AUTOMOTIVE & TRANSPORTATION
Global Automotive Steering Systems Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Automotive Steering Systems Market, By Type (Hydraulic Power Steering, Electronic Power Steering, Electro-Hydraulic Power Steering System), Vehicle Type (Passenger Vehicle, Commercial Vehicle), Components (Hydraulic Pump, Steering Sensor, Column Electric Motor), Technology (Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering (HPS)), Pinion Type (Single and Dual), Mechanism (Collapsible and Rigid), Sales Channel (OEM and Aftermarket), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global automotive steering systems market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Automotive steering systems are critical components in vehicles that enable drivers to control the direction of the wheels and thus the vehicle's movement. These systems are made up of several components, such as the steering wheel, steering column, gearboxes, and linkages, which work together to convert driver inputs into wheel movement. Electric and hydraulic steering systems are examples of contemporary innovations that provide improved comfort, safety, and control. The automotive steering systems market includes the design, manufacturing, and distribution of various components and technology. It involves producers, distributors, and service providers with an emphasis on performance, innovation, and adherence to safety rules. Developments in autonomous driving technologies, the growing need for better driving experiences, and the growing popularity of electric vehicles all have an impact on market dynamics.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Rising vehicle production and sales
- Increasing demand for enhanced safety and comfort features
RESTRAINTS
- High cost of advanced steering systems
- Complexities in system integration and maintenance
OPPORTUNITIES
- Growth in electric and hybrid vehicle markets
- Expansion of autonomous vehicle technologies
CHALLENGES
- High R&D and production costs
- Regulatory and safety compliance issues
SEGMENTATION
- Type
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering System
- Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Components
- Hydraulic Pump
- Steering Sensor
- Column Electric Motor
- Technology
- Electric power steering (EPS)
- Electrically assisted hydraulic power steering (EHPS)
- Hydraulic power steering (HPS)
- Pinion Type
- Single
- Dual
- Mechanism
- Collapsible
- Rigid
- Sales Channel
- OEM
- Aftermarket
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Mando Corp.
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- MAHLE GmbH
- Hanon Systems
- Schaeffler AG
- JTEKT Corporation
- thyssenkrupp AG
- COBO
- DENSO CORPORATION
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Automotive Steering Systems Market, by Type
- 3.2 Global Automotive Steering Systems Market, by Vehicle Type
- 3.3 Global Automotive Steering Systems Market, by Components
- 3.4 Global Automotive Steering Systems Market, by Technology
- 3.5 Global Automotive Steering Systems Market, by Pinion Type
- 3.6 Global Automotive Steering Systems Market, by Mechanism
- 3.7 Global Automotive Steering Systems Market, by Sales Channel
- 3.8 Global Automotive Steering Systems Market, by Geography
- 3.9 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Integration of steering systems with connected car technologies
- 5.1.2 Development of autonomous driving technologies
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Rising vehicle production and sales
- 5.2.2 Increasing demand for enhanced safety and comfort features
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High cost of advanced steering systems
- 5.3.2 Complexities in system integration and maintenance
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Growth in electric and hybrid vehicle markets
- 5.4.2 Expansion of autonomous vehicle technologies
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 High R&D and production costs
