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The Automotive Steering Market is Segmented by Vehicle Type (Passenger Cars, Commercial Vehicles), Mechanism (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electrically Assisted Hydraulic Power Steering), Component (Hydraulic Pump, Steering/ Column/ Rack, Sensors, Electric Motor and Others), and Geography.
Fastest Growing Market:
The automotive steering market is expected to register a CAGR of over 5.5% during the forecast period.
The automotive steering systems market report covers the increasing demand for advanced steering systems across the world, latest product developments pertaining to the steering system, market shares of different steering systems in both passenger cars and commercial vehicles, and competitive landscape of the players operating in the market.
Additionally, the report has been segmented by vehicle type, mechanism, component, and geography. The scope of the report includes:
|Steering/ Coloumn/ Rack|
|Electronic Power Steering (EPS)|
|Hydraulic Power Steering (HPS)|
|Electrically Assisted Hydraulic Power Steering|
Report scope can be customized per your requirements. Click here.
The sensor located in the steering column measures two primary driver inputs — torque (steering effort) and steering wheel speed and position. Thus, there are three types of sensors used in such systems - torque sensor, steering wheel speed sensor, and position sensor.
These sensors deliver the signals as inputs to an ECU, which provides an appropriate output to the steering system for an action to take place.
Torque sensors are generally non-contact sensors. The sensor measures the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.
With growing advancements in technology, sensor products have also been consistently upgraded and improved in the automotive industry. For instance:
The company may promote the sensor to manufacturers of EPS and shift-by-wire transmissions, and hybrid systems that use motors, as both starter and generator motors. The company is expected to start accepting orders by around September 2019.
Such improved sensor products for the EPS system are likely to continue to see an increasing adoption among automakers during the forecast period.
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The electric vehicle market is rapidly growing across the world. For instance, in Europe, electric vehicle sales increased by 37% during 2018, as compared to that of 2017. Additionally, several governments across the world have formulated various policies, incentives, and projects to support the usage of electric vehicles.
By 2024, nearly 4% of the new car sales and 7% of the global car fleet are expected to be electric. With growing electric vehicle sales, the deployment rate of lightweight steering systems (like electric power steering (EPS)) is expected to see a potential demand during the forecast period.
The automotive industry is the largest industry sector in the country. In 2018, the automotive industry accounted for nearly 20% of the total German industry revenue.
However, the country’s economy struggled over the summer, due to weak car production, owing to the enactment of new EU-wide emission measurement procedures.
With the installation of new plants by OEM suppliers in Germany, the addition of lightweight steering systems, such as EPS, in cars is expected to lower the cost incurred on exporting the systems, thus, driving the market toward higher profitability.
Advancements in the sensor technology of EPS and the reducing cost of manufacturing these systems have contributed to the growth of the German automotive steering market.
Thus, owing to the developments mentioned above, the automotive steering market in the region is expected to grow at a rapid pace.
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The automotive steering market is dominated by several players such as Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd., Mando Corporation, Showa Corporation. These companies are expanding their business by new innovative technologies so that they can have a competitive edge.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Hydraulic Pump
5.1.2 Steering/ Coloumn/ Rack
5.1.4 Electric Motor
5.1.5 Other Components
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 Electronic Power Steering (EPS)
5.3.2 Hydraulic Power Steering (HPS)
5.3.3 Electrically Assisted Hydraulic Power Steering
5.4.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 South America
184.108.40.206 Rest of South America
5.4.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Robert Bosch GmbH
6.2.2 JTEKT Corporation
6.2.3 Nexteer Automotive Corporation
6.2.4 NSK Ltd
6.2.5 Showa Corporation
6.2.6 Mando Corporation
6.2.7 Sona Corporation
6.2.8 ZF Friedrichshafen AG
6.2.9 Hitachi Automotive Systems Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS