electronics products in the industry