NEW YORK, July 19, 2023 /PRNewswire/ -- The automotive rack and pinion steering system market size is estimated to grow by USD 5.25 billion from 2022 to 2027. The market is estimated to accelerate at a CAGR of 5.06%, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including BorgWarner Inc., China Automotive Systems Inc., HL Mando Co. Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Kaz Technologies, Knorr Bremse AG, Mando Aftermarket North America, Nexteer Automotive Group Ltd., NSK Ltd., Rane Holdings Ltd., Robert Bosch GmbH, ThyssenKrupp AG, and ZF Friedrichshafen AG, among others. Download a Sample Report Now!
Automotive Rack And Pinion Steering System Market Insights -
- Vendors: 15+, Including , BorgWarner Inc., China Automotive Systems Inc., HL Mando Co. Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Kaz Technologies, Knorr Bremse AG, Mando Aftermarket North America, Nexteer Automotive Group Ltd., NSK Ltd., Rane Holdings Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG, among others.
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Application (Passenger car and Commercial Vehicle), Type (Electronic, Electro-hydraulic, Hydraulic, and Manual), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
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Major Drivers - The rising adoption of electric power steering drives the automotive rack and pinion steering system market growth during the forecast period. One of the main advantages of electric power steering is that it improves fuel efficiency in vehicles. There is rising adoption of electric power steering in various passenger segment cars, especially entry-level variants. The cost of electric power steering with its component is relatively higher than hydraulic power steering system, which will increase the revenue and profit margin for manufacturers. Additionally, the key feature of the rack and pinion steering gear is that it is activated with the help of actuators, and there is no mechanical link between the steering wheel and steering gear. Hence, such factors are expected to drive the automotive rack and pinion steering system market growth during the forecast period.
Significant Trends - The growing popularity of the steer-by-wire system is a primary trend in the automotive rack and pinion steering system market during the forecast period. The steer-by-wire system mechanism includes a steering wheel angle sensor embedded in the steering wheel, which transmits a signal to the steering actuator. The pinion angle sensor enables pinon movement over the rack with the aid of an electric motor. Hence the pinion in the steer-by-wire system does the function of an electrical actuator to support wheel movement. Thus, such a mechanism is expected to enhance vehicle performance and increase fuel efficiency, as well as minimize manufacturing and operating costs. Furthermore, the profit from this steer-by-wire system segment is expected to be high as it is new in the market. Hence, the introduction of a steer-by-wire system with a rack and pinion steering gear is expected to positively impact the market, which in turn will drive the automotive rack and pinion steering system market growth during the forecast period.
Key Challenges - The increasing cost of raw materials is expected to impede the automotive rack and pinion steering system market growth during the forecast period. Due to the rising requirement for enhancing fuel efficiency, most automotive manufacturers are reducing the weight of the vehicle without compromising on performance. Thus, in order to reduce the weight of the vehicles, most manufacturers are using aluminum components due to their lightweight and superior performance. As there is increasing adoption of aluminum components across automotive manufacturers, the higher aluminum prices are significantly impacting their profit margin. Furthermore, several sanctions on suppliers of raw aluminum have significantly contributed to the increase in the price of aluminum. Hence, such factors are expected to hinder the automotive rack and pinion steering system market growth during the forecast period.
