Yahoo Finance Automotive Steering System Market by Technology, Mechanism, Vehicle Type and Region - Global Forecast to 2025
Chicago, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global Automotive Steering System Market is expected to expand at a compound annual growth rate (CAGR) of 4.7% during the forecast period, reaching a value of USD 36.9 billion by 2025, according to a new report by MarketsandMarkets Research. Increasing vehicle production, demand for fuel-efficient, and improved driving comfort are the primary driving factors for this market.
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Passenger Cars is the most promising segment for steering system manufacturers in terms of market potential and technology advancements.
Passenger cars lead automotive production, with more than 60% of the production contributed by passenger cars. The Asia-Pacific region contributes to the maximum production of these cars globally. The region has a high demand for hatchbacks, and now the demand for SUVs has also increased in the past few years. Adjacent industries like Ride Sharing are also contributing to the increased car sales in this region. With the increase in the average price of the car and average time spent in the car, the demand for driver comfort and maneuverability is also growing, boosting the technology advancements in the passenger car steering systems. With changes in the end-use industry – where driver-assisted and autonomous cars are the future, the autonomous steering system is the next advancement in the passenger car steering systems.
Electric Power Steering to grow at the fastest rate of all automotive steering system technologies
Electric Power Steering eliminates the need for a power steering pump, hoses, hydraulic fluid, and a drive belt. EPS System saves space & reduces the vehicle weight and improves engine efficiency. Hence, almost all passenger cars are equipped with EPS systems. Also, with an increase in the demand for SUVs and light trucks, the demand for steering systems with higher steering rack force (up to 15,000 N) is required, as compared to a lower-middle segment car which needs a steering rack force of up to 7,500 to 8,500 N. Also, OEMs are shifting towards dual pinion EPS over single pinion, as the former provides maximum rack force in the range of 8-12kN.
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Asia Oceania is estimated to be the largest Automotive Steering System Market.
Asia Oceania is estimated to be the largest market for automotive steering systems. The region is home to leading vehicle producers, such as China and Japan. Factors such as increasing electronics installation in vehicles and a strong base of steering manufacturers, such as JTEKT Corporation, NSK Limited, and Showa Corporation, in countries like China and Japan are expected to drive the Asia Oceania Automotive Steering System Market. The increasing focus on fuel-efficient vehicles to reduce emission levels and the high demand for comfort features are further expected to drive the market growth in this region during the forecast period.
The Automotive Steering System Market is led by globally established players such as Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany).
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