The vital growth factor for the automotive steering system market is advents in the automotive segment across the globe. An increase in disposable income by the population is contributing to an increase in automotive steering system market growth. Demand for efficient steering systems is rising among automotive customers boosting the market stand of steering systems. Currently, the market is impacted by electronic steering systems that are being incorporated into vehicles. The introduction of drive by wire is fueling the steering system market due to end-users interest in having a comfortable driving mechanism in their vehicles.
It has become imperative among the manufacturers to consider the safety systems associated with steering systems of the various vehicle types. Companies owe to eliminate the steering systems in the autonomous vehicles that are also going to restrain the market demand during 2018-2025. Moreover, the penetration levels of power steering systems are less in low-end vehicles due to high-cost involvement.
The global automotive steering system market was valued at USD 29,423.8 million in 2018 and is projected to reach USD 45,349.8 million by 2025, registering a CAGR of 5.4% from 2018 to 2025.
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Electric power steering to dominate the automotive steering system:
Electric power steering systems are one of the most admired steering systems among others. There is an increase in the incorporation of electric power steering systems by the automakers in recent times. The system has the potential to increase the efficiency of vehicles hence it is considered as one of the most demanded steering systems globally. It is estimated that electric power steering systems are about to occupy more than half of the total value in the market globally.
It has been estimated that global automotive manufacturing accounted for about 97 million whereas the passenger car segment has a share of 75% which is driving the steering system market. The increase in the demand for technologically advanced steering systems is high and is making substantial contributions to the automotive industry.
Asia-Pacific is expected to be the dominant player in the market:
There is a substantial growth of luxury vehicles in this region contributing to the growth of steering systems. There is an increase in disposable income among end-users contributing to the rise in the demand for automotive steering systems. The production of automobiles is growing at an exponential rate enabling the steering system technologies. Technological advancements in this region are contributing to the rise in the steering systems in various vehicle segments, contributing to various advantages to the vehicles. The contribution of the European region to this market is expected at a CAGR of 7.1% during 2018-2025.
Sona Koya Steering systems Ltd. is a key competitor in the steering systems which has 50% of market share. There are significant players of the steering systems market enabling the automotive market to thrive globally. They are listed as follows; JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd, Hyundai Mobis Co. Ltd. among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
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