The automotive rack and pinion steering system market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this Automotive Rack And Pinion Steering System Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the automotive rack and pinion steering system market between 2023 and 2027
- Precise estimation of the automotive rack and pinion steering system market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the automotive rack and pinion steering system market across APAC, North America, Europe, South America, and the Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of automotive rack and pinion steering system market vendors
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Automotive Rack And Pinion Steering System Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.06% |
Market growth 2023-2027 |
USD 5.25 billion |
Market structure |
Concentrated |
YoY growth 2022-2023 (%) |
4.64 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BorgWarner Inc., China Automotive Systems Inc., HL Mando Co. Ltd., Hyundai Mobis Co. Ltd., JTEKT Corp., Kaz Technologies, Knorr Bremse AG, Mando Aftermarket North America, Nexteer Automotive Group Ltd., NSK Ltd., Rane Holdings Ltd., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global automotive rack and pinion steering system market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on global automotive rack and pinion steering system market 2017 - 2021 ($ billion)
- 4.2 Application Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
- 4.3 Type Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 30: Chart on Application - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
- 6.2 Comparison by Application
- Exhibit 32: Chart on Comparison by Application
- Exhibit 33: Data Table on Comparison by Application
- 6.3 Passenger car - Market size and forecast 2022-2027
- Exhibit 34: Chart on Passenger car - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Data Table on Passenger car - Market size and forecast 2022-2027 ($ billion)
- Exhibit 36: Chart on Passenger car - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Passenger car - Year-over-year growth 2022-2027 (%)
- 6.4 Commercial vehicle - Market size and forecast 2022-2027
- Exhibit 38: Chart on Commercial vehicle - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Data Table on Commercial vehicle - Market size and forecast 2022-2027 ($ billion)
- Exhibit 40: Chart on Commercial vehicle - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Commercial vehicle - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Application
- Exhibit 42: Market opportunity by Application ($ billion)
- Exhibit 43: Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 44: Chart on Type - Market share 2022-2027 (%)
- Exhibit 45: Data Table on Type - Market share 2022-2027 (%)
- 7.2 Comparison by Type
- Exhibit 46: Chart on Comparison by Type
- Exhibit 47: Data Table on Comparison by Type
- 7.3 Electronic - Market size and forecast 2022-2027
- Exhibit 48: Chart on Electronic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 49: Data Table on Electronic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 50: Chart on Electronic - Year-over-year growth 2022-2027 (%)
- Exhibit 51: Data Table on Electronic - Year-over-year growth 2022-2027 (%)
- 7.4 Electro-hydraulic - Market size and forecast 2022-2027
- Exhibit 52: Chart on Electro-hydraulic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 53: Data Table on Electro-hydraulic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 54: Chart on Electro-hydraulic - Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Electro-hydraulic - Year-over-year growth 2022-2027 (%)
- 7.5 Hydraulic - Market size and forecast 2022-2027
- Exhibit 56: Chart on Hydraulic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 57: Data Table on Hydraulic - Market size and forecast 2022-2027 ($ billion)
- Exhibit 58: Chart on Hydraulic - Year-over-year growth 2022-2027 (%)
- Exhibit 59: Data Table on Hydraulic - Year-over-year growth 2022-2027 (%)
- 7.6 Manual - Market size and forecast 2022-2027
- Exhibit 60: Chart on Manual - Market size and forecast 2022-2027 ($ billion)
- Exhibit 61: Data Table on Manual - Market size and forecast 2022-2027 ($ billion)
- Exhibit 62: Chart on Manual - Year-over-year growth 2022-2027 (%)
- Exhibit 63: Data Table on Manual - Year-over-year growth 2022-2027 (%)
- 7.7 Market opportunity by Type
- Exhibit 64: Market opportunity by Type ($ billion)
- Exhibit 65: Data Table on Market opportunity by Type ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 67: Chart on Market share by geography 2022-2027 (%)
- Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 69: Chart on Geographic comparison
- Exhibit 70: Data Table on Geographic comparison
- 9.3 APAC - Market size and forecast 2022-2027
- Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.4 North America - Market size and forecast 2022-2027
- Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.5 Europe - Market size and forecast 2022-2027
- Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.6 South America - Market size and forecast 2022-2027
- Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.8 US - Market size and forecast 2022-2027
- Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.9 China - Market size and forecast 2022-2027
- Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.10 Japan - Market size and forecast 2022-2027
- Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.11 India - Market size and forecast 2022-2027
- Exhibit 103: Chart on India - Market size and forecast 2022-2027 ($ billion)
- Exhibit 104: Data Table on India - Market size and forecast 2022-2027 ($ billion)
- Exhibit 105: Chart on India - Year-over-year growth 2022-2027 (%)
- Exhibit 106: Data Table on India - Year-over-year growth 2022-2027 (%)
- 9.12 Germany - Market size and forecast 2022-2027
- Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 111: Market opportunity by geography ($ billion)
- Exhibit 112: Data Tables on Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 113: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 115: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 116: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 117: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 118: Matrix on vendor position and classification
- 12.3 BorgWarner Inc.
- Exhibit 119: BorgWarner Inc. - Overview
- Exhibit 120: BorgWarner Inc. - Business segments
- Exhibit 121: BorgWarner Inc. - Key news
- Exhibit 122: BorgWarner Inc. - Key offerings
- Exhibit 123: BorgWarner Inc. - Segment focus
- 12.4 China Automotive Systems Inc.
