The Global Automotive Steering System Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global automotive steering system market is segmented based on component type as
steering columns, sensors, steering motors and others; based on vehicle type as
passenger vehicles and commercial vehicles; based on pinion type as dual and single;
based on geography as APAC, North America, Europe and ROW.
Introduction
The Steering System comprises of the steering wheels, linkages, gears, and other several components that serve to provide the control and manage the direction of the vehicle’s motion.
Its primary function is to convert the rotary movement into the angular turn by using the steering wheel and they implement on the front wheels of the road. The Automotive Steering System is considered as non replaceable, provides a power steering system.
Active safety technologies such as antilock breaking systems (ABS) and electronic stability control (ESC) are becoming commonplace in the automotive sector for improved safety; thus, fueling the demand for automotive steering systems.
Increasing adoption of advanced technologies and power steering systems in mid-size, compact, and light commercial vehicles (LCVs) is expected to positively influence the automotive steering system market. Electric power steering is expected to be highly preferred over other technologies, as it offers simplified tuning, packaging flexibility, and engine-off steering markey.
Table of Contents
Market Overview
The global automotive steering system market is expected to reach up to $36.86 billion during 2020-2025
Growth momentum is expected to accelerate during the forecast period with a 4.7% CAGR.
Post COVID-19, the market is expected to recover from 2021 onwards, with industrial and transportation activities getting back on track and functioning with full capacities.
With the rising fuel efficiency approach, manufacturers are deploying advanced steering systems in passenger vehicles which also aid in providing a better driving experience.
Key Trends
The increase in adoption of power-assisted steering is responsible for increase in demand for steering system in the automotive industry.
The vehicle accident may lead to change in steering system or its component which leads to increase in demand for steering system in the aftermarket. Hence, the increase in demand for vehicle is anticipated to increase the demand for steering system in near future.
Key Market Players
Some of the key players in the market are Robert Bosch, ZF Friedrichshafen, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd and Mando Corporation
Constant innovation will remain the key for leading automakers to maintain an edge over the competition in the global automotive steering system market landscape.
The emergence of new technology innovations is expected to represent a predominant factor uplifting the global market for the automotive steering system, estimated to reach around US$ 40 Bn towards the end of 2022.
Growth Drivers and Challenges
Increase in demand for automotive owing to the rise in disposable income of consumers primarily drive the growth of the market
Changing vehicle emission control regulations, increasing consumer demand for fuel-efficient vehicles, and growing electric vehicles are the key drivers of the global automotive ceramics market.
Many vehicles configured with electric power steering have experienced a failure in their steering system. When the steering wheel gets struck or disengages from the electric motor, EPS malfunctioning occurs.
Most of the time, this is caused due to the failure of various electrical components, the failure of steering control modules, and torque sensor defects, resulting in the input of more steering efforts by the driver, which may lead to accidents, especially at low speeds.
The growth of this market is primarily driven by the increasing demand for fuel-efficient and better-driving comfort vehicles. The COVID-19 pandemic has continued to impact the production of vehicles across the globe. The pandemic has impacted established not only OEMs but also Tier 1 and Tier 2 component suppliers for steering systems.
This scenario is expected to affect the automotive steering system market, as the growth of the market is directly related to the production of vehicles.