Global Automotive Steering Systems Market Analysis

The automotive industry has been growing at a rapid pace over the past few years, and the demand for advanced automotive steering systems has been on the rise. 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 driven by the increasing demand for fuel-efficient vehicles, the growing trend of electric and hybrid vehicles, and the rising demand for advanced safety features in automobiles.

Overview

The automotive steering system is an essential component of a vehicle that helps in controlling the direction of the vehicle. The steering system comprises various components such as steering wheel, steering column, steering gear, and steering linkage. The steering system can be classified into two types: manual steering system and power steering system. The power steering system is further classified into hydraulic power steering, electric power steering, and electro-hydraulic power steering.

The global automotive steering systems market is segmented based on type, component, vehicle type, and region. Based on type, the market is segmented into manual steering system and power steering system. Based on component, the market is segmented into steering wheel, steering column, steering gear, and steering linkage. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Key Players in the Global Automotive Steering Systems Market Analysis

The global automotive steering systems market is highly competitive, with the presence of several key players. Some of the key players in the market include Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Group Limited, ZF Friedrichshafen AG, NSK Ltd., ThyssenKrupp AG, Mitsubishi Electric Corporation, China Automotive Systems Inc., Hyundai Mobis Co. Ltd., and Showa Corporation.

These companies are focusing on developing advanced steering systems that offer better performance, safety, and comfort. They are also investing in research and development activities to develop innovative steering systems that can cater to the changing demands of the automotive industry.

Market Challenges

One of the major challenges faced by the global automotive steering systems market is the high cost of advanced steering systems. The cost of advanced steering systems is significantly higher than that of conventional steering systems, which makes it difficult for small and medium-sized automotive manufacturers to adopt these systems.

Another challenge faced by the market is the increasing demand for electric and hybrid vehicles. Electric and hybrid vehicles require different types of steering systems as compared to conventional vehicles, which makes it difficult for manufacturers to develop steering systems that can cater to the needs of both types of vehicles.

Market Opportunities

The global automotive steering systems market offers several opportunities for growth. The increasing demand for advanced safety features in automobiles is expected to drive the growth of the market. Advanced steering systems such as electric power steering and electro-hydraulic power steering offer better safety features as compared to conventional steering systems.

The growing trend of electric and hybrid vehicles is also expected to create opportunities for the market. Electric and hybrid vehicles require advanced steering systems that can cater to their specific needs, which creates opportunities for manufacturers to develop innovative steering systems that can cater to the needs of these vehicles.

Future of the Global Automotive Steering Systems Market Analysis

The global automotive steering systems market is expected to grow at a steady pace over the next few years. The increasing demand for fuel-efficient vehicles, the growing trend of electric and hybrid vehicles, and the rising demand for advanced safety features in automobiles are expected to drive the growth of the market.

The market is also expected to witness significant technological advancements in the coming years. Manufacturers are focusing on developing advanced steering systems that offer better performance, safety, and comfort. They are also investing in research and development activities to develop innovative steering systems that can cater to the changing demands of the automotive industry.

Conclusion

The global automotive steering systems market is expected to grow at a steady pace over the next few years. The market is driven by the increasing demand for fuel-efficient vehicles, the growing trend of electric and hybrid vehicles, and the rising demand for advanced safety features in automobiles. The market offers several opportunities for growth, and manufacturers are focusing on developing advanced steering systems that offer better performance, safety, and comfort.