- 5.5.2 Regulatory and safety compliance issues
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY TYPE
- 6.1 Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Automotive Steering Systems Market, by Type (2019-2032)
- SECTION 7 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY VEHICLE TYPE
- 7.1 Vehicle Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- SECTION 8 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY COMPONENTS
- 8.1 Components Summary
- 8.2 Market Attractive Index
- 8.3 Global Automotive Steering Systems Market, by Components (2019-2032)
- SECTION 9 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY TECHNOLOGY
- 9.1 Technology Summary
- 9.2 Market Attractive Index
- 9.3 Global Automotive Steering Systems Market, by Technology (2019-2032)
- SECTION 10 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY PINION TYPE
- 10.1 Pinion Type Summary
- 10.2 Market Attractive Index
- 10.3 Global Automotive Steering Systems Market, by Pinion Type (2019-2032)
- SECTION 11 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY MECHANISM
- 11.1 Mechanism Summary
- 11.2 Market Attractive Index
- 11.3 Global Automotive Steering Systems Market, by Mechanism (2019-2032)
- SECTION 12 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY SALES CHANNEL
- 12.1 Sales Channel Summary
- 12.2 Market Attractive Index
- 12.3 Global Automotive Steering Systems Market, by Sales Channel (2019-2032)
- SECTION 13 - GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY GEOGRAPHY
- 13.1 Regional Summary
- 13.2 Market Attractive Index
- 13.3 Global Automotive Steering Systems Market, by Geography (2019-2032)
- SECTION 14 - NORTH AMERICA AUTOMOTIVE STEERING SYSTEMS MARKET
- 14.1 North America Summary
- 14.2 Market Attractive Index
- 14.3 North America Automotive Steering Systems Market, by Type (2019-2032)
- 14.4 North America Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- 14.5 North America Automotive Steering Systems Market, by Components (2019-2032)
- 14.6 North America Automotive Steering Systems Market, by Technology (2019-2032)
- 14.7 North America Automotive Steering Systems Market, by Pinion Type (2019-2032)
- 14.8 North America Automotive Steering Systems Market, by Mechanism (2019-2032)
- 14.9 North America Automotive Steering Systems Market, by Sales Channel (2019-2032)
- 14.10 North America Automotive Steering Systems Market, by Country (2019-2032)
- 14.10.1 U.S.
- 14.10.2 Canada
- 14.10.3 Mexico
- 14.10.4 Rest of North America
- SECTION 15 - EUROPE AUTOMOTIVE STEERING SYSTEMS MARKET
- 15.1 Europe Summary
- 15.2 Market Attractive Index
- 15.3 Europe Automotive Steering Systems Market, by Type (2019-2032)
- 15.4 Europe Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- 15.5 Europe Automotive Steering Systems Market, by Components (2019-2032)
- 15.6 Europe Automotive Steering Systems Market, by Technology (2019-2032)
- 15.7 Europe Automotive Steering Systems Market, by Pinion Type (2019-2032)
- 15.8 Europe Automotive Steering Systems Market, by Mechanism (2019-2032)
- 15.9 Europe Automotive Steering Systems Market, by Sales Channel (2019-2032)
- 15.10 Europe Automotive Steering Systems Market, by Country (2019-2032)
- 15.10.1 Germany
- 15.10.2 U.K.
- 15.10.3 France
- 15.10.4 Italy
- 15.10.5 Spain
- 15.10.6 Russia
- 15.10.7 The Netherlands
- 15.10.8 Belgium
- 15.10.9 Turkey
- 15.10.10 Rest of Europe
- SECTION 16 - ASIA-PACIFIC AUTOMOTIVE STEERING SYSTEMS MARKET
- 16.1 Asia-Pacific Summary
- 16.2 Market Attractive Index
- 16.3 Asia-Pacific Automotive Steering Systems Market, by Type (2019-2032)
- 16.4 Asia-Pacific Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- 16.5 Asia-Pacific Automotive Steering Systems Market, by Components (2019-2032)
- 16.6 Asia-Pacific Automotive Steering Systems Market, by Technology (2019-2032)
- 16.7 Asia-Pacific Automotive Steering Systems Market, by Pinion Type (2019-2032)
- 16.8 Asia-Pacific Automotive Steering Systems Market, by Mechanism (2019-2032)
