Automotive Steering System Market worth $39.5 billion by 2027- Exclusive Report by MarketsandMarkets™

CHICAGO , Feb. 14, 2023 /PRNewswire/ -- Automotive Steering System Market is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% according to a new report by MarketsandMarkets™. Increasing global vehicle production is the key factor driving the demand for automotive filters. Additionally, rising stringency in emission, fuel economy, and safety regulations will fuel the demand for automotive filters such as brake dust, DPF, GPF, & Urea. In addition, the increase in sales of electric vehicles would drive the demand for EMI/EMC filters. 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=940

Browse in-depth TOC on "Automotive Steering System Market"

324 - Tables
66 - Figures
305 - Pages

Automotive Steering System Market Scope:

The rapid adoption of Electric Vehicles (EVs) worldwide creates a huge demand for Electrical Power Steering (EPS) and Steer-by-Wire (SbW) steering systems. Integration of Advanced Driver Assistance Systems (ADAS) with EPS has helped OEMs to introduce new and improved steering features which customers have widely accepted. This software integration is likely to boost demand for EPS in other vehicle segments. As more commercial EVs are introduced in the market, the demand for EPS in these vehicles will witness significant growth. Steer-by-Wire (SbW) technology will be the future of steering systems that will enable better autonomous mobility amongst vehicles.

Electric Power Steering (EPS) will become the mainstream steering system for passenger cars.

Adopting EPS helps reduce vehicular emissions and increases fuel efficiency with improved maneuverability. Owing to this, the penetration of EPS in passenger cars is almost 100%. LCVs are also adopting EPS, especially in North American and European regions, as they have more stringent regulations related to road safety and the environment. Asia Pacific and other developing regions are expected to have EPS as a standard steering system in the coming years. Since passenger cars contribute to > 75% of global vehicle production, EPS systems are expected to dominate the global automotive steering system market.

Column EPS (C-EPS) to be most widely adopted EPS type

There are three types of EPS - namely Column EPS (C-EPS -  electric motor and sensors mounted on the steering column), Pinion EPS (P-EPS - electric motor assist is provided to the pinion of the gear assembly), and Rack EPS (R-EPS - electrical assistance is provided to the rack of the gear assembly). C-EPS is mostly adopted in hatchbacks and smaller sedans vehicle segments which still holds about 38% to 42% of the market share globally. The compact design of C-EPS allows it to be easily installed in smaller spaces. With the rising demand for SUVs, R-EPS is expected to rise as R-EPS has low inertia at large gear reduction ratios suitable for full-sized vehicles such as SUVs. Thus, C-EPS is expected to maintain its market majority share, while R-EPS is expected to be more in demand due to rising SUV sales globally.

Asia Pacific region holds the largest market share in the automotive steering system market in terms of value

The overall vehicle production from Asia Pacific stands >60%, making it the largest automotive steering system market. Asia Pacific has the highest share of passenger car sales, with ~65% of the market share, followed by Europe with >20% market share. The region also holds >75% of the HCVs sold globally, including trucks and buses. An increase in demand for SUVs in this region, which is expected to grow at about CAGR 5%, may hinder the EPS growth as full-sized SUVs have not yet adopted EPS and still rely on Hydraulic Power Steering (HPS). However, the trend is changing with the introduction of electrically assisted hydraulic power steering (E-HPS) where the pump is driven by an electric motor, thus reducing fuel consumption. E-HPS is likely to be adopted more in hybrid commercial vehicles as the power required for EPS can be drawn from the vehicle's battery pack.

Asia Pacific is expected to be less affected by the recession when compared to their western counterparts. Due to the diminishing global production of vehicles due to the economic turndown, the growth rate in this region is expected to fall for the automotive steering system market.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=940

Automotive Steering System Market Dynamics:

Drivers:

1. Stringent fuel emission norms and demand for lightweight systems 

Restraints:

1. Limited load-bearing capacity of EPS systems

Opportunities:

1. Adoption of steer-by-wire technology 

Challenges:

1. Cybersecurity concerns in EPS for connected cars
2. Low customer confidence in adopting steer-by-wire technology for autonomous mobility

Key Market Players:

The automotive steering system market is consolidated, with the presence of five major players JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan). 

Recent Developments:

• In October 2022, Nexteer introduced a new EPS product with a platform design and an expandable electronic control system; mCEPS meets customers' needs for an advanced, customizable, and cost-effective steering system that is flexible to customer packaging and other requirements.
• In September 2022, Hyundai Mobis launched the Dual Actuator Rear Wheel Steering System. The system can reduce the turning radius by up to 25% and improve stability and comfort when the vehicle turns at high speed. It is expected to be useful, particularly on narrow roads and without parking spaces. Furthermore, the demand for rear-wheel steering systems is increasing in electric vehicles with an enlarged wheelbase.
• In May 2022, NSK Ltd. and ThyssenKrupp AG signed a memorandum of understanding to explore a joint venture between NSK Steering and ThyssenKrupp Automotive. The steering businesses of both companies are highly complementary and synergetic in terms of product competencies, geographic footprints, and customer groups. It is expected the combined technological capabilities will enable the joint venture to meet the broad and highly technological needs better

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=940

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Air Suspension Market - Global Forecast to 2027

Brake System Market - Global Forecast to 2027

Drive by Wire Market - Global Forecast to 2027

Automotive Lightweighting Market - Global Forecast to 2027

Automotive Wheels Aftermarket - Global Forecast to 2027

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra 
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automobile-steering-systems-market.asp 
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automobile-steering-systems.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets