Competitive Landscape of Automotive Steering Systems Market

The automotive industry has been growing at a rapid pace, and with it, the demand for advanced automotive steering systems has also increased. The steering system is an essential component of any vehicle, and it plays a crucial role in ensuring the safety and comfort of the driver and passengers. The global automotive steering systems market is expected to grow at a CAGR of 6.5% during the forecast period of 2021-2026. The market is highly competitive, and several key players are operating in the market.

Overview

The automotive steering systems market is segmented based on type, component, vehicle type, and region. Based on type, the market is segmented into hydraulic power steering, electric power steering, and electro-hydraulic power steering. Based on component, the market is segmented into steering wheel, steering column, steering gear, and others. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players in the Competitive Landscape of Automotive Steering Systems Market

The automotive steering systems market is highly competitive, and several key players are operating in the market. Some of the key players in the market include:

• ZF Friedrichshafen AG
• JTEKT Corporation
• Robert Bosch GmbH
• Nexteer Automotive Group Limited
• ThyssenKrupp AG
• Mobis Co., Ltd.
• Mando Corporation
• NSK Ltd.
• China Automotive Systems Inc.
• Hyundai Mobis Co., Ltd.

These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their position in the market. For instance, in 2020, ZF Friedrichshafen AG announced the launch of its new electric power steering system, which is designed to improve the fuel efficiency of vehicles and reduce CO2 emissions.

Market Challenges

The automotive steering systems market is facing several challenges, including:

• High cost of advanced steering systems
• Increasing demand for electric vehicles
• Stringent government regulations regarding emissions and safety
• Increasing competition from local players

These challenges are expected to impact the growth of the market during the forecast period. However, the key players in the market are focusing on addressing these challenges through product innovation and strategic partnerships.

Market Opportunities

The automotive steering systems market is expected to offer several opportunities for growth during the forecast period. Some of the key opportunities in the market include:

• Increasing demand for advanced driver assistance systems (ADAS)
• Growing demand for electric power steering systems
• Increasing demand for lightweight steering systems
• Increasing demand for autonomous vehicles

The key players in the market are focusing on capitalizing on these opportunities to strengthen their position in the market and increase their revenue.

Future of Automotive Steering Systems Market

The automotive steering systems market is expected to grow at a steady pace during the forecast period. The increasing demand for advanced driver assistance systems and electric power steering systems is expected to drive the growth of the market. The key players in the market are focusing on product innovation and strategic partnerships to strengthen their position in the market and capitalize on the opportunities in the market.

Conclusion

The automotive steering systems market is highly competitive, and several key players are operating in the market. The market is facing several challenges, including the high cost of advanced steering systems and increasing competition from local players. However, the market is expected to offer several opportunities for growth during the forecast period, including the increasing demand for advanced driver assistance systems and electric power steering systems. The key players in the market are focusing on addressing these challenges and capitalizing on these opportunities to strengthen their position in the market and increase their revenue.