- 16.9 Asia-Pacific Automotive Steering Systems Market, by Sales Channel (2019-2032)
- 16.10 Asia-Pacific Automotive Steering Systems Market, by Country (2019-2032)
- 16.10.1 China
- 16.10.2 India
- 16.10.3 Japan
- 16.10.4 South Korea
- 16.10.5 Singapore
- 16.10.6 Malaysia
- 16.10.7 Australia
- 16.10.8 Thailand
- 16.10.9 Philippines
- 16.10.10 Rest of Asia-Pacific
- SECTION 17 - SOUTH AMERICA AUTOMOTIVE STEERING SYSTEMS MARKET
- 17.1 South America Summary
- 17.2 Market Attractive Index
- 17.3 South America Automotive Steering Systems Market, by Type (2019-2032)
- 17.4 South America Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- 17.5 South America Automotive Steering Systems Market, by Components (2019-2032)
- 17.6 South America Automotive Steering Systems Market, by Technology (2019-2032)
- 17.7 South America Automotive Steering Systems Market, by Pinion Type (2019-2032)
- 17.8 South America Automotive Steering Systems Market, by Mechanism (2019-2032)
- 17.9 South America Automotive Steering Systems Market, by Sales Channel (2019-2032)
- 17.10 South America Automotive Steering Systems Market, by Country (2019-2032)
- 17.10.1 Brazil
- 17.10.2 Argentina
- 17.10.3 Chile
- 17.10.4 Colombia
- 17.10.5 Rest of South America
- SECTION 18 - MIDDLE EAST AND AFRICA AUTOMOTIVE STEERING SYSTEMS MARKET
- 18.1 Middle East and Africa Summary
- 18.2 Market Attractive Index
- 18.3 Middle East and Africa Automotive Steering Systems Market, by Type (2019-2032)
- 18.4 Middle East and Africa Automotive Steering Systems Market, by Vehicle Type (2019-2032)
- 18.5 Middle East and Africa Automotive Steering Systems Market, by Components (2019-2032)
- 18.6 Middle East and Africa Automotive Steering Systems Market, by Technology (2019-2032)
- 18.7 Middle East and Africa Automotive Steering Systems Market, by Pinion Type (2019-2032)
- 18.8 Middle East and Africa Automotive Steering Systems Market, by Mechanism (2019-2032)
- 18.9 Middle East and Africa Automotive Steering Systems Market, by Sales Channel (2019-2032)
- 18.10 Middle East and Africa Automotive Steering Systems Market, by Country (2019-2032)
- 18.10.1 Kingdom of Saudi Arabia
- 18.10.2 South Africa
- 18.10.3 U.A.E.
- 18.10.4 Egypt
- 18.10.5 Rest of Middle East and Africa
- SECTION 19 - COMPANY SHARE ANALYSIS
- 19.1 Global Automotive Steering Systems Market, Company Share Analysis
- 19.2 North America Automotive Steering Systems Market, Company Share Analysis
- 19.3 Europe Automotive Steering Systems Market, Company Share Analysis
- 19.4 Asia-Pacific Automotive Steering Systems Market, Company Share Analysis
- SECTION 20 - COMPANY PROFILES
- 20.1 Mando Corp.
- 20.1.1 Company Snapshot
- 20.1.2 Financial Overview
- 20.1.3 Product Portfolio
- 20.1.4 Recent Developments
- 20.2 ZF Friedrichshafen AG
- 20.2.1 Company Snapshot
- 20.2.2 Financial Overview
- 20.2.3 Product Portfolio
- 20.2.4 Recent Developments
- 20.3 Robert Bosch GmbH
- 20.3.1 Company Snapshot
- 20.3.2 Financial Overview
- 20.3.3 Product Portfolio
- 20.3.4 Recent Developments
- 20.4 MAHLE GmbH
- 20.4.1 Company Snapshot
- 20.4.2 Financial Overview
- 20.4.3 Product Portfolio
- 20.4.4 Recent Developments
- 20.5 Hanon Systems
- 20.5.1 Company Snapshot
- 20.5.2 Financial Overview
- 20.5.3 Product Portfolio
- 20.5.4 Recent Developments
- 20.6 Schaeffler AG
- 20.6.1 Company Snapshot
- 20.6.2 Financial Overview
- 20.6.3 Product Portfolio
- 20.6.4 Recent Developments
- 20.7 JTEKT Corporation
- 20.7.1 Company Snapshot
- 20.7.2 Financial Overview
- 20.7.3 Product Portfolio
- 20.7.4 Recent Developments
- 20.8 Thyssenkrupp AG
- 20.8.1 Company Snapshot
- 20.8.2 Financial Overview
- 20.8.3 Product Portfolio
- 20.8.4 Recent Developments
- 20.9 COBO
- 20.9.1 Company Snapshot
- 20.9.2 Financial Overview
- 20.9.3 Product Portfolio
- 20.9.4 Recent Developments
- 20.10 DENSO CORPORATION
- 20.10.1 Company Snapshot
- 20.10.2 Financial Overview
- 20.10.3 Product Portfolio
- 20.10.4 Recent Developments
- SECTION 21 - RELATED REPORTS
- SECTION 22 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.