Steering system is the combination of steering linkages such as steering wheel, steering column,
universal joints and rack & pinion mechanism which is used to steer the vehicle on the road. Over the last few years, in
developing countries such as China, India, Mexico, Turkey and others, the global automotive steering system market is anticipated to
witness a gain superior traction globally. Now a days, steering system manufacturers are focusing on manufacturing electronic
steering owing to ease in vehicle steering.
The global Automotive Steering System market can be segmented on the basis of
- H-EPS (Hydraulic – Electronic Power Steering)
- P-EPS (Pinion Type – Electronic Power Steering)
- R-EPS (Rack Assist – Electronic Power Steering)
- C-EPS (Column Type – Electronic Power Steering)
The global Automotive Steering System market can be segmented on the basis of Vehicle Type:
- SUV (Sport Utility Vehicle)
Increase in automotive parts and vehicle production is anticipated to drive the market during the
forecast period. Moreover, increasing urbanization, rising living standards and per-capita income is projected to foster the market
over the slated time period. Additionally, growing trend of electric vehicle coupled with new technology for instance steering by
wire are estimated to give positive potential to the market throughout the foreseeable time period.
Established players are giving tough competition to the regional players as well as tech giants such
as Apple are entering in the global market with future automotive steering technology prospects, for instance autonomous car, on the
basis of this phenomenon the global market could hamper by these factors by the end of 2023.
Regional Market Outlook
The global Automotive Steering System market is segmented into the following regions – North
America, Latin America, Europe, APAC and Middle East and Africa. APAC region is anticipated to dominate in the global market owing to
increasing vehicle fleet in the developing countries such as India and China. In Europe, the global market is estimated to grow with
noteworthy growth rate. In North America region the market is anticipated to gain significant traction due to increasing electric
vehicle particularly in
U.S. Additionally, in Eastern Europe the market is also gaining superior traction owing to the
consumer’s shift towards flexi-fuel (dual fuel) vehicle. In Middle East and Africa, the market is projected to grow with double
digit CAGR owing to increasing tourism activity, throughout the forecast period.
Key players for the global Automotive Steering System market are:
- Nexteer Automotive Group Ltd.
- Sona Koyo Steering System Ltd.
- NSK Steering System Co. ltd.
- ATS Automation Tooling System Inc.
- Hitachi Automotive System Ltd.
- Robert Bosch Automotive Steering GmbH
- Magal Engineering Limited
RRI surveys a number of companies in order to estimate the data covered in the report through
triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study.
The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the
researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing
the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market
scenario has been derived by consolidation of regional market overviews.