The automotive steering system market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7% from 2020 to 2025. The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles.
Steering Column to be the largest segment, by component.
The steering column segment, by value, is estimated to lead the market as steering columns are installed in all types of steering systems, such as HPS, EHPS, and EPS. Steering columns have incorporated collapsible components to enhance driver safety. These columns crumble or slide together during the impact of a collision, with the columns shortening and absorbing the force. The growth of the steering column segment can be attributed to its high installation rate and its ability to enhance safety. The steering wheel speed sensor segment is expected to register the highest growth rate owing to the increasing adoption of electronics in automobiles and technological advancements in sensor technology.
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EPS to be the fastest-growing segment for automotive steering system market, by technology.
EPS is the largest and fastest-growing segment as it offers various advantages, such as increased fuel efficiency, compact size, and reduction in the overall weight of the vehicles and front axle loads. EPS, majorly adopted in passenger cars, is increasingly adopted in light commercial vehicles as well. But it is still not used actively in heavy commercial vehicles as it is not designed for high axle loads and high steering rack force.
Asia Oceania is estimated to be the largest market for 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.
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Key Market Players:
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). These companies adopted several strategies to gain traction in the growing automotive steering system market
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