- Exhibit 124: China Automotive Systems Inc. - Overview
- Exhibit 125: China Automotive Systems Inc. - Business segments
- Exhibit 126: China Automotive Systems Inc. - Key news
- Exhibit 127: China Automotive Systems Inc. - Key offerings
- Exhibit 128: China Automotive Systems Inc. - Segment focus
- 12.5 HL Mando Co. Ltd.
- Exhibit 129: HL Mando Co. Ltd. - Overview
- Exhibit 130: HL Mando Co. Ltd. - Product / Service
- Exhibit 131: HL Mando Co. Ltd. - Key offerings
- 12.6 Hyundai Mobis Co. Ltd.
- Exhibit 132: Hyundai Mobis Co. Ltd. - Overview
- Exhibit 133: Hyundai Mobis Co. Ltd. - Business segments
- Exhibit 134: Hyundai Mobis Co. Ltd. - Key news
- Exhibit 135: Hyundai Mobis Co. Ltd. - Key offerings
- Exhibit 136: Hyundai Mobis Co. Ltd. - Segment focus
- 12.7 JTEKT Corp.
- Exhibit 137: JTEKT Corp. - Overview
- Exhibit 138: JTEKT Corp. - Business segments
- Exhibit 139: JTEKT Corp. - Key news
- Exhibit 140: JTEKT Corp. - Key offerings
- Exhibit 141: JTEKT Corp. - Segment focus
- 12.8 Kaz Technologies
- Exhibit 142: Kaz Technologies - Overview
- Exhibit 143: Kaz Technologies - Product / Service
- Exhibit 144: Kaz Technologies - Key offerings
- 12.9 Knorr Bremse AG
- Exhibit 145: Knorr Bremse AG - Overview
- Exhibit 146: Knorr Bremse AG - Business segments
- Exhibit 147: Knorr Bremse AG - Key news
- Exhibit 148: Knorr Bremse AG - Key offerings
- Exhibit 149: Knorr Bremse AG - Segment focus
- 12.10 Mando Aftermarket North America
- Exhibit 150: Mando Aftermarket North America - Overview
- Exhibit 151: Mando Aftermarket North America - Product / Service
- Exhibit 152: Mando Aftermarket North America - Key offerings
- 12.11 Nexteer Automotive Group Ltd.
- Exhibit 153: Nexteer Automotive Group Ltd. - Overview
- Exhibit 154: Nexteer Automotive Group Ltd. - Business segments
- Exhibit 155: Nexteer Automotive Group Ltd. - Key news
- Exhibit 156: Nexteer Automotive Group Ltd. - Key offerings
- Exhibit 157: Nexteer Automotive Group Ltd. - Segment focus
- 12.12 NSK Ltd.
- Exhibit 158: NSK Ltd. - Overview
- Exhibit 159: NSK Ltd. - Product / Service
- Exhibit 160: NSK Ltd. - Key offerings
- 12.13 Rane Holdings Ltd.
- Exhibit 161: Rane Holdings Ltd. - Overview
- Exhibit 162: Rane Holdings Ltd. - Product / Service
- Exhibit 163: Rane Holdings Ltd. - Key offerings
- 12.14 Robert Bosch GmbH
- Exhibit 164: Robert Bosch GmbH - Overview
- Exhibit 165: Robert Bosch GmbH - Business segments
- Exhibit 166: Robert Bosch GmbH - Key news
- Exhibit 167: Robert Bosch GmbH - Key offerings
- Exhibit 168: Robert Bosch GmbH - Segment focus
- 12.15 thyssenkrupp AG
- Exhibit 169: thyssenkrupp AG - Overview
- Exhibit 170: thyssenkrupp AG - Business segments
- Exhibit 171: thyssenkrupp AG - Key offerings
- Exhibit 172: thyssenkrupp AG - Segment focus
- 12.16 ZF Friedrichshafen AG
- Exhibit 173: ZF Friedrichshafen AG - Overview
- Exhibit 174: ZF Friedrichshafen AG - Business segments
- Exhibit 175: ZF Friedrichshafen AG - Key news
- Exhibit 176: ZF Friedrichshafen AG - Key offerings
- Exhibit 177: ZF Friedrichshafen AG - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 178: Inclusions checklist
- Exhibit 179: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 180: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 181: Research methodology
- Exhibit 182: Validation techniques employed for market sizing
- Exhibit 183: Information sources
- 13.5 List of abbreviations
- Exhibit 184: List of abbreviations
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