Automotive Steering Market Share, Growth, Opportunities 2031

Report Description

The global automotive steering market size is expected to expand at a CAGR of 5.7% during the forecast period, 2021–2028. The growth of the market is attributed to growing demand for improved steering systems.

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Power steering or power-assisted steering are advanced mechanisms that help drivers to conduct safe drive, save time, and effort by eliminating manual effort of control. Power steering is now common in most of the passenger automobiles and its popularity is growing rapidly over the years.  It functions in a manner that all the parts, joints, and linkages are adjusted to transmit power from the engine to the wheels. For directionality, steering additionally regulates the angles of the wheels in two dimensions. One of the benefits of power steering is its changeable speed characteristic, which allows the steering to be aided more at low speeds and lighter at high speeds to improve vehicle control. Considering the lack of belt-driven hydraulic or manual pumps, electric systems are much more fuel efficient and can run constantly whether or not assistance is necessary. In emerging regions, however, some entry-level automobiles are available without power steering.

The COVID-19 pandemic outbreak had adversely impacted on the automotive industry due to sudden disruption in car manufacturing across the world. Not just major OEMs, but also Tier-1 and Tier-2 component suppliers for steering systems have been affected by the pandemic. Industrial production closures forced by the pandemic had resulted in a sharp decline in the output for major OEMs as Toyota, Ford, and GM. Although market growth is closely tied to vehicle production, this situation is projected to have a negative impact on the automotive steering system market to a large extent.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for premium vehicles and fuel economy standard vehicles is a key factor driving the market.
• Rising number of the global population, changing lifestyle, and growing disposable incomes of a large number of the population present another key factors boosting the market.
• Growing strictness in governments’ regulations towards environmental measures globally is expected to propel the market during the forecast period.
• EPS systems have a limited load-bearing capability and issues regarding its component failures act as major challenges that can hinder the market growth.
• Wide introduction of commercial vehicles with advanced EPS systems are likely to create lucrative opportunities for the market growth in the coming years.

Scope of the Report

The report on the global automotive steering market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Sensors segment to expand at a considerable CAGR

On the basis of components, the automotive steering market is segmented into sensors, electric motor, steering/column/rack, hydraulic pump, and others. The sensors segment is projected to expand at a considerable CAGR during the forecast period. Sensors send signals to an ECU, which then sends an appropriate output to the steering system, allowing an action to immediately execute and occur effective control of the steering. Non-contact torque is one of the most common types of sensors as it can detect the control of driver's steering power and allow for precise adjustment of the electric steering assistance.

Electronic power steering segment to hold a significant share of the market

In terms of mechanisms, the market is segregated into electrically assisted hydraulic power steering, electronic power steering, and hydraulic power steering. The electronic power steering segment is expected to hold significant share of the market during the projected period due to the great fuel economy gained as a result of its deployment. However, the electrically assisted hydraulic power steering segment is projected to accounts for a large market share due to its widespread use in commercial vehicles. Owing to its restricted load-bearing capability, electric power steering does not operate in commercial vehicles. Hydraulic power steering also has the ability to absorb road shocks.

Passenger cars segment to grow at a high rate

Based on vehicle types, the automotive steering market is bifurcated into commercial vehicles and passenger cars. The passenger cars segment is expected to grow at a high rate during the forecast period owing to the wide installation of electronic products in passenger cars to give the greatest possible comfort and safety. Moreover, the commercial vehicles segment is expected to be a fast-growing segment during the forecast period due to growing need for logistics operations for trade activities.

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Asia Pacific is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to increased car production and sales, growing demand for electric vehicles, and tightening pollution regulations. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period due to various laws, incentives, and programs have been developed by governments across the region to encourage the use of electric cars.

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