Automotive Steering System Market Size Worth USD 25.4 Billion By 2026; Increasing Demand for Fuel-efficient Vehicles Will Propel Growth

The global automotive steering system market size is projected to reach USD 25.4 billion by 2026. The market is likely to gain momentum from the rising demand for fuel-efficient vehicles. Fortune Business Insights™ published this information in a recent report, titled, “Automotive Steering System Market Size, Share & Industry Analysis, By Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Regional Forecasts, 2019-2026.” As per the report, the market was valued at USD 17.1 billion in 2018. However, it is set to exhibit a CAGR of 5.2% during the forecast period from 2019 to 2026.

Rising Production and Sale of Automobiles to Drive Growth

In developing nations, the number of automobile production is increasing rapidly. It is coupled with the abundant availability of labor and raw material at cheaper rates. These factors are aiding the automobile manufacturers in increasing the production capacity. Moreover, the rising sales of automobiles owing to the increasing disposable income of the populaces would also contribute to the automotive steering system market growth during the forecast period.

To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/automotive-steering-system-market-101930

Key Segments of Automotive Steering System Market

• Type: The market is grouped into electro-hydraulic power steering (EHPS), electric power steering (EPS), manual steering, and hydraulic power steering (HPS). Out of these, the EPS segment would lead in terms of automotive steering system market share in the coming years. This growth is attributable to the rising utilization of this type of steering by the automakers in vehicles of every model. Additionally, increasing advancement in the steer by wire technology will also propel growth. The manual steering segment will exhibit a steady growth because of its possession of numerous properties, namely, less vibration, durability, and leakage. However, it requires tremendous efforts to steer the wheel of the vehicle manually. The HPS segment, on the other hand, had acquired a market share of 12.7% in 2018. It is anticipated to showcase considerable growth owing to its increasing usage in commercial vehicles. Often, EPS fails to operate in the commercial vehicles on account of is limited load-bearing capacity. However, HPS can absorb road shocks easily. Lastly, the EHPS segment is expected to grow steadily and generate good automotive steering system market revenue owing to its ability to offer superior and smooth handling as compared to the traditional HPS. It also uses engine-drawn power instead of electric power to improve fuel efficiency.


• Vehicle type: The market is fragmented into heavy commercial vehicles, light commercial vehicles, and passenger cars. Amongst them, the passenger car segment is projected to dominate the market on account of the rising production and sales in the emerging countries, such as China and India. Besides, the adoption of the EPS system is rising worldwide in passenger cars. This automotive steering system market trend would also boost growth of this segment. The heavy commercial vehicles segment will showcase a significant growth rate throughout the forthcoming period owing to lower production and sales of commercial vehicles as compared to the passenger cars. Lastly, the light commercial vehicle segment is set to exhibit excellent growth. These vehicles mainly use the HPS system.


• Region: The market is divided into Asia Pacific, Europe, North America, and the rest of the world. Asia Pacific is set to lead the market owing to the rising production and sales of automakers belonging to the developing nations. Apart from that, increasing disposable income of the masses and high demand for top-quality luxury cars would also augment growth in this region. It is considered to remain in the second position in the coming years in terms of share because of the increasing number of governmental rules regarding fuel efficiency. The market size of North America, on the other hand, was 17.8 million units in 2018. The growth is attributable to the existence of numerous renowned automakers in the U.S. and Canada.

Key Players Focus on Expanding Product Portfolio & Widening Geographical Presence

The market consists of many small, medium, and large enterprises. They are undertaking vital strategic decisions to expand the product portfolio. Also, a few of them are conducting research and development activities constantly to extend geographical reach.

Fortune Business Insights™ lists out some of the most reputed companies present in the automotive steering system market. They are as follows:

• NSK Ltd.


• JTEKT Corporation


• Thyssenkrupp AG


• Hyundai Mobis CO., Ltd.


• Nexteer Automotive Group Limited


• Mitsubishi Electric Corporation


• Showa Corporation


• Other prominent market players

Nexteer Automotive Expands its Innovative Steering Technology Suite

January 2018: Nexteer Automotive, an automotive parts supplier headquartered in Michigan, declared that has expanded its innovative steering technology suite. The company will provide a unique blend of steering innovations by labeling the changing role of technology in a fully and semi-automated world. Below are few of the key components of this novel technology suite:

• Cyber security


• Steering on Demand™ system


• High availability electric power steering


• Quiet Wheel™ steering


• Steer-by-wire


• Stowable steering column

The automotive steering system market can be segmented in the following manner: