Report Feature
Automotive Steering System Market Trends and Forecast
The future of the global automotive steering system market looks promising with opportunities in the Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles markets. The global automotive steering system market is expected to reach an estimated $42.0 billion by 2030 with a CAGR of 3.4% from 2024 to 2030. The major drivers for this market are increasing global appetite for automobiles, surge in the uptake of power steering systems in vehicles due to their capacity to provide enhanced control over the vehicle, as well as, rising global interest in vehicles that are fuel-efficient.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Automotive Steering System Market by Segment
The study includes a forecast for the global automotive steering system market by component, type, application, and region.
Automotive Steering System Market by Component [Shipment Analysis by Value from 2018 to 2030]:
Automotive Steering System Market by Type [Shipment Analysis by Value from 2018 to 2030]:
Automotive Steering System Market by Application [Shipment Analysis by Value from 2018 to 2030]:
Automotive Steering System Market by Region [Shipment Analysis by Value from 2018 to 2030]:
List of Automotive Steering System Market Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies automotive steering system market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the automotive steering system market companies profiled in this report include-
Automotive Steering System Market Market Insights
Lucintel forecasts that electronic power steering will remain the largest segment over the forecast period because the automakers are progressively integrating electric power steering into their entire range of vehicle models, and the evolution in electric power steering is moving toward steer-by-wire technology.
APAC is expected to witness highest growth over the forecast period due to surge in sales and manufacturing by automakers in emerging markets, growing disposable incomes of customers in these regions, and their aspiration for premium luxury vehicles.
Features of the Global Automotive Steering System Market
Market Size Estimates: Automotive steering system market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Automotive steering system market size by component, type, application, and region in terms of value ($B).
Regional Analysis: Automotive steering system market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different component, type, application, and regions for the automotive steering system market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the automotive steering system market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the automotive steering system market size?
Answer: The global automotive steering system market is expected to reach an estimated $42.0 billion by 2030.
Q.2 What is the growth forecast for automotive steering system market?
Answer: The global automotive steering system is expected to grow with a CAGR of 3.4% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the automotive steering system market?
Answer: The major drivers for this market are increasing global appetite for automobiles, surge in the uptake of power steering systems in vehicles due to their capacity to provide enhanced control over the vehicle, as well as, rising global interest in vehicles that are fuel-efficient.
Q4. What are the major segments for automotive steering system market?
Answer: The future of the global automotive steering system market looks promising with opportunities in the Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles markets.
Q5. Who are the key automotive steering system market companies?
Answer: Some of the key automotive steering system market companies are as follows:
Q6. Which automotive steering system market segment will be the largest in future?
Answer: Lucintel forecasts that electronic power steering will remain the largest segment over the forecast period because the automakers are progressively integrating electric power steering into their entire range of vehicle models, and the evolution in electric power steering is moving toward steer-by-wire technology.
Q7. In automotive steering system market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to surge in sales and manufacturing by automakers in emerging markets, growing disposable incomes of customers in these regions, and their aspiration for premium luxury vehicles.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive steering system market by component (sensors, steering column, mechanical rack and pinion,electric motor, ECU, and hydraulic pump), type (electronic power steering, hydraulic power steering, and electro hydraulic power steering), application (passenger cars, light commercial vehicles, and heavy commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Automotive Steering System Market Market, Automotive Steering System Market Market Size, Automotive Steering System Market Market Growth, Automotive Steering System Market Market Analysis, Automotive Steering System Market Market Report, Automotive Steering System Market Market Share, Automotive Steering System Market Market Trends, Automotive Steering System Market Market Forecast, Automotive Steering System Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
The future of the global automotive steering system market looks promising with opportunities in the Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles markets. The global automotive steering system market is expected to reach an estimated $42.0 billion by 2030 with a CAGR of 3.4% from 2024 to 2030. The major drivers for this market are increasing global appetite for automobiles, surge in the uptake of power steering systems in vehicles due to their capacity to provide enhanced control over the vehicle, as well as, rising global interest in vehicles that are fuel-efficient.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Automotive Steering System Market by Segment
The study includes a forecast for the global automotive steering system market by component, type, application, and region.
Automotive Steering System Market by Component [Shipment Analysis by Value from 2018 to 2030]:
• Sensors
• Steering Column
• Mechanical Rack and Pinion
• Electric Motor
• ECU
• Hydraulic Pump
Automotive Steering System Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Electronic Power Steering
• Hydraulic Power Steering
• Electro Hydraulic Power Steering
Automotive Steering System Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Automotive Steering System Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Automotive Steering System Market Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies automotive steering system market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the automotive steering system market companies profiled in this report include-
• Jtekt Corporation
• Robert Bosch
• Showa
• Thyssenkrupp
• China Automotive Systems
• Mando Corporation
• Nexteer Automotive
• Hyundai Mobis
• Mitsubishi Electric
Automotive Steering System Market Market Insights
Lucintel forecasts that electronic power steering will remain the largest segment over the forecast period because the automakers are progressively integrating electric power steering into their entire range of vehicle models, and the evolution in electric power steering is moving toward steer-by-wire technology.
APAC is expected to witness highest growth over the forecast period due to surge in sales and manufacturing by automakers in emerging markets, growing disposable incomes of customers in these regions, and their aspiration for premium luxury vehicles.
Features of the Global Automotive Steering System Market
Market Size Estimates: Automotive steering system market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Automotive steering system market size by component, type, application, and region in terms of value ($B).
Regional Analysis: Automotive steering system market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different component, type, application, and regions for the automotive steering system market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the automotive steering system market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the automotive steering system market size?
Answer: The global automotive steering system market is expected to reach an estimated $42.0 billion by 2030.
Q.2 What is the growth forecast for automotive steering system market?
Answer: The global automotive steering system is expected to grow with a CAGR of 3.4% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the automotive steering system market?
Answer: The major drivers for this market are increasing global appetite for automobiles, surge in the uptake of power steering systems in vehicles due to their capacity to provide enhanced control over the vehicle, as well as, rising global interest in vehicles that are fuel-efficient.
Q4. What are the major segments for automotive steering system market?
Answer: The future of the global automotive steering system market looks promising with opportunities in the Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles markets.
Q5. Who are the key automotive steering system market companies?
Answer: Some of the key automotive steering system market companies are as follows:
• JTEKT Corporation
• Robert Bosch
• Showa
• Thyssenkrupp
• China Automotive Systems
• Mando Corporation
• Nexteer Automotive
• Hyundai Mobis
• Mitsubishi Electric
Q6. Which automotive steering system market segment will be the largest in future?
Answer: Lucintel forecasts that electronic power steering will remain the largest segment over the forecast period because the automakers are progressively integrating electric power steering into their entire range of vehicle models, and the evolution in electric power steering is moving toward steer-by-wire technology.
Q7. In automotive steering system market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to surge in sales and manufacturing by automakers in emerging markets, growing disposable incomes of customers in these regions, and their aspiration for premium luxury vehicles.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive steering system market by component (sensors, steering column, mechanical rack and pinion,electric motor, ECU, and hydraulic pump), type (electronic power steering, hydraulic power steering, and electro hydraulic power steering), application (passenger cars, light commercial vehicles, and heavy commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Automotive Steering System Market Market, Automotive Steering System Market Market Size, Automotive Steering System Market Market Growth, Automotive Steering System Market Market Analysis, Automotive Steering System Market Market Report, Automotive Steering System Market Market Share, Automotive Steering System Market Market Trends, Automotive Steering System Market Market Forecast, Automotive Steering System Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
6.2 Emerging Trends in the Global Automotive Steering System Market
6.1.1 Growth Opportunities for the Global Automotive Steering System Market by Component
6.1.2 Growth Opportunities for the Global Automotive Steering System Market by Type
6.1.3 Growth Opportunities for the Global Automotive Steering System Market by Application
6.1.4 Growth Opportunities for the Global Automotive Steering System market by Region
Methodology
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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Key Questions
- • What are some of the most promising, high-growth opportunities for the automotive steering system market by component (sensors, steering column, mechanical rack and pinion,electric motor, ECU, and hydraulic pump), type (electronic power steering, hydraulic power steering, and electro hydraulic power steering), application (passenger cars, light commercial vehicles, and heavy commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
- • Which segments will grow at a faster pace and why?
- • Which region will grow at a faster pace and why?
- • What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
- • What are the business risks and competitive threats in this market?
- • What are the emerging trends in this market and the reasons behind them?
- • What are some of the changing demands of customers in the market?
- • What are the new developments in the market? Which companies are leading these developments?
- • Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
- • What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
- • What M&A activity has occurred in the last 5 years and what has its impact been on the industry? For any questions related to Automotive Steering System Market Market, Automotive Steering System Market Market Size, Automotive Steering System Market Market Growth, Automotive Steering System Market Market Analysis, Automotive Steering System Market Market Report, Automotive Steering System Market Market Share, Automotive Steering System Market Market Trends, Automotive Steering System Market Market Forecast, Automotive Steering System Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
